Apple Splits Stock on iPod Success
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Apple announced Friday that a 2-for-1 stock split would take effect February 18 for all shares held on that date, with the shares trading on a split-adjusted basis beginning February 28. The news follows announcements last month that its earnings had grown to 70 cents a share, from 17 cents a year earlier.
Analysts point to the iPod's success as the reason for the turnaround in the company, whose stock was trading as low as $14 early in 2003. When news of the split hit the market, Apple shares jumped over $2 to $80.41 in early trading on Friday.