Major Apple Shareholder Cuts Stake by 10 Percent
Investors took Apple on a trip to the woodshed this morning following news that Fidelity Contrafund, one of the company’s largest shareholders, had significantly reduced its stake. The $92 billion fund trimmed 10 percent from its position in Apple in the first two months of 2013, reducing its stake to 10.43 million shares from the 11.56 million shares it held last December. Apple’s share price slipped in reaction, falling 1.83 percent to $434.54 in early trading Monday.