If you noticed Apple’s stock taking a drastic nose dive on Friday afternoon, you weren’t alone. At the time, no one knew what was going on as the stock dropped fast between noon and 1 PM EST. Eventually the stock began to rebound and finished the day only down 2.72 percent, but at its worst point, it reached a low of 3.17 percent.
But what happened? There were no announcements; there wasn’t another bullshitgate being played out in the media; no announcement of a vague Steve Jobs health issue. Actually, there was nothing going on at all. Everything was business as usual, a typical day for the company.
Turns out that wasn’t exactly true. Fund manager Ken Heebner decided it was time to drop almost all of his Apple holdings in one day. One day he’s sitting on 110,000 shares of Apple stock, and the next almost nothing. Apple’s stock prices dropped fast on that transaction. His slash and burn strategy on Friday didn’t just end with Apple. He also dropped all of his HP stock.
Talk about one guys throwing a wrench in the gears of the stock market.