Appaloosa takes new stake in Boeing, sours on GM
By Claudia Assis
Appaloosa sells off recently acquired GM stake, also cools on some housing-related stocks
David Tepper's Appaloosa hedge fund took new stakes in Boeing Co. and Lyft Inc., to name a few of its fresh bets, and sold off the General Motors Co. stake it had snapped up only a few months ago, according to a filing with the Securities and Exchange Commission late Wednesday.
Appaloosa acquired about $43 million worth of shares of embattled jet maker Boeing (BA) and about $9 million worth of ride-hailing company Lyft (LYFT). New positions for the fund also included a fresh stake in software company Adobe Inc. (ADBE).
The fund increased its stake in Chinese search-engine company Baidu Inc. (BIDU), and on Oracle Corp. (ORCL), which had been a new interest from earlier this year.
Appaloosa sold off its stake in GM (GM), and perhaps as a sign of cooling off on housing- and construction-related companies, it also sold off its stakes in flooring company Mohawk Industries Inc. (MHK), building-materials maker Owens Corning (OC) and appliances maker Whirlpool Corp. (WHR).
The hedge fund had loaded up on GM last year, according to its February filing.
-Claudia Assis
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05-15-24 1646ET
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