Hedge-fund manager David Tepper on Thursday said Apple Inc. is a “cheap stock” at its current price. In an interview with CNBC, the closely-tracked founder of Appaloosa said he’s maintaining a position in Apple but that he doesn’t have a “huge position” in the stock. Tepper, who also said that a flat position in stocks is attractive right now, noted that his equity book at present is relatively small. Apple shares are 0.3% lower in premarket trade Thursday. Tepper also said he sold out of the remainder of his position in Chinese e-commerce giant Alibaba Inc. in early July.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News