David Tepper’s Thoughts On The Market And The Major Tech Stock He Got Rid Of

Alibaba Group Holding Ltd (NYSE:BABA) was Appaloosa’s second-largest new holding, as it bought 1.36 million shares valued at $111.89 million. Unfortunately, the choice hasn’t really worked out for the fund thus far, as the stock has slid by more than 20% in the last month. The e-commerce giant recently revised down its gross merchandise volume owing to weakness in the Chinese economy, which is expected to impact consumption as well. Tepper had a quick change of heart on Alibaba, as he admitted to selling off this position during the CNBC interview. Rob Citrone‘s Discovery Capital Management is the largest stockholder of Alibaba Group Holding Ltd (NYSE:BABA) within our database, owning some 6.52 million shares.

During the second quarter Appaloosa initiated a holding in Mylan NV (NASDAQ:MYL) of some 989,500 shares valued at $67.15 million. Over the last month the healthcare company’s stock has slumped by a little over 16%, so it also hasn’t exactly worked out as Tepper would have hoped. Jamie Zimmerman‘s Litespeed Management held about 425,000 shares of Mylan NV (NASDAQ:MYL) at the end of the second quarter.

Disclosure: None