Tepper's Appaloosa Cuts Micron Stake 41%, Yet Position Value Nearly Doubles to $1.1 Billion

3-line summary

• David Tepper's Appaloosa Management sold 690,000 Micron Technology shares in Q2, cutting its position from 1.665 million to 975,000 shares, a 41% reduction, according to an SEC filing cited in a Yahoo Finance report.
• Despite the share reduction, the position's value rose from $562.5 million at March 31 to $1.1 billion at June 30, as Micron's stock climbed from about $338 to $1,154 per share over the quarter, a 242% increase.
• Micron's fiscal third-quarter sales surged to a record $41.46 billion from $23.86 billion the prior quarter, with adjusted EPS of $25.11 and adjusted gross margin of 84.9%; management guided fiscal fourth-quarter revenue to $50 billion, above Wall Street expectations.

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