David Tepper, founder and president of Appaloosa Management.
David Orrell | CNBC
David Tepper's Appaloosa Management sold its stake in JCPenney in the first quarter, according to an SEC filing Friday.
The firm also took a very small stake in Snap and bought call options for the SPDR S&P 500 ETF (SPY). Call options give investors the right to acquire a stock in the future at a preset price.
Appaloosa reduced its holdings in Allergan, Mylan, Teva Pharmaceutical and Pfizer. The hedge fund had boosted its stake in Allergan in the fourth quarter.
The hedge fund also added positions in AK Steel, Bank of America, CBS and General Motors.
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