Morgan Stanley is trimming its position in Apple by 1%. The brokerage said its financial models have repeatedly recommended a modest reduction as the stock consistently trades around record highs. "While we plan on buying several Apple Watches, the stock has nearly doubled over the past three years," Morgan Stanley said. Adjusted for Apple's seven-for-one stock split in June, shares of Apple climbed 48.4% from the end of 2013 to $118.93 at the close of trade on Friday. In recent trade, its shares slid 2.5% to $115.94. Earlier in the session, they recorded their largest one-minute volume of trading since Oct. 29, falling as much as 6.4% before rebounding. Morgan Stanley also downgraded the entire technology sector in a 2015 equities report issued to clients on Monday, to market-weight from overweight.
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