“The speculation here was that [Apple’s 7-for-1 stock split] would simplify things for investors,” Philip Elmer-DeWitt reports for Fortune. “The stock’s all-time intraday high, set on Sept. 21, 2012, was $705.07. The 7 for 1 split would reset it at $100 plus change.”
“But as one reader points out by e-mail, Apple’s aggressive repurchase program has significantly reduced the number of shares outstanding — from 899.7 million Q4 2012 to 861.4 million in Q2 2014,” P.E.D. reports. “‘$770 is the new $705,’ he writes. Or, if you prefer, $110 is the new post-split $705.'”
Full article here.
MacDailyNews Note: Buybacks aside, Apple’s all-time high is $705.07, set during trading on September 21, 2012. Now that the 7-for-1 split has taken effect, Apple’s split-adjusted all-time high stands at $100.72.
[Thanks to MacDailyNews Reader “Arline M.” for the heads up.]