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David Tepper’s Appaloosa doubles Apple stake, sells off Wells Fargo during the third quarter

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.

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