Feeds

Apple shareholders OK two-for-one stock split

Analysts up earnings expectations, share price targets

  • alert
  • submit to reddit

Build a business case: developing custom apps

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. ®

Boost IT visibility and business value

More from The Register

next story
Kate Bush: Don't make me HAVE CONTACT with your iPHONE
Can't face sea of wobbling fondle implements. What happened to lighters, eh?
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Online tat bazaar eBay coughs to YET ANOTHER outage
Web-based flea market struck dumb by size and scale of fail
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.