David Tepper's Appaloosa Makes Strategic Moves in Q2: Meta Out, Intel and Adobe In
Key Takeaways
- Appaloosa Management closed its position in Norfolk Southern (NSC) and reduced its stake in Meta (META).
- The hedge fund increased its holdings in Intel (INTC), Adobe (ADBE), and Lyft (LYFT).
- Lyft's value jumped significantly, with the fund's investment rising by over 160%.
Appaloosa's Q2 Buys and Sells
David Tepper's hedge fund, Appaloosa Management, made significant changes to its equity portfolio during the second quarter of 2024.
The fund cut its position in Meta (META), the parent company of Facebook and Instagram, and sold its stake in Norfolk Southern (NSC), a major railroad operator.
In contrast, Appaloosa boosted its holdings in Intel (INTC), a semiconductor manufacturer, and Adobe (ADBE), a software company known for products like Photoshop and Acrobat.
Lyft Investment Surges
Appaloosa's investment in Lyft (LYFT), a ride-sharing company, saw a remarkable increase.
The fund's stake surged by 160.25%, with the purchase of an additional 7,493,639 shares.
This brought Appaloosa's total Lyft holdings to 7,961,257 shares.
NVIDIAs Significant Reduction
According to GuruFocus Research, Appaloosa substantially reduced its position in NVIDIA (NVDA).
The fund's stake in the semiconductor company decreased from 7.56 million shares to 455,010 shares.
This represents a decline of over 94%.
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