“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
