David Tepper's Appaloosa Management sold its stake in JCPenney (NYSE: JCP) in the first quarter, according to an SEC filing Friday.
The firm also took a very small stake in Snap (NYSE: SNAP) and bought call options for the SPDR S&P 500 ETF (SPY) (NYSE Arca: SPY). Call options give investors the right to acquire a stock in the future at a preset price.
Appaloosa reduced its holdings in Allergan (NYSE: AGN), Mylan (NASDAQ: MYL), Teva Pharmaceutical (NYSE: TEVA) and Pfizer (NYSE: PFE). The hedge fund had boosted its stake in Allergan in the fourth quarter.
The hedge fund also added positions in AK Steel, Bank of America (NYSE: BAC), CBS and General Motors (NYSE: GM).
Watch: Kevin O'Leary says no one cares about JCP
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