Apple shares hit new all-time high for third day in a row

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Photo: Buster Hein
Photo: Buster Hein

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?