The Morning Brief: Appaloosa Boosts TerraForm Power Stake

David Tepper’s Appaloosa Management increased its stake in TerraForm Power to 10.88 percent of the total outstanding of the unit of embattled solar energy company SunEdison. The Short Hills, New Jersey hedge fund firm has been pushing for key management and corporate governance changes at SunEdison, which is reportedly preparing to file for bankruptcy, according to a Wall Street Journal report. Earlier in the week, Brian Wuebbels resigned as TerraForm Power’s chief executive officer and president. The company’s shares Friday surged 13.6 percent to close at $9.83. Shares of SunEdison plunged another 20.4 percent, to close at just $0.43.


Shares of Tesla Motors jumped 3.4 percent, to $237.59, after the electric car maker announced that sales of its Model 3 car were much higher than experts expected. The stock is the largest holding of Daniel Benton’s Rye Brook, New York-based Andor Capital Management. We earlier reported the stock was at one point shorted by Greenlight Capital. It is not known if the New York hedge fund firm still has its negative bet on the stock.


Bjorn Forfang, a senior relationship manager at UBS, has resigned, according to Reuters. He reportedly worked with hedge fund firms Moore Capital Management and Millennium Management.



Scott Goodwin is leaving Anchorage Capital Group, where he served as head of credit trading, according to Bloomberg. He is credited with bringing liquidity to the single-name credit default swap market.