Apple Stock Drops After Record Quarterly Results

Apple Inc.'s shares saw a 7.4% drop on Friday after the iPhone maker's recent quarterly results exceeded Wall Street expectations.

Marks Group Wealth Management Inc., one of Apple's largest institutional investors, decreased its stake in the company by 4.6% during the first quarter, according to a filing with the Securities & Exchange Commission.

The firm owned approximately 2.7% of Marks Group's investment portfolio after selling 5,380 shares during the quarter.