Apple shares have today hit the $100 mark for the first time since AAPL’s 7-for-1 stock split that was completed back in June, which takes it to the highest level since September 2012, closing in on an all time high. Back then, Apple hit a closing high of $702.10, which is the equivalent of $100.30 in today’s split-adjusted terms (via WSJ).
“For Apple bulls, the strategy has reaped immediate benefits. Shares have rallied by more than 30% since late April, when the company announced the split in conjunction with an upbeat quarterly report. The stock is now poised to take its record high achieved in September 2012.
After peaking in September 2012, the stock slid more than 40% before bottoming in April 2013. It continued to struggle through last summer, but the stock has been in a steady uptrend ever since.”
Apple investors are banking on an expected new product launch of larger iPhones, perhaps as soon as next month, and a series of smartwatches before the end of the year. WSJ’s report notes that over the past 10 years, Apple’s stock is up 4,419% through Monday’s close, which makes makes it the fourth best performer in the S&P 500 over the past decade.
Update: AAPL has just hit an all time high with $100.36.