Shares of Intelsat S.A. shot up 6.6% in morning trading Tuesday, to bounce off Friday’s 2-year closing low, after Appaloosa L.P., the hedge fund overseen by famed billionaire investor David Tepper, disclosed a new 2.9 million-share stake in the maker of communications satellites as of the end of December. The stake, disclosed late Friday, accounts for about 2.05% of Intelsat’s shares outstanding, which would make Appaloosa the 11th-largest shareholder. Intelsat stock has tumbled recently, with one analyst saying the Federal Communications Commission Chairman’s Ajit Pai plan to free up spectrum for 5G networks would leave “little hope” for Intelsat investors. Separately, Appaloosa disclosed that during the fourth quarter, it sold off the 30,000-share stake it had in Boeing Co. at the end of the third-quarter, that it increased its stake in Micron Technology Inc. by 35% to 8.1 million shares, that it raised its stake in Amazon.com Inc. by 10% to 291,500 shares and that it boosted its stake in Alibaba Group Holding Ltd. by 85% to 2.4 million shares.
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