Apple (NasdaqGS: AAPL) shares and exchange traded funds (ETFs) that focus on Nasdaq-listed stocks could see turbulent action early in the week on a special index rebalance.
Apple will see its weighting in the Nasdaq-100 Index reduced to reflect new benchmark changes as the iPhone maker has its stake cut from over 20% to an estimated 12.3%. Nasdaq in early April said the index would undergo a special rebalance prior to the market’s open on May 2. [Apple To See Weighting Reduced In Nasdaq-100 ETF.]
The $27.2 billion PowerShares QQQ (NasdaqGM: QQQ) tracks the Nasdaq-100.
Shares of Apple and PowerShares QQQ were fractionally higher in Monday’s premarket.
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