“Apple shares reversed intraday losses and gained slightly after hedge fund manager Doug Kass tweeted a rumor of Apple announcing a stock split at tomorrow’s shareholder meeting. However, Kass subsequently sold on the run up and then disavowed the rumor as impossible and unlikely to actually happen,” Daniel Eran Dilger reports for AppleInsider.
“Kass’ tweet of ‘hearing a rumor that Apple will announce a stock split at tomorrow’s shareholder meeting’ appeared to turn around losses the stock had incurred earlier in the day, followed by shares rising just over 1 percent afterward,” Dilger reports. “Apple’s shares ended the day at $448.97, up just under 1.4 percent for the day.”
Dilger reports, “Kass then announced via Twitter that due to the rise in Apple’s stock, ‘Prudence dictates that I sell off some of this outsized position.’ He later announced he was ‘paring back’ his Apple holdings because ‘the company would require a shareholder vote to split the stock.’ He added, ‘the [stock split] rumor seems to be baseless based on current share authorization,’ as Apple’s articles of incorporation only allow a 2-1 stock split. ‘Which is no big deal,’ he added, ‘[Apple] must seek auth. for more.’ Kass meant that for Apple to split shares greater than 2-1, it would have to gain authorization through a vote by shareholders.”
Much more in the full article here.
MacDailyNews Take: Wall Street is a game (played with slime balls). Either play it well or watch from a great distance.
If you would like to lodge a complaint about fraud or wrongdoing involving potential violations of U.S. securities laws, you can do so online with the U.S Securities and Exchange Commission here.
[Thanks to MacDailyNews Reader “Arline M.” for the heads up.]
Related articles:
Apple stock split rumor pushes shares higher – February 26, 2013
Doug Kass: Apple to announce stock split on Wednesday – February 26, 2013
How the f*ck is ANY of this bull crap manipulation legal? What a bad damn joke all of this is…
Blame it on all the dumbasses who act on his b.s. They’re the guiilty lemmings responsible for the spastic trading while Dougie sits there and laughs. Watch the movie, “Trading Places” for a chuckle. Or watch Cramer’s infamous YouTube performance.
‘There’s a sucker born every minute.’ There’s also a matching con man looking for his next mark.
This is all a side effect of the ease of day trading. Silly people and groups or people (hello hedge funds!) want to play games of chance with their cash, the more dangerous the game, the bigger potential cash rewards…. BUT DARN! The games are RIGGED. The suckers lose! The cons wins. A fool and his money blahblahblah. This theme is as old as mankind.
My brother is a stockbroker manager, so I know a bit about the rules.
As far as I know, what Kass did was illegal. His attempts to rationalize what he was doing and thinking at each step with his “You’re reading my thoughts–LIVE”-tweets struck me as a form of “hiding in plain sight.”
I wouldn’t be surprised if SEC investigates him and brings criminal charges, as well as hefty civil penalties to erase any personal profits he made from what appears to be a clear case of market manipulation.
Flood the SEC with calls and emails to investigate Kass’ financial and trading history.
Jail the fucker and every Apple investor should sue or pool to sue these hedge fund slime balls and on the take media groupies.
This idiot should go to jail for this. Where is the FTC?
Tell me why Kass should not go to jail for this!
He is a smart guy. He is successful I mean. But I don’t like his meddling with Apple. No spine. He constantly says one thing and does the other. For his own gain. And he is quite boring to listen to whenever he comes on CNBC.
The gov’t should fix this…… Oh. Wait. Nevermind. I forgot who the king of America was………
Messiah, not king.
Did Jesus come back and I missed it?
We all need to report this not that they will do anything but it’s better then just complaining right?
http://www.sec.gov/complaint/select.shtml
https://denebleo.sec.gov/TCRExternal/index.xhtml
Pump n’ Dump.
Rinse once.
Repeat.
Anyone who does this should be thrown in jail!
So what’s the difference between insider trading vs flat out lieing to change the price of stock?
Organized crime. And legal?….
Hedge fund managers are all slimeballs. Whenever they drive the price down, I buy more.
You know the old saying why does a dog lick his balls? Because he can! The government makes the rules and apparently this is one of them that gets a pass. This is an Apple problem. Taking the share off the NASDAQ and selling them all in-house keeping out hedge funds is the only way to stabilize the stock going forward. There is no reason to split the stock, but there is a reason to keep the stock down so funds will get out and let serious investors with a longer view get in.
He who lives by Wall Street dies by Wall Street! Enough said!
The rumor is plausible. It would be a good move by Apple at this point. It’s about stock market psychology.
I wish the Apple executive team had enough money to take Apple private, and just focus on product development without all of these Wall Street distractions. But unlike Dell, there isn’t enough money in the world to buy out Apple.
Apple can’t go private.
Why not?
There are three people who each own almost 10% of the outstanding shares. With those three on board, it could be done.
The real question is why.
Who?
http://finance.yahoo.com/q/mh?s=AAPL+Major+Holders
This lists top shareholders with a notation that “% of Shares Held by All Insider and 5% Owners: 0%”
What am I reading wrong there?
How is this not deemed corruption. Unbelievable to me, no wonder that the West is in decline when democracy is at the beck and call of a few extremely powerful self serving corporate money men who use new technology to manipulate matters to their own personal reward. That defies the whole logic (warped or otherwise) of the natural forces of capitalism.
EXACTLY.
And the whole game was played merely via two tweets. It’s so damned easy. Suckers. 😈
This is certainly a relief that the bottom feeders only fiddle with 2-6% of the stock over a short period of time. I mean can you imagine what it would be otherwise, Apple Stock at %700 one day, $400 the next….
Desperate for profit from the stock exchange?
Parasitize AAPL! It’s all the rage. 👿
“All that is necessary for the triumph of evil is that good people do nothing”