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Gains by IBM Offset by Losses by AAPL in Internet Architecture HOLDRs ETF
By Market News Video Staff, Tuesday, October 26, 2:25 PM ET
Shares of IBM (NYSE:IBM) were heading higher on Tuesday following the announcement that the company would be repurchasing up to $10 billion worth of common stock. This amount is in addition to the $2.3 billion still remaining on the previous repurchase plan. The news has shares of IBM higher today, gaining about 0.4% in afternoon trading. Shares of Apple (NASDAQ:AAPL) were heading in the opposite direction this morning, trading lower by about 0.3% as the stock continues to trade near its 52 week high.
Apple and IBM make up more than 56% of the Internet Architecture HOLDRs ETF (IAH) and the opposing moves today has the ETF trading close to even. The two other positions in the ETF that could be considered sizable are Hewlet Packard (NYSE:HPQ) at 17.5% of the fund and Cisco (NASDAQ:CSCO) at 11.2%.
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