“Hedge funds accumulated positions in Apple Inc. at a rapid clip in the second quarter, as the stock rallied sharply amid strong results and a stock split,” Steven Russolillo reports for The Wall Street Journal. “”
“Hedge funds purchased $855 million in new positions in the iPhone and iPad maker during the second quarter, the second-highest level of new buying activity among S&P 500 stocks, according to S&P Capital IQ.,” Russolillo reports. “In the three months ended June 30, Apple wasn’t among top 10 stocks sold the most by hedge funds, according to the data.”
“Hedge funds piled into Apple at a time when Apple announced a stock split in conjunction with an upbeat quarterly report,” Russolillo reports. “The stock rallied 22% in the second quarter, has since gained another 10%.”
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