|[3:20 PM] Apple Continues To Unload Shares Of ARM Holdings
Reuters is reporting that Apple is selling another .7% of ARM Holdings, makers of the StrongARM processor that was once used in Apple's canceled Newton Message Pad. This latest round of selling will reduce Apple's share of ARM to 4.95% of the company's outstanding shares.
ARM closed at 232 1/4, up 14 1/4 points.
Apple acquired the shares as part of an investment deal with the company during its initial development of the StrongARM processor.
The Mac Observer Spin: It seems at times that Apple is obsessed in reducing their stake in ARM Holdings, despite the stocks meteoric rise during the last year. The stock has risen from 23 5 /8 to its current range in the mid 250s, and that includes 2 different stock splits. However, Apple is more likely hedging its bets with this investment by locking in some profits in case the stock market ever does a reality check on this company with a staggering market cap of over US$15 billion. By locking in profits at the current stock levels, the company can easily afford to maintain its remaining shares.