David Tepper says he’s buying some tech stocks, but market may have 10% to 15% more to fall

on Mar23
by | Comments Off on David Tepper says he’s buying some tech stocks, but market may have 10% to 15% more to fall |

Billionaire investor David Tepper said he is “nibbling” at some stocks, particularly in the tech sector, as the broader market tumbles amid the coronavirus outbreak. However, he noted the relentless selling may have further to go. 

“I’m nibbling right now, for what it’s worth,” Tepper, the founder of Appaloosa Management, told CNBC’s Scott Wapner on “Halftime Report.” Tepper noted he is cautiously adding to his positions in tech giants such as Amazon, Google-parent Alphabet and Alibaba as well as chipmaker Micron Technology. “Things look really interesting for the long term.”

To be sure, Tepper added the broader market could fall another 10% to 15% as investors grapple with the coronavirus pandemic and its economic blow.

“If you’re levered, I wouldn’t be levered,” Tepper said. “The market could go down more. On the other hand, we could be near a bottom once they [Congress] get this package done.”

Tepper’s comments come as Wall Street awaited for a fiscal stimulus plan from U.S. lawmakers. 

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