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David Tepper’s Appaloosa Management boosted its share Friday in SunEdison ( SUNE ) yieldco TerraForm Power ( TERP ) to more than 10%, according to a U.S. Securities and Exchange Commission filing. In afternoon trading on the stock market today , TerraForm Power stock was up 12%, near 10, after touching a two-week high. Shares are down 31% year to date on SunEd-related struggles. Appaloosa now owns roughly 7.8 million shares, or 10.88%, of TerraForm Power stock, vs. its earlier 9.5% stake. Also, British Virgin Islands fund Palomino Master upped its stake to 6.23%, just shy of 5 million shares. The boosted Appaloosa stake followed Tepper’s calls earlier this week to overhaul TerraForm Power’s board, Reuters reported . On Wednesday, CEO of TerraForm Power and its sister company TerraForm Global ( GLBL ) Brian Wuebbels stepped down amid the controversy. TerraForm Power didn’t share its Friday boon with parent company SunEdison. S&P Global Market Intelligence dropped its coverage of SunEdison stock Friday on “a change in investor focus.” The firm last had a hold rating on shares. SunEdison stock was down more than 6% Friday afternoon, near 50 cents, as the company faces a myriad of issues, including a late Thursday 8-K that revealed a U.S. Department of Justice subpoena into its failed Vivint Solar ( VSLR ) deal. The SEC is also investigating SunEdison, the solar developer confirmed. This week, TerraForm Global said in an 8-K that it’s sufficiently liquid to withstand a SunEdison bankruptcy . SunEdison’s financial woes caused all three to miss a Wednesday deadline to file their annual 10-Ks. Unless SunEdison negotiated extensions, it is now in technical default on $725 million in second-lien loans. Scalper1 News
Scalper1 News