Atlas Financial Holdings Inc
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Financials : Insurance | Small Cap Value
Company profile

Atlas Financial Holdings, Inc. is a financial services holding company. The Company, through its subsidiaries, is engaged in the underwriting of commercial automobile insurance policies, focusing on the light commercial automobile sector. It operates through the property and casualty (P&C) insurance business segment. Its automobile sector includes taxi cabs, non-emergency para-transit, limousine, livery and business auto. Its automobile insurance products provide insurance coverage in over three areas, including liability, accident benefits and physical damage. Its liability insurance provides coverage subject to policy terms and conditions where the insured is determined to be responsible and/or liable for an automobile accident, for the payment for injuries and property damage to third parties. The accident benefit policies or provide coverage for loss of income, medical and rehabilitation expenses for insured persons injured in an automobile accident, regardless of fault.

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Apple stock breaks below post-COVID uptrend line after largest shareholders disclose share sales

2:49 pm ET February 17, 2021 (MarketWatch)

Tomi Kilgore

Stock also falls below 50-day moving average, as Vanguard and Warren Buffett's Berkshire Hathaway trim stakes

Shares of Apple Inc. sank toward a one-month low Wednesday, and broke below two key chart levels in the process, after the technology behemoth's two largest shareholders disclosed that they trimmed their stakes.

The stock (AAPL) shed 2.1% in afternoon trading, enough to pace the Dow Jones Industrial Average's decliners. It was headed for the lowest close since Jan. 19.

The stock is also set to close below its widely watched 50-day moving average (50-DMA) for the first time since Nov. 23. Many chart watchers view the 50-DMA as a guide to the short-term trend, with trades above it suggesting an upward bias and trades below it warning of potential weakness.

But perhaps more worrisome for bulls, the stock has broken below the uptrend line that defined its recovery off the March lows.

Many technicians use uptrend lines as a place to buy a stock on a dip. The fact that Apple's uptrend line was marked by three intraday lows since the start of the line indicates that strategy had worked fairly well, until Wednesday.

The Dow Theory of market analysis (, which has remained relevant on Wall Street for over a century, says a trend remains in place until it has given signs that it has reversed. So a break of an uptrend line suggests that a new downtrend may have just begun.

Read more: Don't dis the Dow Theory just because it's over 100 years old (

The stock's selloff comes after Warren Buffett Berkshire Hathaway Inc. (BRKA) disclosed late Tuesday that it owned 887.14 million Apple shares, or 5.28% of the shares outstanding, as of Dec. 31. That's down from the 944.30 million shares, or 5.55% of the shares outstanding, it owned as of Sept. 30. Berkshire Hathaway remained Apple's second-largest shareholder.

But despite the share sales were effectively a rebalancing, as the value of Berkshire Hathaway's stake in Apple rose to $117.71 billion as of Dec. 31 from $109.36 billion on Sept. 30, as Apple's stock surged 14.6% during the fourth quarter.

Meanwhile, Apple's largest shareholder, The Vanguard Group Inc., trimmed its stake in Apple by 25.51 million shares. Vanguard owned 1.26 billion shares, or 7.48% of the shares outstanding on Dec. 31, down from 1.28 billion shares, or 7.53% of the shares outstanding, on Sept. 30.

Separately, Epic Games, the developer for the "Fortnite" videogame, said Wednesday it filed an antitrust complaint against Apple ( with the European Commission. Epic Games alleges that Apple has "not just harmed but completely eliminated competition" on the distribution and payments of apps on the Apple App Store.

Apple's stock has gained 9.4% over the past three months, while the Nasdaq-100 Index has rallied 14.3% and the Dow has tacked on 6.0%.

-Tomi Kilgore; 415-439-6400;


(END) Dow Jones Newswires

February 17, 2021 14:49 ET (19:49 GMT)

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