Nasdaq to cut Apple’s weighting in Nasdaq-100

Nasdaq OMX is expected to announce a rebalancing of its Nasdaq-100 index, which will see a marked reduction in Apple’s weighting. The Wall Street Journal reports that Apple, which currently makes up more than 20% of the index, will make up 12.3% of the Nasdaq-100 once the rebalancing takes effect May 2. According to the report, the rebalancing was driven in part by the performance of Apple shares, which are up more than fourfold in the past two years; a change in fortune for the shares has a huge impact on the index with the current weighting. Among Apple’s rivals, both Google and Microsoft will see their share of the index increased, by 1.6 and 4.9 points, respectively.