Two days before Dell was set to report second-quarter 2008
earnings, Jon Horvath, a technology analyst at SAC Capital Advisors LP,
e-mailed his boss Michael S. Steinberg and another portfolio manager to warn
that the computer maker would miss earnings estimates, Bloomberg reports.
“I have a 2nd hand read from someone at the company,”
Horvath began the Aug. 26 message, which provided details on gross margins,
expenditures and revenue. “Please keep to yourself as obviously not well
known.”
Steinberg, a 15-year veteran of the hedge fund founded by
billionaire Steven A. Cohen, responded: “Yes normally we would never divulge
data like this, so please be discreet. Thanks.”
The e-mails indicate Steinberg, the longest-serving SAC
employee linked to the U.S. insider-trading probe, discussed the Dell trade
with Cohen. While neither has been accused of any wrongdoing, the messages were
admitted as evidence at the New York insider-trading trial of two hedge-fund
managers last week after a judge ruled they supported prosecutor claims that
Steinberg should be considered an unindicted co-conspirator…..
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