In early morning trading, shares of Apple dropped down to about $437 a share, the lowest Apple has traded at in over a year. Naturally, Apple shares tanked despite reports that domestic demand for iMacs have surged nearly 32% year-over-year.
But a curious thing happened just about three hours into the trading day.
Hedge fund manager Doug Kass put out a tweet teasing the idea that Apple was going to announce a stock split on Wednesday during the company's shareholder meeting.
Surprise, surprise: it didn't take long for shares of Apple to recover, eventually closing out at $448.97, up $6.17 for the day.
And here's where things get fishy.
Shortly thereafter, with Apple trading at $449, Kass put out another tweet saying that it's about time he sell off some of his Apple shares.
Yes, "prudence" surely dictates that Kass must sell of some of his "outsized position."
I mean, it makes sense until you realize that 1 hour later Kass tweeted out that he was continuing to "pare back" as the rumor - which he effectively tweeted into existence - was baseless.
How delightfully convenient.
Now Kass writes that he sold off shares of Apple after ostensibly realizing that Apple "would require a shareholder vote to split the stock."
Doesn't it seem strange that Kass, who touts himself as a "legendary hedge fund manager" on his website, would have forgotten this oh-so-important factoid?