Why Did Amazon Sell Its IonQ Stock?
Following the end of each calendar quarter, institutional money managers with over $100 million invested in stocks are required to file a document called a 13F with the Securities and Exchange Commission (SEC). A form 13F itemizes each stock a fund bought and sold during the most recent quarter. What investors might not realize, however, is that corporations also use some of their excess cash to build their own portfolios. As such, businesses may be required to file a 13F, too.
During the third quarter, e-commerce and cloud computing giant Amazon (NASDAQ: AMZN) revealed in its 13F filing that it has sold its entire position in quantum computing stock IonQ (NYSE: IONQ).
Let's break down the mechanics of Amazon's trade and assess why the company may have moved on from IonQ.
Source Fool.com
