David Tepper's hedge fund buys new stakes in Apple, Bank of America and Facebook
David Tepper's hedge fund Appaloosa L.P. bought a new stakes in Apple Inc. and Yahoo Inc. , and reinvested in Bank of America Corp. and Facebook Inc. , while selling off its entire stake in 21st Century Fox Inc. during the third quarter, according to a 13-F filing with the Securities and Exchange Commission. The fund owened 800,000 shares of Apple and 1.8 million shares of Yahoo as of Sept. 30, the filing said. Appaloosa had sold off its stakes in BofA and Facebook during the second quarter, but then ended the third quarter with about 4.1 million shares of Bofa and 1.5 million shares of Facebook. The company had owned a total of about 4.4 million shares of 21st Century Fox at the end of the second quarter--3.3 million Class A shares and 1.1 million Class B shares--but didn't own any as of Sept. 30. Separately, Appaloosa slashed its stake in Southwest Airlines Co. by 83% to less than 600,000 shares during Q3 from 3.5 million shares at the end of Q2. In all, the value of equities owned by Appaloosa increased 16% to $4.4 billion as of Sept. 30 from $3.8 billion on June 30. During that time, the S&P 500 gained 3.3%.
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.