market folly

Omega Advisors' Lee Cooperman has filed a 13G with the SEC regarding shares of Sandridge Energy (SD).  Per the filing, Cooperman no longer owns a stake in the company.

The filing was made due to activity on June 19th.  At the end of the first quarter, Cooperman previously owned over 24.3 million shares of SD.

Sandridge shares have collapsed even further since the first quarter and now Cooperman has exited the name entirely.  He also recently sold his position in Caesars Entertainment, another troubled stock.

Per Google Finance, Sandridge is "an oil and natural gas company. The Company operates in three business segments: exploration and production, drilling and oil field services, and midstream services. The exploration and production segment explores for, develops and produces oil and natural gas in the Mid-Continent. The drilling and oil field services segment performs services for third parties, including third-party working interests in wells that it operates. The midstream services segment is engaged in gas marketing. The Company focuses on exploration and production activities in the Mid-Continent region of the United States. It also operates businesses and infrastructure systems, including gas gathering and processing facilities, marketing operations, a saltwater disposal system, an electrical transmission system and a drilling rig and related oil field services business."