Big Investor Halves Stake in AMC Stock and Trims Apple. It Bought PayPal and Pfizer.

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A large European asset manager slashed its investment in the volatile shares of a movie-theater chain, and made other changes in its U.S.-traded stock portfolio.

DNB Asset Management more than halved its position in AMC Entertainment Holding (ticker: AMC), trimmed a stake in iPhone maker Apple (AAPL), and materially raised investments in payments firm PayPal Holdings (PYPL) and Covid-19 vaccine maker Pfizer (PFE).