Appaloosa Sells Micron Stake and Buys Puts to Hedge Customer Risk
Appaloosa Management’s Q2 13F shows that during the quarter it sold Micron and Sandisk, with Micron’s position disappearing from the filing despite remaining a large holding earlier in the year. The filing also indicates Tepper bought put options on one of Micron’s biggest customers, suggesting concern about that customer’s outlook rather than a company action.