Reuters: Hot Stocks: UPDATE 1-More top hedge funds dropped Apple shares in first quarter

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-More top hedge funds dropped Apple shares in first quarter May 15th 2013, 19:46 Wed May 15, 2013 3:46pm EDT (Adds AQR sales, Adage holding steady) May 15 (Reuters) - 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. Shares of Apple were down $19.50, or 4.4 percent, at $424.36 in trading on the Nasdaq on Wednesday. The shares have fallen 40 percent from their all-time peak of $705.07 in September. 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. Griffin's Blue Ridge Capital exited a position of 530,000 shares in the first quarter, according to a filing the firm made with the Securities and Exchange Commission on Wednesday. Coleman's Tiger Global Management sold 790,000 Apple shares in the quarter, leaving it with 260,000. Also, David Tepper's Appaloosa Management trimmed its Apple stake to 540,000 shares from almost 913,000 shares at the end of the fourth quarter. And Cliff Asness's AQR Capital Management shaved its Apple stake by 29 percent to about 366,000 shares. 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. (Reporting by Aaron Pressman; Editing by Steve Orlofsky) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions