It looks like Apple`s fourth quarter share price dive was the result of the old "pump and dump". Some of the biggest hedge funds dumped massive amounts of stock, spooking the little investor.
Reuter`s reports:
"Noted stock pickers including Leon Cooperman, Eric Mindich and Thomas Steyer unloaded billions of dollars of Apple shares between September 30 and December 31, according to disclosure documents filed on Thursday.
Shares of Apple rose to an all-time high of $705.07 on September 21 but ended 2012 down more than 24 percent from that peak as investors worried about increasing competition and declining profit margins.
The shares also may have dropped because their price rose too much, too fast.
"The stock just went up so much in early 2012 and then was coming back to earth," said Justin Walters, co-founder of Wall Street research firm Bespoke Investment Group. "Three months from now, we'll be seeing a lot of the people who sold starting to pick it up again."
shocker!
more here
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