David Tepper's Appaloosa sells its shares of Wells Fargo (WFC) and Bank of America (BAC)

NYSE: WFC | Wells Fargo & Company Common Stock News, Ratings, and Charts

WFC – Appaloosa takes stakes in Alibaba, Amazon but drops big name banks.

David Tepper’s Appaloosa LP bulked up its positions in technology companies and dropped two big financial institutions from its portfolio at the end of March, according to a regulatory filing Wednesday. Appaloosa added a million shares of Alibaba Group Holding BABA, -0.35% 165,000 shares of Amazon.com Inc.AMZN, +2.33% and 200,000 shares of Salesforce.com Inc. CRM, +2.35% It bolstered holdings in Facebook Inc. FB, +0.85% Micron Technology Inc.MU, -1.41% and PG&E PCG, +0.33% while more than doubling its stake in Allergan PLC AGN, +4.34% to 3.13 million shares from 1.15 million at the end of December. Appaloosa has been pressuring the drug company to split its chief executive and chairman roles as part of its effort to push Allergan to review its business strategy. Meanwhile, the hedge fund sold out of Wells Fargo & Co.WFC, +0.89% Bank of America Corp. BAC, +1.79% and NRG Energy Inc.NRG, -0.08% according to its 13F filing.

Wells Fargo & Co. shares were trading at $46.21 per share on Thursday morning, up $0.37 (+0.81%). Year-to-date, WFC has gained 2.17%, versus a 16.02% rise in the benchmark S&P 500 index during the same period.

WFC currently has a StockNews.com POWR Rating of C (Neutral), and is ranked #8 of 11 stocks in the Money Center Banks category.

This article is brought to you courtesy of MarketWatch.

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