Splits are always preferable IF management is reasonably certain shares will continue to appreciate. Don't ask me why, but your "average" main street investor feels better if they own 100 shares of a $40 stock rather than 1 share of a $4000 stock. I think the fact that companies such as APPLE and GOOGLE do not split says a lot about how ludicrous their valuations are. In a market which is truly undervalued, you will see quality companies splitting, and often. Splits have been FAR less common in the past decade, so you just have to wonder how much longer this lovely party can continue... All of us with connected brain cells KNOW the only reason we have come this far is all the funny money from the FED, and the lack of any safe investment with a yield above zero, but of course I can only expect more of the same nonsense for at least another decade or two.
but if you don't pay your biged bill, you wouldn't even be able to post here. ED is PURELY an interest rate play - IF you believe the FED is going to allow interest rates to rise quickly above 3%, then sell ED and RUN AWAY. IF, on the other hand, QE 4, 5, 6, 7, 8 and 9 are coming down the pike, we are now within a dollar of the 52 week low and you'll never see a 4% yield again for decades or longer.