Nasdaq Rebalancing Cuts Apple Influence

Nasdaq's late-night rebalancing of its benchmark Nasdaq-100 Index spurred volatility in Apple AAPL shares as its weighting is slashed, and surprised U.S. fund managers who questioned the timing of the announcement. Rebalancing is not an unusual event, but the Nasdaq announced it at around 3 a.m. (0700 GMT) on Tuesday, making early trading more volatile. "It's surprising and unsettling that the Nasdaq would release this information in the middle of the night, let alone at this moment in the calendar -- right ahead of earnings season," said Keith Wirtz, president and chief investment officer at Fifth Third Asset Management in Cincinnati, Ohio. Continue reading the article.