David Tepper Goes Heavy Into Tech Stocks in Q3, Lowers Bank Holdings (CSCO, BAC, C, more...)

David Tepper's Appaloosa Management hedge fund released its 13F for the quarter ended September 30, 2010 late Friday. Tepper's is best known for being the top-producing large hedge fund in 2009, with gains of more than 100%, and more recently for his "buy everything" comments on CNBC in September ahead of QE2.

During the third quarter, Mr. Tepper notably jumped heavily into tech stocks including Applied Materials (Nasdaq: AMAT), Cisco (Nasdaq: CSCO), Hewlett-Packard (NYSE: HPQ) and semiconductor ETF Semiconductor HOLDRs Trust (NYSE: SMH), among others. His timing on Cisco was not ideal, with shares of the tech bellwether selling off recently after its disappointing Q1 results and lower guidance. Tepper also lowered his holdings in a number of banks, including Bank of America (NYSE: BAC), Citigroup (NYSE: C), and Wells Fargo (NYSE: WFC). This is notable as bank stocks drove his mega-performance in 2009.

Some notable moves in the third quarter from Mr. Tepper:

New stake:
Applied Materials Inc (Nasdaq: AMAT) 3,765,483 shares
Cigna Corp (NYSE: CI) 495,624 shares
Cisco (Nasdaq: CSCO) 6,013,386 shares
Covidien Plc (NYE: COV) 553,900 shares
Hewlett-Packard (NYSE: HPQ) 3,723,144 shares
Intel Corp (Nasdaq: INTC) 180,400 shares
International Paper (NYSE: IP) 1,938,332 shares
Medtronic (NYSE: MDT) 1,411,974 shares
Semiconductor HOLDRs Trust (NYSE: SMH) 1,710,000 shares
Temple-Inland (NYSE: TIN) 569,489 shares
Teradyne (NYSE: TER) 1,012,032 shares
Texas Instruments (NYSE: TXN) 130,000 shares

Raised stakes:
AMR Corp (NYSE: AMR) from 2,578,894 shares to 3,000,694 shares
Microsoft (Nasdaq: MSFT) from 2,391,400 shares to 2,800,911 shares
Pfizer (NYSE: PFE) from 11,344,002 shares to 16,562,202 shares
US Airways (NYSE: LCC) from 1,749,966 shares to 2,268,266 shares

Lower stakes:
Bank of America (NYSE: BAC) from 27,349,699 shares to 22,473,699 shares
CF Industries (NYSE: CF) from 1,215,840 shares to 647,703 shares
Citigroup (NYSE: C) from 57,783,144 shares to 51,250,000 shares
Con-Way (NYSE: CNW) from 632,575 shares to 82,075 shares
Fifth Third Bancorp (Nasdaq: FITB) from 12,695,506 shares to 10,327,506 shares
Gramercy Capital Corp. (GKK) from 3,114,521 shares to 1,730,221 shares
Suntrust Banks (NYSE: STI) from 4,738,890 shares to 3,851,090 shares
Hartford Financial (NYSE: HIG) from 6,181,233 shares to 1,521,535 shares
Tesoro Corporation (NYSE: TSO) from 1,048,600 shares to 0 shares
Valero Energy (NYSE: VLO) from 2,613,064 shares to 0 shares
Wells Fargo (NYSE: WFC) from 7,901,200 shares to 6,410,700 shares
Yahoo! (Nasdaq: YHOO) from 3,065,172 shares to 2,787,872 shares
YRC Worldwide (Nasdaq: YRCW) from 20,612,217 shares to 0 shares

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