Buoyed by expectation-defying earnings, Apple Pay, and an apparently insatiable demand for the iPhone 6, AAPL stock closed Wednesday at a new all-time split-adjusted high of $107.3.
Apple was trading at $92 at the time of the 7-to-1 split, which means that its current value is up by more than 10% since the division earlier this year. According to Google Finance, Apple ended the day with a market cap of $626 billion, and $629.67 billion as per Yahoo Finance.
Pre-split this would have translated as an enormous $751.38 per share. To put that figure in context, at the time that Apple became the most valuable company in history back in 2012, shares were trading at just $662.00 apiece, with a market cap of $620 billion.
Apple participated in a stock split earlier this year, claiming that doing this would make it “accessible to a larger number of investors.” It is also thought that the move was designed to allow Apple to be included in the Dow Jones Industrial Average.
We wonder if Carl Icahn still thinks his stock is horribly undervalued? He seems a guy who would be content with an all-time high value, right?
Luke Dormehl is a U.K.-based journalist and author, with a background working in documentary film for Channel 4 and the BBC. He is the author of The Apple Revolution and The Formula: How Algorithms Solve All Our Problems … and Create More, both published by Penguin/Random House. His tech writing has also appeared in Wired, Fast Company, Techmeme and other publications.
2 responses to “Apple shares hit new all-time high for third day in a row”
Where are all the know-it-all stock market self-proclaimed geniuses who claimed Apple was heading down to $80 a share after earnings? They need to round up all those idiots, put dunce caps on their heads and make them sit in the front of the classroom so students and misled investors can point, throw spitballs and make fun of them.
Now you have to change your name to AAPL_@_$107_Is_A_Done_Deal_:)