Wonder why Apple stock took a beating last quarter? Reuter might have just found the answer to your question.
[quote] Some of the biggest hedge funds that helped make Apple Inc a stock market darling lost faith and dumped their stakes in the fourth quarter, fueling the massive drop in the iPhone maker’s share price.
Noted stock pickers including Leon Cooperman and Thomas Steyer unloaded billions of dollars of Apple shares between Sept. 30 and Dec. 31, according to disclosure documents filed on Thursday.
Shares of Apple rose to an all-time high of $705.07 on Sept. 21 but ended 2012 down more than 24 percent from that peak, as concerns about increasing competition and declining profit margins weighed.
The fourth-quarter sellers avoided even deeper losses. Apple’s shares have lost 12 percent so far this year. The shares gained $1.95, or 0.4 percent, to $468.96 on the Nasdaq on Thursday.
Cooperman’s Omega Advisors fund dumped its entire stake of more than 266,000 shares during the fourth quarter, according to its required quarterly disclosure form filed with the Securities and Exchange Commission.[/quote]
And the list goes on…