13F-HR 1 a13f11q1.txt UNITED STATES SECURITIES AND EXCHANGE COMISSION WASHINGTON, DC 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 03/31/2011 Check here if Amendment [ ]; Amendment Number: 1 This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Appaloosa Management L.P. Address: 51 JFK Parkway, Suite 250B Short Hills, NJ 07078 13F File Number: The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Michael L. Palmer Title: Chief Financial Officer Phone: 973-701-7000 Signature, Place and Date of Signing: Michael L. Palmer Short Hills, New Jersey 05/16/2011 Report Type (check only one): [X ] 13F Holdings Report [ ] 13F Notice [ ] 13F Combination Report List of Other Managers Reporting for this Manager: I AM SIGNING THIS REPORT AS REQIURED BY THE SECURITIES EXCHANGE ACT OF 1934. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 65 Form 13F Information Table Value Total: 4,210,596,000 Name of Issuer Title of Class CUSIP Fair Market Shares or Investment Discretion Managers Voting Authority (Shares) Number Value Principal (a) Sole (b) Shared - (c) Shared - (a) Sole (b) Shared (c) None Amount As Defined Other ------------------------------------- ---------------- -------------- --------- ---------- ---- AMR Corp COM 001765106 37,462 5,799,104 x 5,799,104 Apple Inc COM 037833100 69,690 200,000 x 200,000 Applied Materials Inc COM 038222105 124,087 7,944,085 x 7,944,085 Banco Santander SA ADR 05964H105 6,917 590,206 x 590,206 Bank of America Corp COM 060505104 229,487 17,215,849 x 17,215,849 Beazer Homes USA Inc COM 07556Q105 6,250 1,367,679 x 1,367,679 Brunswick Corp COM 117043109 24,406 959,743 x 959,743 CF Industries Holdings Inc COM 125269100 127,242 930,196 x 930,196 Citigroup Inc COM 172967101 338,647 76,616,856 x 76,616,856 Con-Way Inc. COM 205944101 35,361 900,000 x 900,000 CVR Energy Inc COM 12662P108 36,046 1,556,374 x 1,556,374 Dean Foods Co COM 242370104 131,191 13,119,145 x 13,119,145 Delta Air Lines Inc COM NEW 247361702 35,208 3,592,656 x 3,592,656 DR Horton Inc COM 23331A109 13,045 1,119,740 x 1,119,740 E-Trade Financial Corp COM 269246AZ7 66,630 43,944,000 x 43,944,000 Fifth Third Bancorp COM 316773100 45,887 3,306,006 x 3,306,006 Frontier Oil Corp COM 35914P105 17,916 611,055 x 611,055 General Motors Corp JR PFD CNV SRB 37045V209 1,867 38,740 x 38,740 Goodyear Tire & Rubber Co. COM 382550101 228,415 15,248,003 x 15,248,003 Hewlett-Packard Co COM 428236103 259,370 6,330,726 x 6,330,726 Holly Corp COM PAR $0.01 435758305 2,830 46,578 x 46,578 International Paper Company COM 460146103 173,188 5,738,512 x 5,738,512 KB Home COM 48666K109 17,278 1,388,900 x 1,388,900 KLA-Tencor Corp COM 482480100 75,748 1,599,067 x 1,599,067 Lam Research Corp COM 512807108 78,145 1,379,186 x 1,379,186 Macy's Inc COM 55616P104 162,848 6,712,625 x 6,712,625 Manitowoc Company Inc. COM 563571108 5,221 238,615 x 238,615 Marathon Oil Corp COM 565849106 13,328 250,000 x 250,000 Masco Corp COM 574599106 5,493 394,614 x 394,614 Medtronic Inc COM 585055106 60,444 1,536,057 x 1,536,057 Merck & Co Inc COM 58933Y105 74,210 2,248,120 x 2,248,120 MetLife Inc COM 59156R108 67,095 1,500,000 x 1,500,000 Micron Technology Inc. COM 595112103 139,845 12,202,840 x 12,202,840 Microsoft Corp COM 594918104 121,269 4,781,911 x 4,781,911 Morgans Hotel Group COM 61748W108 830 84,647 x 84,647 MPG Office Trust Inc COM 553274101 17,483 4,712,361 x 4,712,361 Mueller Water Products Inc. COM 624758108 41,766 9,322,792 x 9,322,792 Navistar International Corp COM 63934E108 47,908 691,008 x 691,008 Newcastle Investment Corp. COM 65105M108 3,299 546,192 x 546,192 Owens Corning *W EXP 10/30/201 690742127 26 7,544 x 7,544 Pfizer Inc. COM 717081103 313,170 15,419,502 x 15,419,502 PulteGroup Inc COM 745867101 12,115 1,637,112 x 1,637,112 Royal Bk Scotland Group PLC SP ADR L RP PF 780097788 35,377 1,861,961 x 1,861,961 Royal Bk Scotland Group PLC SP ADR PREF M 780097796 26,858 1,560,596 x 1,560,596 Royal Bk Scotland Group PLC ADR PREF SER N 780097770 57,163 3,360,579 x 3,360,579 Royal Bk Scotland Group PLC ADR PFD SER P 780097762 40 2,400 x 2,400 Royal Bk Scotland Group PLC ADR PREF SHS Q 780097754 28,891 1,609,519 x 1,609,519 Royal Bk Scotland Group PLC ADR PREF SHS R 780097747 81 4,889 x 4,889 Royal Bk Scotland Group PLC SP ADR PREF S 780097739 35,054 2,001,914 x 2,001,914 Royal Bk Scotland Group PLC SP ADR PREF T 780097713 39,909 2,028,914 x 2,028,914 Smurfit-Stone Container Corp COM 83272A104 9,356 242,063 x 242,063 Suntrust Banks Inc COM 867914103 42,132 1,460,899 x 1,460,899 SuperMedia Inc COM 868447103 2,713 434,764 x 434,764 Temple-Inland Inc COM 879868107 29,110 1,244,036 x 1,244,036 Teradyne Inc COM 880770102 55,526 3,117,688 x 3,117,688 Tesoro Corp COM 881609101 10,732 400,000 x 400,000 The Hartford Financial Services Group *W EXP 06/26/201 416515120 25,254 1,377,000 x 1,377,000 The Hartford Financial Services Group COM 416515104 25,500 946,917 x 946,917 The Ryland Group Inc COM 783764103 3,150 198,100 x 198,100 United Continental Holdings Inc. COM 910047109 131,911 5,737,753 x 5,737,753 UnitedHealth Group Inc COM 91324P102 63,750 1,410,399 x 1,410,399 US Airways Group Inc COM 90341W108 108,415 12,447,139 x 12,447,139 Valero Energy Corp COM 91913Y100 76,485 2,564,890 x 2,564,890 Wells Fargo & Co COM 949746101 98,002 3,091,560 x 3,091,560 Yahoo! Inc COM 984332106 36,524 2,193,644 x 2,193,644