Last month the stock index Nasdaq announced that it would be rebalancing the weighting of AAPL shares to better reflect the actual number of shares floating on the market. At the time, AAPL accounted for 20.5% of the Nasdaq. After the rebalancing today, AAPL now accounts only for 12.5% of the Nasdaq.
When Nasdaq made the announcement they issued a warning that the rebalancing might affect AAPL shares in the short term due to fund managers readjusting their holdings. However it seems that any negative effect on AAPL’s share price was negligible. Apple closed down only 1.1% today to end at $346.45. Many see AAPL advancing to upwards of $540 a share by January and some even think Apple will be the world’s first trillion dollar company.
Disclaimer: The author holds a position in AAPL. iPhoneMY does not provide investment advice; consult an expert before buying or selling equities.