According to fool.com Citigroup has been on a tear the past two days, rising 5%
after hedge fund manager David Tepper spoke out about his confidence in stocks
earlier in the week. Dubbed the "Tepper Rally," the bull market
following his comments, especially within the financial sector, really boosted
Citigroup -- which is Tepper's largest holding in his Appaloosa Management
fund.
But the bank is having a hard time holding on this morning,
as news of Appaloosa's most recent 13F filing shows the fund reduced it's
position in Citi during the first quarter. Cut by 7.3%, Appaloosa's stake in
Citi is still its largest holding at 8.5 million shares, but the fund also
reported options that would allow it to further reduce its share count in the
future….
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