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Tuesday, 02 April 2013 10:33

Danoff backing out of Apple

Written by Nick Farrell



Signs of doom

Apple’s largest investor has slashed his stake in the company.

Portfolio manager Will Danoff, whose $92 billion Fidelity Contrafund is the largest active shareholder in Apple, cut the fund's stake in Jobs’ Mob by 10 per cent. This is the latest in some cuts that Danoff has been making since late last year. Apple’s shareprice has been falling as the reality distortion field that surrounds the company has started to crumble.

The company has been unable to create much in the way of new products and is being outclassed by South Korean outfit Samsung. Apple shares were down 1.8 percent at $435.35 in Monday morning trading on Nasdaq. The stock has fallen 38 percent since hitting an all-time high of $705.07 in late September.

At the time the Tame Apple Press and some Apple fanboy analysts were trying to convince the world that it would be worth $1,000 a pop.

Nick Farrell

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