Apple’s stock price is approaching record highs in Tuesday trading with shares breaching the $100 mark and closing in on the intraday split-adjusted, all-time high of $100.72 from September 2012. The company’s absolute value, however, remains a topic of confusion.
Shares grew around 1.4 percent to $100.53 during the course of trading, sandwiched between the company’s split-adjusted record high of $100.30 and its intraday high. As a result of the growth, the company’s market capitalization hovered around $601.5 billion, based on outstanding shares.
Traders on StockTwits celebrated Apple’s highs, but many cautioned against correlating today’s share price with a market cap high. Instead, a number of investors argued that Apple will need to get closer to $110 a share before it surpasses its previous market cap record of $658.15 billion, reached on September 19, 2012. This calculation may more accurately reflect Apple’s share repurchases, depending on who you ask.
The debate around Apple’s market cap sparked confusion among traders, though it had little impact on overall enthusiasm around the stock. Ninety-three percent of traders discussing the stock on StockTwits are bullish Apple investors, with many expecting continued gains heading into September.
Apple is expected to showcase a next-generation iPhone and possibly even smartwatch-like device during a September 9 press event.
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