David Tepper's Appaloosa takes new stake in Apple, cuts Facebook and Alibaba [CNBC]
Meta Platforms, Inc. - Class A (FB)
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Source: CNBC
Appaloosa Management added new stakes in Apple and State Street in the third quarter while cutting exposure to Facebook and e-commerce hub Alibaba . Billionaire manager David Tepper's firm had added 100,000 shares of Apple and 1.2 million shares of financial firm State Street by the end of September. Appaloosa cut its position in Facebook by 1.8 million shares, to 3.3 million shares, and more than halved its stake in Bank of America , to 3.4 million shares. In mid-September, Tepper told CNBC that Facebook's stock looked inexpensive at its price and that the fund had not reduced its holding. It's kinda cheap in this market for the growth rate. So we're still holding on as big as we were, Tepper told CNBC's Scott Wapner on Sept. 13. It's not the Cambridge Analytica stuff that's [as] concerning as some of the other stuff with margins and what's going on there, he added. But look, the stock still trades — it looks like it's still trading at 16, 17 times
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