MacNN | Apple stock slide blamed on large hedge fund sales
Mac News Network View: Standard | Headlines | Categorized | Slim
Mac News Network
Mac News iPod News Reviews Forums
 

Desktop Headlines
Apple stock slide blamed on large hedge fund sales
Thursday, February 14, 2013 @ 5:10pm

Apple's deep stock slide during 2012 was linked to massive unloading by several hedge funds, according to documents filed with the US Securities and Exchange Commission, discovered by Reuters. Omega Advisors, for instance, sold all of its 266,000 Apple shares during the fourth quarter of 2012. Eton Park Capital Management sold the entirety of its 600,000 shares in a period spanning the third and fourth quarters. Jana Partners dumped its full 143,000 shares, while Farallon Capital sold off 137,000.



It's not clear what prompted the sell-offs, but they may have been triggered by worries about more aggressive competition, lower profit margins, and corporate shakeups. Apple stock also surged quickly in the first half of 2012, which may have prompted funds to divest for the sake of a temporary windfall and the ability to buy back in later at a cheaper price. Some partial unloading was done by Coatue Management, which dropped 18 percent of its shares, and Tiger Global Management, which got rid of 19 percent. Coatue ended up with 643,000 shares at the end of 2012, whereas Tiger Global had a little over 1 million. A separate company, Tiger Management, cut holdings by 28 percent to 42,000.

Comments on this Article
Print Friendly Version
Email to a Friend
Add MacNN to Your RSS Feeds
Buy from the Apple Store


Related Stories:

Most Recent Stories:

  • Friday Deals: Ultra HD monitor, Game and console bundles, more [U] - 9:15 PM EST
  • BlackBerry creeping closer to profit with $148 million quarterly loss - 3:20 PM EST
  • Briefly: Procreate Pocket illustration app; Switcheasy's new releases - 3:11 PM EST
  • Judge completely denies HP's Autonomy buy class action suit settlement - 2:45 PM EST
  • Google sues MPAA-driven Attorney General, Hood calls for 'time out' - 12:48 PM EST
  • Hands On: Artboard (OS X) - 11:24 AM EST
  • NK demands joint Sony hack investigation; Sony pulls movie promos - 11:03 AM EST

    Today's iPodNN Stories:
  • Halo studio giving ODST, free month of Live to compensate for issues - 10:00 AM EST
  • Briefly: Always-on voice search on Chrome OS, Amazon 4K video in UK - 9:22 PM EST
  • Google posts response to leaked Sony 'Project Goliath' emails - 4:41 AM EST
  • Plaintiffs in Google antitrust lawsuit required to submit more details - 11:13 PM EST
  • Interview fallout continues: actors complain, Team America taken down - 7:35 PM EST
  • No comments posted on this story yet. Please post yours.
    Your Comments
    In order to post comments, you must be a registered member of the MacNN Forums and logged in. Please login with your MacNN Forums username and password.

    MacNN Forums Login:

    MacNN Forums Password:

    Not a member of the MacNN forums? Register now for free.