Wall Street sources detail significant trading
By Nick dePlume, Publisher and Editor in Chief
September 20, 2002 - Trading floor contacts on Wall Street passed along their observations of some of the more important trading of Apple stock (Nasdaq: AAPL) in recent days.
Sources said that Janus, the mutual fund giant, has been selling significant amounts of Apple stock to meet redemptions and prevent losses from growing, having purchased AAPL in the higher teens. Word on the street is that company management doesn't hold Apple in too high regard, and that there's a chance Janus might dump its Apple holdings.
"When Janus dumped its shares of AOL it cratered the stock for a week," a source pointed out, referring to April 2002, when Janus -- AOL's largest shareholder -- unloaded 25% of the stock. "Expect to start seeing serious volatility" if Janus does the same for Apple, the source projected.
In other AAPL news, Fidelity has been the biggest seller of Apple stock of late, apparently pushed by consistent reports of slowing worldwide PC demand as well as a dearth of flashy new Apple products. Taking the opposite position, Lord, Abbett & Co. --already a large holder of AAPL, according to one insider -- has been purchasing huge amounts of the stock to hedge against the rest of the sector.
As for our report last month of sizable corporate purchases? Word has it that the purchase in question was an international buy. As of yet, this point is unclear and unconfirmed.
AAPL closed Thursday at $14.58.
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