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AAPL hits record high stock price — What's next for shareholders?
This week Apple's stock price crossed $100, which is equivalent to over $700 prior to the 7:1 stock split that happened earlier this year. This represents a record high. That makes Apple's market value $600 billion. (A company's market value is determined by multiplying the share price by the number of shares in existence.) I've been an Apple shareholder ever since the original iPhone launched. At the time I was working as a sell-side analyst in Toronto covering tech stocks such as Research In Motion (now renamed to BlackBerry). Even though I was totally wrong about how badly Apple (and Android) would destroy BlackBerry, I had a friend of mine, who was living in San Francisco, buy me an iPhone and Fedex it to me in Canada. Even being an EDGE device (i.e. prior to 3G) I was convinced Apple had a game changer on its hands. So I bought the stock for a split-adjusted $19. Yeah. It's been a nice ride.
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