Hedge funds that drove up the price of Apple's stock were also responsible for driving it down, Reuters reported yesterday.
After reaching a high of $705 in September, shares of Apple started getting battered in the fourth quarter.
The stock was especially hit hard after Apple revealed its fiscal first-quarter results last month, numbers that disappointed Wall Street. The company achieved record revenues. But some analysts and investors worried that higher competition and lower profit margins mean that Apple's best days are behind it.
As a result, many of the hedge funds with huge positions in Apple dumped … Read more