Quantcast
APPLE TOPS $500 A SHARE

Apple closed at more than $500 a share Monday as the company heads toward a four-for-one stock split next week.

With a market cap around $2.16t, making it the most valuable stock ever, the stock split process began today after the closing bell. Current investors will receive additional shares on Friday; the new, split-adjusted price starts 8/31. The stock closed at $503.43.

The split only increases the number of shares on offer and will not affect the value of any investor’s portfolio. The move opens the door for smaller, individual investors who shy away from the $500 price tag but will jump at a chance to own Apple stock in the $130 neighborhood.

The factor driving the stock price jump, though, is not only the split. It’s the 5G iPhone due this fall that is expected to get consumers to trade in older phones in droves.

Analysts believe the iPhone 12 is the biggest advancement under Tim Cook’s watch and the most significant product launch since iPhone 6 in 2014. Morgan Stanley analysts have noted that sustained services growth and a 5G iPhone cycle will drive double-digit revenue growth in fiscal 2021.

The improved technology is expected to also boost the offerings in Apple’s services unit such as Apple TV+ and Apple Music.

SURF’S UP
FOR HITS LIST
Good vibrations (3/5a)
NEAR TRUTHS: UNCORKED
Jay-Z's blingy mountain of cash keeps gaining altitude. (3/5a)
UMG PULLS IN NEARLY
$9B IN 2020
Value keeps rising ahead of IPO. (3/5a)
MILEY JOINS COLUMBIA
Like moving to the apartment next door. (3/4a)
GRAMMY CHEW: THE
PRE-GRAMMY BOUNCE
Let's hear it for ironic guitar-smashing. (3/5a)
BLACK HISTORY MONTH
A jazz chronicle of fighting the power.
GRAMMYS: WHERE TO FROM HERE?
After the snubs, the show.
ACQUITTED
In a phenomenal display of cowardice.
MOVING THE NEEDLE
When vaccination schedules and touring schedules meet.
 Email

 First Name

 Last Name

 Company

 Country
CAPTCHA code
Captcha: (type the characters above)