Omega Cuts Sunoco, Regal Entertainment, Buys Wellpoint, Apple

Leon Cooperman’s Omega Advisors Inc. reduced stakes in Sunoco (SUN) Inc. and Regal Entertainment Group (RGC) in the first quarter while buying Wellpoint Inc. (WLP) and Apple Inc. (AAPL)

Omega sold 1.4 million shares of Sunoco, the Philadelphia- based refiner, during the three-month period that ended March 31, according to a filing with the Securities and Exchange Commission today. The money manager bought 1.13 million shares of Wellpoint, the No. 2 U.S. health plan, while exiting EBay Inc. (EBAY) and opening a position in Sprint Nextel Corp.

Cooperman also sold 1.89 million shares of Regal Entertainment. He bought 54,400 shares of Apple, the world’s biggest company by market value.

Sunoco is up 28 percent since the end of the first quarter, while Regal has gained 5.5 percent. Wellpoint fell 10 percent and Apple dropped 6.5 percent.

Cooperman also exited positions in Discovery Communications Inc. (DISCA) and Cablevision Systems Corp. (CVC)

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