Harvard liquidates Apple stake after iPhone sales drop

Harvard University, the world's wealthiest university, has liquidated its stake in cheap iphone 4 cases Inc. as the iPhone maker's shares tumbled after reaching a record high of $702.10 in September.

The university, which is based in Cambridge, Massachusetts, and has a $30.7 billion endowment, sold shares valued at about $304,000, according to a quarterly filing with the U.S. Securities and Exchange Commission. The sale comes as growth in demand for the iPhone has lost steam and investors and consumers await new products from Tim Cook, the chief executive officer who replaced Steve Jobs.

Harvard's endowment owns about $1.1 billion of publicly traded securities, according to the filing that was released today and reflects the university's holdings as of March 31. It also liquidated $42.3 million of shares in Warnaco Group Inc., as well as a number of exchange-traded funds.

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