Apple's recent fall from grace on Wall Street can be largely attributed to the massive unloading of AAPL shares by the biggest hedge funds in the business.
According to documents filed this morning with the Securities and Exchange Commission, mandatory disclosure statements show that fourth quarter stock selling was driven by just a handful of hedge funds that collectively dumped more than one million shares of the Cupertino, California-based tech giant.
Noted stock pickers including Leon Cooperman, Eric Mindich and Thomas Steyer unloaded billions of dollars of Apple shares between September 30 and December 31, according to disclosure documents filed on Thursday.
"The stock just went up so much in early 2012 and then was coming back to earth," says Justin Walters, co-founder of Wall Street research firm Bespoke Investment Group. "Three months from now, we'll be seeing a lot of the people who sold starting to pick it up again."