Dick Bove’s Rochdale Securities Loses on Apple Errant Trade

Dick Bove’s Rochdale Securities Loses on Apple Errant Trade
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It is not everyday that one hears about an investor losing money on Apple Inc. (NASDAQ:AAPL) trade. Despite plummeting from its short lived high of $700, hedge funds have managed to gain profits from the stock and analysts have remained super bullish about the future of Apple Inc. (NASDAQ:AAPL). However, there is one hot report of Rochdale Securities losing big on a mis-trade on Apple that has gone viral in the news circles.

Dick Bove's Rochdale Securities Loses on Apple Errant Trade

According to Bloomberg’s sources, one of the firm’s traders made an unwarranted purchase of Apple shares that reportedly crippled the capital of the 37 year old investment firm. The firm is now seeking more cash and is trying to recruit investors. The details of the trading error has not been disclosed and there is no further information.

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Apple Inc. (NASDAQ:AAPL) lost some serious ground in its stock value but most of the hedge funds have had a long held position on the company, so there have been no reports of losses from this one, so far. Funds like Greenlight Capital and Kleinheinz Capital Partners have profited from the investment in the last quarter. Analysts, lead by PiperJaffray are positive about the company’s profile for the coming quarters. There have been very few conservative reports.

Rochdale Securities is based in Stamford, Connecticut and employs famous bank analyst Dick Bove, who joined the company in 2009. The firm provides brokerage advice to its clients and advises them on a  variety of investments. Recently another hedge fund, Knight Capital Inc. (NYSE:KCG) reported a loss of $389.9 million for Q3; this one was due to a software error rather than a human error.

Apple Inc. (NASDAQ:AAPL) is down 15 points today, trading at around $583.

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