David Tepper's Appaloosa Bought Cisco Shares Ahead of Biggest Decline Since 1994

[ASusilovic]

Nov. 12 (Bloomberg) -- Appaloosa Management LP bought a new stake in Cisco Systems Inc. during the third quarter, before the shares posted the biggest one-day decline since 1994 yesterday.

Appaloosa, founded by billionaire investor David Tepper, purchased 6 million shares of Cisco during the quarter that ended in September, according to a filing today with the Securities and Exchange Commission.

Cisco, the world’s largest maker of computer networking equipment, plunged 16 percent to $20.52 yesterday after its profit and sales projection missed the average analyst estimates, according to data compiled by Bloomberg. The stock ended the third quarter at $21.90.

http://noir.bloomberg.com/apps/news?pid=20601087&sid=aYRfGXBJUIwo&pos=7

David Tepper is right. The FED will make "everything" go "up". Maybe he should spent less time on CNBC but more in his office....

 

[ralph00]

He also sold out of a significant portion of the stocks he was pumping during that infamous CNBC appearance a few weeks ago. Now all the folks who rushed to buy BAC, WFC, COF, HIG know who was selling to them.

 

[drukes1234]

Quote from ASusilovic:


David Tepper is right. The FED will make "everything" go "up". Maybe he should spent less time on CNBC but more in his office.... [/B]

Maybe you would have some credibility if you made 1/10th of what he makes in a year, during your lifetime.

 

[ASusilovic]

Quote from drukes1234:

Maybe you would have some credibility if you made 1/10th of what he makes in a year, during your lifetime.

It´s not a tenth, yet. Next week you will be able to invest some of your "wealth" into my fund. Maybe you can learn something when you follow me. ;=)