Cohen's SAC Takes 5.4% Stake In Blue Nile

SAC Capital Advisors, managed by billionaire Steve Cohen and his team, own about 670,000 shares of online jewelry retailer Blue Nile (NILE), according to a filing with the Securities and Exchange Commission.

This comes out to 5.4% of the total shares outstanding of the $490 million market cap company. On average, over 160,000 shares are traded per day, so at the current price of almost $40 there is more than $6 million in daily dollar volume. SAC's position is about double the number of shares the fund had owned at the beginning of April, according to its most recent 13F filing....508 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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