Five is a charm – for the Apple. The iconic tech company’s stock split for the fifth time in its history today providing shareholders with four shares for every one share they owned. “Investors received four shares for every one share held, resulting in its stock price being quartered — from about $500 last week to about $125 on Monday,” wrote Matthew Fox’s article in his article for Business Insider, adding, “if Apple had never split its stock, shares would have been trading at $27,957.44 as of Friday’s close.”
The much anticipated move also led to three companies, Exxon, Pfizer, and Raytheon, all getting the boot from the Dow Jones Industrial Average, which is an index compiled of leading stocks used to track the stock market’s performance. Yet three new companies were ushered in: Salesforce, Amgen, and Honeywell.
“Markets are in for a bit of a rejigger as Apple’s stock split leads to a reweighing of the Dow Jones and major indexes continue to break records,” wrote Ben Popken in his article “Dow index replaces three companies as markets shake up.”
The Dow Jones Industrial Average, an index of top stocks that is used to track the market’s performance, announced Monday it’s replacing three of its components, including its oldest.
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