David Tepper's Appaloosa LP disclosed late Monday that it reduced its investment in nearly all of its holdings during the second quarter, as the value of equities held by the hedge fund declined by about 31%. The value of Appaloosa's equity holdings as of June 30 was $4.83 billion, down from $6.96 billion as of March 31, even as the S&P 500 rose 8.2% during that period. Among the fund's largest holdings, the Micron Technology Inc. (MU) stake was reduced to 5.65 million shares from 7.28 million shares, the Amazon.com Inc. (AMZN) stake was cut to 125,000 shares from 186,000 shares and the Facebook Inc. (FB) stake was lowered to 1.21 million shares from 1.82 million shares. Among some other moves during the quarter, the fund sold off its 145,000-share stake in Adobe Inc. (ADBE), its 475,000-share stake in Discovery Inc. (DISCA), the 345,000-share stake in Walt Disney Co. (DIS) and it's 175,000-share stake in PayPal Holdings Inc. (PYPL), while adding a new 2.04 million-share stake in Uber Technologies Inc. (UBER) and a new 1.51 million-share stake in PulteGroup Inc. (PHM).
(END) Dow Jones Newswires
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