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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Sony says 25 million more accounts at risk in new data hack 2:12am EDT With bin Laden dead, Washington state man finally shaves 02 May 2011 Bin Laden killing will embarrass authorities: Pakistani media 12:36am EDT UPDATE 4-Sony says 25 mln more users at risk in second data hack 02 May 2011 U.S. commandos knew bin Laden likely would die 02 May 2011 Discussed 165 Obama to make statement late Sunday, White House says 106 White House releases longer Obama birth certificate 103 Donald Trump calls U.S. leaders ”stupid” Watched Osama bin Laden dead Mon, May 2 2011 Fire ants form rafts to defy floods Tue, Apr 26 2011 Osama bin Laden is dead: Obama Mon, May 2 2011 Apple shares shrug off rebalancing of Nasdaq-100 Tweet Share this NEW YORK (Reuters) - Apple Inc is no longer the titan taking up more than one-fifth of the Nasdaq 100 Index, but it's still going to find plenty of buyers. Index funds, exchange traded funds and managers who seek to mimic the index were forced to... Email Print Related News Microsoft stock tumbles after Windows sales dip Fri, Apr 29 2011 Dow posts best month in 2011 but Microsoft drags Fri, Apr 29 2011 Microsoft Windows sales slip, shares drift lower Thu, Apr 28 2011 Nasdaq ends at 10-year high in Bernanke-driven rally Wed, Apr 27 2011 Wall Street ends strong week with new earnings attitude Thu, Apr 21 2011 Analysis & Opinion What happened to B shares? Look at the whites of his eyes, and of his hair Related Topics Technology » Hot Stocks » Asian Markets » Media » iPad » Steve Jobs » Stocks NEW YORK | Mon May 2, 2011 5:46pm EDT NEW YORK (Reuters) - Apple Inc is no longer the titan taking up more than one-fifth of the Nasdaq 100 Index, but it's still going to find plenty of buyers. Index funds, exchange traded funds and managers who seek to mimic the index were forced to sell the iPhone maker's stock between April 5, when the announcement was made, and Friday afternoon, when the rebalance officially took place. But the weakness is an opportunity, not a harbinger, fund managers say. "Any weakness in the share price due to the recalibration should be taken advantage of by investors," said Channing Smith, co-portfolio manager of a growth fund at Capital Advisors in Tulsa, Oklahoma, that includes Apple shares. Nasdaq OMX Group Inc (NDAQ.O) said early last month it was cutting its weighting in Apple (AAPL.O) to 12.3 percent from 20.5 percent as part of a rebalancing of the Nasdaq 100 .NDX to better reflect the current market cap of the biggest Nasdaq issues. "The stock continues to be best in class in technology, continues to exceed investor expectations," said Smith. The news was followed by two weeks of losses in Apple stock that brought the shares down almost 5 percent before they recovered. The primary beneficiaries in terms of index weighting are Microsoft Corp (MSFT.O), Oracle Corp (ORCL.O) and Cisco Systems Inc (CSCO.O), although the three are all lower since April 4, despite the news. The index rebalancing forces popular index-tracking funds such as the heavily traded PowerShares QQQ (QQQ.O) to sell Apple in order to match the new composition of the index. According to the Nasdaq, 329.21 million shares with a notional value of $12.7 billion traded at the Nasdaq "closing cross" trade in the span of 0.779 second. "A lot of the trading activity was done in anticipation and I'd guess everything is behind us," said Anthony Davidow, portfolio strategist at Rydex in New York. Apple traded down 1.1 percent on Monday afternoon at $346.45, more than 1.5 percent above its close on April 4. "Apple is still very, very widely held (among) index providers as well as active managers and there's a lot of liquidity," said Rydex's Davidow. Apple's most recent quarterly results crushed Wall Street's expectations after iPhone and Mac sales scaled new heights and iPad supplies could not keep up with roaring global demand. At least one analyst set a target price above $600. "Most investors are trying to outperform the index," said Kim Caughey Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh. Index managers buying the components of the average will need to hold fewer shares of Apple following the rebalancing. More than $330 billion in funds and $40 billion in ETFs are benchmarked to the Nasdaq 100. That would have put their holdings at about $75.85 billion in Apple stock prior to rebalancing - but managers said there would still be plenty of interest from others in buying the shares. "Apple's been a stellar performer and you have to look at the fundamentals of the stock rather than it's place in an index to tell you what to buy and what to hold if you're going to outperform," Forrest said. (Reporting by Rodrigo Campos; Editing by Dan Grebler) Technology Hot Stocks Asian Markets Media iPad Steve Jobs Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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