Morgan Stanley's Adam Parker delivered an interesting report on 'The Elephant In The Room' (ie. Apple) today, reports BusinessInsider.
Highlights:
● Apple is the largest stock in the S&P, and will likely be the largest market weight in the S&P since 1986.
● Apple will likely surpass Exxon as the top earning stock by the end of the year.
● 9% of S&P trading volume is Apple. That's the highest of any one stock since 1982.
● 26% of all large hedge funds hold Apple positions that are larger than 1% of their portfolios
● One in 25 of all hedge funds has 10% or more (!) of their portfolio in Apple.
● Almost no other stock correlates well with Apple.
● Apple does not correlate well with any other area of the market (i.e. mega caps)
● Earnings tend to be big movers for the stock, while product announcements are not that big of a deal for Apple's stock.
● Apple is somewhat negatively correlated with the euro.
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Highlights:
● Apple is the largest stock in the S&P, and will likely be the largest market weight in the S&P since 1986.
● Apple will likely surpass Exxon as the top earning stock by the end of the year.
● 9% of S&P trading volume is Apple. That's the highest of any one stock since 1982.
● 26% of all large hedge funds hold Apple positions that are larger than 1% of their portfolios
● One in 25 of all hedge funds has 10% or more (!) of their portfolio in Apple.
● Almost no other stock correlates well with Apple.
● Apple does not correlate well with any other area of the market (i.e. mega caps)
● Earnings tend to be big movers for the stock, while product announcements are not that big of a deal for Apple's stock.
● Apple is somewhat negatively correlated with the euro.
Read More