Billionaire David Tepper Ditches Apple Inc. (AAPL), Facebook Inc (FB), Citigroup Inc (C), CBS Corporation (CBS), and Halliburton Company (HAL): What’s Going On?

Facebook Inc (NASDAQ:FB), which had previously held a spot worth 4.18% in terms of the value percentage in Appaloosa Management’s portfolio, was also completely wiped off the hedge fund’s sheets. Despite reporting revenue figures which were in line with the estimates, and an EPS beat of $0.06, which put the social media platform’s earnings figure at $0.54, Facebook hasn’t fared so well this year. The stock is down about 2.27%.

As far as Appaloosa’s investments in the energy sector are concerned, Tepper may have been a little too quick to jump the ship owing to fears of a plummeting oil price. Halliburton Company (NYSE:HAL) lost its place in the fund’s portfolio, which had earlier formed about 4.78% of its value.

The oilfield services company is up nearly 13.7% year to date and might even add substantially to this as oil prices continue to recover from low levels (although this is not a given, and some reports have suggested they could go as low as $20 per barrel). This is of course in addition to the Baker Hughes deal which will enable Halliburton Company (NYSE:HAL) to realize significant cost and revenue synergies, besides becoming a behemoth in the sector. The merger is set to be finalized in the latter half of 2015, and is still subject to approval from shareholders and regulators.

CBS Corporation (NYSE:CBS)’s portfolio share was also cut to zero from 2.25% a quarter earlier. This media company is another story of lost returns for Tepper. The stock has gained nearly 8.34% since the beginning of this year. The company reported record fourth quarter revenues last week of $3.68 billion.