NASDAQ rebalancing will reduce the weighting in AAPL from 20% to approximately 12%. The big winner will be Microsoft, with its weighting jumping to 8.3% from 3.4%. These changes will likely spur selling in shares of AAPL by managers who are pegged to the index.
The rebalancing is likely to kick off waves of trading in the stock market as money managers scramble to adjust holdings to reflect the new composition of the index. There are more than 2,900 financial products tracking the Nasdaq-100 in 27 countries, Nasdaq says. That includes the $24.4 billion PowerShares QQQ exchange-traded fund, which over the past year has been the sixth most actively traded stock on U.S. exchanges.
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