Billionaire investor David Tepper’s hedge fund Appaloosa L.P. more than doubled its stake in Apple Inc. during the third quarter, and also boosted its bets on fellow technology companies Facebook Inc. and Micron Technology Inc. , while cutting his stake in Bank of America Corp. and selling off his investment in Wells Fargo & Co. . Appaloosa’s 13-F filing with the Securities and Exchange Commission showed that it owned 1,361,000 Apple shares as of Sept. 30, compared with 625,000 shares as of June 30. His stakes in Facebook increased 40% to 3.3 million shares and in Micron rose 32% to 17.1 million shares, while his BofA bet decreased 28% to 6.3 million shares. He owned just 681,463 Wells Fargo stock on June 30. Among some of the other moves, the hedge fund slashed his Chesapeake Energy Corp. stake by 79% to 766,000 shares, while raising he NRG Energy Inc. investment nearly 7-fold to 8.44 million shares. Elsewhere, the fund added a 250,000 share bet on Applied Materials Inc. , raised his Boston Scientific Corp. holding by 66% to 3.75 million shares and lifted his Ally Financial Inc. stake about 6-fold to 6.8 million shares. The overall value of Appaloosa’s equity holdings increased 5.6% to $7.12 billion, while the S&P 500 increased 4.0% during the quarter.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Latest posts by Market Watch (see all)
- The Wall Street Journal: Trump says he has ‘no reason’ to listen to tape of Khashoggi’s death - November 18, 2018
- The Wall Street Journal: Trump says he’s dissatisfied with Kristjen Nielsen, open to John Kelly moving on - November 18, 2018
- Key Words: Apple’s Tim Cook says tech regulation ‘inevitable’ because free market isn’t working - November 18, 2018