Frantic fanboi investors might be freaking out today as Apple stocks appear to have lost 85 per cent of their value over the weekend, with the price dropping from around $645 to an opening price of $92.22.
But fear not, Apple lovers. The apparent plummet is just a bit of share shuffling to try to reignite investor interest in the high-priced stock.
Like other firms with a rather steep buy-in per share, Apple has initiated a 7/1 split, chopping each stock into seven new shares so that the individual price appears lower.
The company itself still has the same market value, but would-be stockholders that were put off before by the $645 price tag should be encouraged by the ability to start holding Apple shares from the more affordable price of $92 each.
The split is the first in nine years for the fruity firm, which has seen its shares rocket since it introduced the first Jesus-mobe. It announced the stock split back in April, which was enough by itself to send the stock price up by almost 23 per cent.
Apple previously split its stock in 2/1 cuts in May 1987, June 2000 and February 2005. Before the most recent split, the all-time high was $705.07. Post-split, this benchmark will be adjusted down to $100.72. ®