David Tepper Sold 41% of His Micron Shares and It Is Still His Second-Biggest Holding
The hedge fund manager sold into a 242% quarter. The more telling number is the size of the stake he kept.
Overview
David Tepper's hedge fund, Appaloosa Management, sold 690,000 shares of Micron Technology (NASDAQ:MU) during the second quarter, cutting its stake in the memory specialist by 41%, according to the fund's latest 13F filing. On its own, that looks like a manager heading for the exit.
But the same filing shows the opposite. The stake Appaloosa kept was worth about $1.13 billion at the end of June -- about 15% of the fund's equity portfolio, and its second-biggest position, behind only a $1.19 billion Amazon stake.
Details
Micron stock gained about 242% during the quarter, which is how both things can be true at once.
Source
Originally published at www.fool.com.