Heard On The Street: May 2011
AAPL Gets Weight Cut In Nasdaq-100 Index
Early in the month the NASDAQ announced that it would rebalance the Nasdaq-100 Index by adjusting the weights of dozens of securities. The most notable tech giant to be affected is Apple, which will see its weight cut from the current 20% to just about 12% as a result of the rebalance. “The Special Rebalance reflects our commitment to ensure the NASDAQ-100 Index remains a relevant benchmark for investors around the world who track the performance of the U.S. equity market,” said EVP John Jacobs. “The NASDAQ-100 Index will remain an objective, transparent, rules-based index and will be comprised of the same large-cap growth companies that have a legacy of leadership and innovation”. The rebalance will affect dozens of mutual funds and the PowerShares QQQ Trust (QQQ) given that the Nasdaq-100 serves as the underlying index.
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