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Apple Stock Soars Ahead of 7-for-1 Split on Friday

Image: Apple Stock Soars Ahead of 7-for-1 Split on Friday

By    |   Thursday, 05 Jun 2014 06:44 PM

Apple stock pushed above $646 per share Thursday afternoon, a 52-week high, as the company approaches a 7-for-1 stock split on Friday.

Apple Insider said the company decided to split the stock in the desire to make the stock “more accessible to a larger number of investors.”

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Market watchers on Apple Insider discussed how high the stock would go before close of business tomorrow, some suggesting it might hit $660 a share. Others joked about the announcement that Dr. Dre bought Gisele and Tom Brady’s mansion for $40 million after selling his Beats Electronics company to Apple for $3 billion recently.

“After close tomorrow he'll have 7 smaller mansions for $5.71 million each,” one commenter wrote.

CNBC ran a story saying that “big money” is betting Apple may top $700 a share by October. 

At least one commenter cautioned against getting caught up in all the number swings around the technology company’s stock.

“Just remember, if Apple can go up that quick, it can go down quick as well,” the commenter wrote on CNBC’s article. “Once the speculators come in on a stock, it swings up and down regularly and people are going to get burned when they go into panic mode and see their stock up 4 percent one day and down 5 the next.”

Seeking Alpha writer Joe Raciti speculated, as many did after the stock split announcement, on Apple’s goal in offering the 7-for-1 split.

“I believe that (CEO Tim) Cook and the rest of the Apple team do want their stock to be owned by a larger number of people and, further, to be owned by people who want to pay around $80/share,” Raciti wrote. “Being an Apple shareholder has increased my desire to own an Apple product. I wouldn't be surprised if this is a normal phenomenon. Perhaps Apple is hoping to tap into shareholder loyalty to drive brand dedication and product sales.”

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Apple stock pushed above $646 per share Thursday afternoon, a 52-week high, as the company approaches a 7-for-1 stock split on Friday.
apple, stock, soars, split
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2014-44-05
Thursday, 05 Jun 2014 06:44 PM
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