Tepper's Appaloosa Cuts Stakes In Bank Stocks (BAC, C, WFC), Enters Pharmaceutical and Energy Stocks

On Friday, David Tepper's Appaloosa Management hedge fund, which was the best performing fund in 2009, released his 13F for the first quarter ended 3/31/10.

The filing showed that Tepper sold a lot of his financial stocks, including Bank of America (NYSE: BAC) and Citigroup (NYSE: C), while taking new positions in pharmaceutical stocks like Pfizer (NYSE: PFE), trucking stocks like Con-Way (NYSE: CNW), and energy stocks like Valero (NYSE: VLO).

Notable Changes:

• Raised stake in Hartford Financial (NYSE: HIG) by 340K to 6,586,333
  
• Raised stake in Navistar (NYSE: NAV) by 569K to 762,383
  
• New 6,451,605 share stake in Pfizer (NYSE: PFE)
  
• New 1,269,320 share stake in Johnson & Johnson (NYSE: JNJ)
  
• New 1,724,000 share stake in Merck (NYSE: MRK)
  
• New 2,874,645 share stake in Valero (NYSE: VLO)
  
• New 3,132,652 share stake in Yahoo! (Nasdaq: YHOO)
  
• New 601,311 share stake in Sunoco (NYSE: SUN)
  
• New 468,575 share stake in Con-Way (NYSE: CNW)
  
• New 1,256,100 share stake in Tesoro (NYSE: TSO)
  
• New 29,630,917 share stake in YRC Worldwide (Nasdaq: YRCW)
  
• Lowered stake in BofA (NYSE: BAC) by 1.91 million shares to 30,342,599
  
• Lowered stake in Wells Fargo (NYSE: WFC) by 2.04 million shares to 8,960,000
  
• Lowered stake in Citigroup (NYSE: C) by 75.73 million shares to 62,391,781
  
• Lowered stake in Fifth Third Bancorp (Nasdaq: FITB) by 7.36 million shares to 17,009,383
  
• Lowered stake in SunTrust (NYSE: STI) by 3.05 million shares to 5,492,937
  
• Lowered stake in Capital One (NYSE: COF) by 761K to 2,239,047
  
• Lowered stake in AIG (NYSE: AIG) by 8.74 million shares to 7,466,813
  
• Lowered stake in UAL (NYSE: UAUA) by 795K to 2,247,998
  
• Lowered stake in Delta (NYSE: DAL) by 1.14 million shares to 1,898,378 shares
  
• Lowered stake in AMR Corp (NYSE: AMR) by 2.63 million shares to 3,342,068 shares
  
• Lowered stake in E*Trade (Nasdaq: ETFC) by 2.28 million shares to 5,628,973
  
• Liquidated stake in Rite Aid (NYSE: RAD)

You May Also Be Interested In

• Can Schneider do a deal for Bentley? Citi discusses
• Citi on Altria (MO): '$3.4bn buyback should provide technical support and limit absolute downside'
• Citi Opens 30-Day Upside Catalyst Watch Arcelor Mittal (MT)