David Tepper Bought JC Penney, Dumped A Bunch Of Bank Of America Last Quarter

David Tepper’s Appaloosa Management picked up a small stake in embattled retailer JC Penney last quarter,
according to filings with the SEC.
Specifically, the fund picked up 737,800 shares of JCP — the stock is up slightly in after hours trading.

Appaloosa also added slightly to its stakes in JP Morgan and Citigroup.

Not all the financials were a buy, however. Appaloosa reduced its stake in Bank of America — going from 6,344,607 shares to 2,219,607 shares.

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