Trading: Optimism on Apple as stock splits
Shares in Apple shed 0.27% to $645.57.
NEW YORK:
Apple shares dipped ahead of a 7-to-1 stock split, with shares near their highest level since October 2012 amid optimism over the tech giant’s prospects. Shares in Apple shed 0.27% to $645.57, after hitting fresh highs this week on expectations for a new, larger iPhone and other products and services coming this year. The stock split, announced earlier this year, has no impact on the underlying value of Apple, but such a move can give a company a psychological boost by lowering the cost of each share. The revalued shares begin trading Monday, with each shareholder getting seven new shares for each existing one. Apple Chief Executive Tim Cook said the split would make Apple stock more accessible to a larger number of investors.
Published in The Express Tribune, June 8th, 2014.
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