Feeds

Apple shareholders OK two-for-one stock split

Analysts up earnings expectations, share price targets

  • alert
  • submit to reddit

Providing a secure and efficient Helpdesk

Apple's shareholders yesterday sided with the company' board and approved its much-anticipated two-for-one stock-split. Such a split has been expected for some time, ever since Apple's share price, propelled by its consistent profit and revenue growth over the last year or so, and Wall Street's broader keenness on hi-tech stocks, shot past the $100 line last year. The number of Apple common shares will be increased from 320,000 to 900,000. Last month, AAPL shares have hit an all-time high of $150. However, the collapse of hi-tech stocks since then has seen it fall, though not as precipitously as many others. Yesterday, Apple's stock closed at $118.875 after trading peaked at $124.75, though that's broadly in line with Nasdaq as a whole. On Wednesday, Apple reported that its revenues rose 27 per cent to $1.94 billion from $1.53 billion, while profits hit $233 million. According to Reuters, those results prompted analysts to raise their expectations of Apple's future earnings and share-price. Bear Stearns analyst William Bean upped his pre-split 12-month target price range from $125-130 to $155-160. Banc America analyst Kurt King raised his 12-month price target from $145 to $150, and Donaldson Lufkin & Jenrette analyst Kevin McCarthy raised his price target from $150 to $175. Bean increased his estimates for Apple's annual earnings ten cents to $3.60 per share in 2000 and $3.85 per share in 2001. Shareholders also approved the creation of two million new shares earmarked for Apple's senior executives. ®

Providing a secure and efficient Helpdesk

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Special pleading against mass surveillance won't help anyone
Protecting journalists alone won't protect their sources
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
Vodafone to buy 140 Phones 4u stores from stricken retailer
887 jobs 'preserved' in the process, says administrator PwC
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.