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David Tepper Cuts Apple Inc., Sells Microsoft, Buys J.C. Penney

David Tepper’s Appaloosa Management wrapped up several positions in the last quarter, and made major reductions to a bunch of others. David Tepper’s position in Apple Inc. (AAPL) was reduced from 383k shares to 139k shares. The fund also slashed its position inaFord Motor Companya(F) from 10.45 million shares to 2.76 million shares. Stake inaBank of America Corpa(BAC) was cut to 4.1 million shares from 6.3 million shares, and Fusion-IO, Inc.a(FIO) was cut to 1 million shares. Stakes in Google Inc (GOOG) andaSanDisk Corporationa(SNDK) were also trimmed.

Appaloosa sold out its entire stakes in Comcast Corporationa(CMCSA),aMicrosoft Corporationa(MSFT),aNetApp Inc.a(NTAP) andaCF Industries Holdings, Inc.a(CF) in the last quarter.

David Tepper buys J.C. Penney

While everybody else was selling J.C. Penney Company, Inc. (JCP), David Tepper was buying it. The hedge fund bought 737,800 shares of the retailer in Q3. Other new holdings added were Freeport-McMoRan Copper & Gold Inc. (FCX) 1.75 million shares,aTenet Healthcare Corpa(THC) andaCommunity Health Systemsa(CYH) 210k shares each and Ingredion Inc (INGR) 297k shares.

Tepper added to existing stakes inaJPMorgan Chase & Co.a(JPM), Trinity Industries Inca(TRN) andaCelanese Corporationa(CE) in the past quarter.

Palomino returns

Despite repeatedly touting a very bullish stance and his insistence that the markets will ride up for the foreseeable future, David Tepper cut exposure in the quarter ending in September. The value of his public long portfolio was down from $6.9 billion to $6.28 billion in Q3. Appaloosa’s $6.7 billion Palomino Fund is up 27.6% through the end of third quarter and is one of the top performers of the year.

-By Tabinda Hussain

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