Hedge Fund Drops Its Egghead Shares

Hedge fund manager David Rocker is the first longtime shareholder at Egghead.com Inc. to report taking advantage of the company’s sudden popularity as an Internet retailer.

The New York-based money manager filed a Schedule 13G with the Securities and Exchange Commission saying his hedge funds no longer held Egghead shares as of July 15. As recently as April 9 the funds reported holding a 5.2 percent stake, or 1.2 million common shares.

Egghead.com shares have more than doubled since the beginning of July, and have risen almost 360 percent in the past year. The Liberty Lake company announced plans earlier this year to close its stores and move its software business to the Internet.