Apple officially joined the Dow Jones Industrial average today, placing the world’s most valuable company among historic brands like Coca-Cola, Boeing and 3M. But Apple’s first day with the big boys isn’t getting off to a great start.
AAPL shares were down 0.79 percent to start the company’s first day on the average. Shares were trading up 1.1 percent yesterday, aided by a Fed-fueled rally that sent stock prices soaring, but Apple may lose the ground it gained the day before.
Apple shares are currently trading around 127.65 and the stock has been making a push the last few days back toward it’s all-time-high mark, previously set at $133 per share. Wall Street analysts have been divided on Apple joining the 119-year-old Dow average. Some wonder what took so long and claim that AAPL’s best days are already behind it.
Other experts, such as billionaire investor Carl Icahn, are more optimistic about Apple’s future value and still consider the stock to be undervalued. Apple paved the way for its inclusion in the Dow last summer when it split its shares 7-to-1. Had Apple joined the index when it was priced around $650, its moves would have had an oversize impact on the index.