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Omega Cuts Sunoco, Regal Entertainment, Buys Wellpoint, Apple

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May 14 (Bloomberg) -- Leon Cooperman’s Omega Advisors Inc. reduced stakes in Sunoco Inc. and Regal Entertainment Group in the first quarter while buying Wellpoint Inc. and Apple Inc.

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. 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. and Cablevision Systems Corp.

To contact the reporter on this story: Whitney Kisling in New York at wkisling@bloomberg.net

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net

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