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Tepper’s Appaloosa Cut Bank of America Stake in Last Quarter

David Tepper, the founder of hedge fund Appaloosa Management LP, cut his stake in Bank of America Corp. by 42 percent in the second quarter, before the stock fell today to a two-year low, according to a regulatory filing.

Appaloosa held 10 million shares of the Charlotte, North Carolina-based bank as of June 30, compared with 17.2 million at the end of the first quarter, a filing today with the U.S. Securities and Exchange Commission showed. The bank declined 18 percent in the second quarter.