“One-time hedge fund darling Apple Inc was dropped by more well-known fund managers in the first quarter, including John Griffin and Chase Coleman,” Aaron Pressman reports for Reuters.
“Shares of Apple were down $19.50, or 4.4 percent, at $424.36 in trading on the Nasdaq on Wednesday,” Pressman reports. “The shares have fallen 40 percent from their all-time peak of $705.07 in September.”
Pressman reports, “Sales of Apple’s popular devices like the iPhone and iPad remain strong, but the company’s profit growth and margins have come under pressure from competitors as well as consumer preferences for lower-cost Apple offerings like the iPad mini… Still, some investors kept the faith. Adage Capital Management, founded by two former Harvard University endowment managers, roughly held steady with 1.3 million shares. The first-quarter moves followed substantial selling of Apple by leading funds in the fourth quarter, including Leon Cooperman’s Omega Advisors and Barry Rosenstein’s JANA Partners.”
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