Appaloosa Takes Stakes In Alibaba, Amazon But Drops Big Name Banks -- MarketWatch
Dow Jones NewswiresMay 15, 2019
David Tepper'sAppaloosa LP bulked up its positions in technology companies and dropped two big financial institutions from its portfolio at the end of March, according to a regulatory filing Wednesday. Appaloosa added a million shares of Alibaba Group Holding (BABA), 165,000 shares of Amazon.com Inc. (AMZN) and 200,000 shares of Salesforce.com Inc. (CRM). It bolstered holdings in Facebook Inc.(FB), Micron Technology Inc. (MU), and PG&E (PCG) while more than doubling its stake in Allergan PLC (AGN) to 3.13 million shares from 1.15 million at the end of December. Appaloosa has been pressuring the drug company to split its chief executive and chairman roles as part of its effort to push Allergan to review its business strategy. Meanwhile, the hedge fund sold out of Wells Fargo & Co. (WFC), Bank of America Corp. (BAC), and NRG Energy Inc. (NRG), according to its 13F filing.