New record for Apple stock
The tech behemoth’s stock closed at the highest price in the company’s history — $100.53 a share — on Tuesday.
Investors are salivating over demand for the next iPhone and cheering Apple’s newfound willingness to spend its cash horde.
Those who follow Apple closely might be wondering how this can be the all-time high price. After all, Apple stock traded over $700 a share in September 2012.
The catch is Apple executed a stock split in June where investors received seven new shares for everyone one share they used to own. It’s a somewhat common move for large companies. It didn’t change the value of Apple, but it did make it easier for people to buy the stock at the lower price tag.
Investors who have stuck with Apple in recent months have been rewarded. Apple’s shares have nearly doubled since tumbling as low as $55 in April 2013, crushing rivals like Google.
Investors soured on Apple and CEO Time Cook for awhile, partly due to concerns about the company’s ability to innovate without visionary founder Steve Jobs.
Source: MoneyCNN
