“Kass’ tweet of ‘hearing a rumor that Apple will announce a stock split at tomorrow’s shareholder meeting’ appeared to turn around losses the stock had incurred earlier in the day, followed by shares rising just over 1 percent afterward,” Dilger reports. “Apple’s shares ended the day at $448.97, up just under 1.4 percent for the day.”
Dilger reports, “Kass then announced via Twitter that due to the rise in Apple’s stock, ‘Prudence dictates that I sell off some of this outsized position.’ He later announced he was ‘paring back’ his Apple holdings because ‘the company would require a shareholder vote to split the stock.’ He added, ‘the [stock split] rumor seems to be baseless based on current share authorization,’ as Apple’s articles of incorporation only allow a 2-1 stock split. ‘Which is no big deal,’ he added, ‘[Apple] must seek auth. for more.’ Kass meant that for Apple to split shares greater than 2-1, it would have to gain authorization through a vote by shareholders.”
Much more in the full article here.
MacDailyNews Take: Wall Street is a game (played with slime balls). Either play it well or watch from a great distance.
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[Thanks to MacDailyNews Reader "Arline M." for the heads up.]
Apple stock split rumor pushes shares higher – February 26, 2013
Doug Kass: Apple to announce stock split on Wednesday – February 26, 2013