Shares of Apple dropped $3.78 on Thursday, or 2.37 percent, to close at $155.98, the stock’s worst daily drop in dollars since August 10. The company fell after The Wall Street Journal reported Thursday that China cut off a feature that allows Apple Watch wearers to make calls, send texts and receive data through an independent cellular connection. “We were informed by China Unicom that the new cellular feature on the Apple Watch Series 3 has been suspended,” Apple wrote in a statement to the newspaper. At the end of the second quarter, at least 136 hedge funds held an investment in the company, making it one of the most popular holdings among hedge funds.
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Total assets under management in the hedge fund industry rose by $50 billion in the third quarter to a record $3.15 trillion, according to HFR. The industry data provider said macro strategies led net investor inflows of $1.7 billion in the three-month period, bringing this year’s total to $2.5 billion. While inflows remain “muted,” the industry is faring better than last year, when investors withdrew $70 billion from hedge funds, according to HFR. Meanwhile, quantitative hedge fund giant Winton Group is expected to issue an in-depth analysis of industry data that will conclude total assets under management is much lower than widely reported.
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Shares of Adobe Systems surged 12.24 percent Thursday to close at $171.73 after Credit Suisse Group raised its price target on the software company to $190, from $170, and noted that its preliminary 2018 guidance is above consensus. The investment bank raised its estimates for Adobe’s revenue and earnings next year while keeping its “outperform” rating on the company’s stock. At the end of the second quarter, Adobe was the largest U.S. long position at Aaron Cowen’s Suvretta Capital Management, and the seventh largest long at Julian Robertson Jr.’s Tiger Management.
