Apple Stock Sinks as Warren Buffett Dumps Shares

The equity is seeing increased put activity

Jake Scott

Deputy Editor

Aug 5, 2024 at 12:22 PM

AAPL

Apple Inc (NASDAQ:AAPL) stock is down 3.8% to trade $211.56 at last glance, amid the broad-market selloff. Today's bear gap follows news that Warren Buffett's Berkshire Hathaway (BRK) sold nearly half of its AAPL stake, per a disclosure in its earnings filing.

Apple stock hit its lowest level since June earlier in the session, and is now trading south of its 50-day moving average for the first time since May. Despite today's big bear gap on the charts, AAPL is still up 9.2% in 2024.

Already today, 498,000 puts have exchanged hands, volume that is double the average intraday amount. Most popular is the weekly 8/9 200-strike put, where new positions are being sold to open.

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