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Tepper's Appaloosa Exits Financials
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CNBC Anchor and Reporter
It looks like David Tepper, the manager of the $15 billion hedge fund Appaloosa, is no longer one of the bigger bulls when it comes to the financials.
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Daniel Acker | Bloomberg | Getty Images |
While Tepper won’t comment, I’m hearing he has completely eliminated his 17 million shares position (at last 13-F filing) in Bank of America [BAC
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], as well as, selling his entire position in Wells Fargo [WFC
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].
While Appaloosa still has a position in Citi [C
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], I’m told it has also been sharply reduced.
At the Ira Sohn Conference in May 2010, Tepper gave a full-throated endorsement of names such as BAC and Citi, saying he thought Bank of America could go to $27 a share within a year.
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