Einhorn's top holdings include long positions in URS (URS), Teradata (TDC), Wyeth(WYE), Cardinal Health (CAH), Market Vectors Gold Miners ETF(GDX), Allegheny Energy (AYE), EMC (EMC, and Einstein Noah (BAGL).

Witmer: Allegheny had a lot of trouble getting this transmission line through. In the end, the unions talked to the governors of the states involved about the jobs it would create. In 2011 the electricity Allegheny generates in Pennsylvania will start selling at market rates, which accounts for the large range of my earnings estimates for that year. The stock could trade for a minimum of 10 to 11 times earnings at that point, giving us a two-year target of 50 to 60 a share. The dividend yield is a relatively modest 1.7%, but the company should be able to increase it. Most of Allegheny's production will move to market rate, except in West Virginia. In Pennsylvania they get 7 cents per kilowatt hour, which is very low. In New York utilities get 13 to 14 cents. They cut a deal years ago to bring rates up to market over time, and the benefits are finally kicking in. They are installing the scrubbers this year. After that, in 2010, the cash starts coming in.

electric play

From a recent Mad Money show: "No, no, we need that utility to yield more. We've got Duke Energy (DUK) earning 6%. That's the way to go."

GOOD CEO
UNDER VALUED RIGHT NOW

implemented a new dividend, ending a suspension which lasted nearly five years

ELECTRIC RATES INCREASING, GROWTH

Upgraded by Jefferies & Co from Hold to Buy

Upgraded by Wachovia from Mkt Perform to Outperform

Downgraded by Citigroup from Buy to Hold