Tepper’s Appaloosa Buys Western Digital, Axes Delta and Facebook

EghtesadOnline: Appaloosa Management, the hedge fund firm led by David Tepper, took a new position in Western Digital Corp. while dropping stakes in Facebook Inc. and Delta Air Lines Inc.

News ID: ۷۳۵۸۲۳

14 August 2016

The Short Hills, New Jersey-based firm bought 1.45 million shares of hard-disk maker Western Digital in the second-quarter that were worth $68.5 million as of June 30, according to a regulatory filing on Friday. Storage providers like Western Digital have been struggling to adapt to shifts in the way that big companies store data.

According to Bloomberg, Tepper reversed course on Facebook, selling out of a stake he’d purchased in the first quarter. The firm also cut its stake in Delta, a stock it had reported owning every quarter since 2012, that was worth $418.4 million at the end of March. The airline’s shares dropped 28 percent in the first six months of the year.

Money managers who oversee more than $100 million in U.S. equities must file a Form 13F within 45 days of the end of each quarter to list their holdings in stocks that trade on U.S. exchanges, as well as options and convertible debt. The filings don’t show non-U.S. traded securities or wagers against stocks.