Goldman Sachs sold $29.9 million of six-month structured notes tied to Apple the day before the company announced earnings that sent its stock plunging 12 percent.
The securities, issued Jan. 22, yield 10 percent a year, plus any gains of the stock up to 11.25 percent, according to a prospectus filed with the SEC. If Apple drops, the notes decline at the same rate, providing no protection against losses. Goldman declined to comment.