Apple shares closed at a new all-time high of $100.57 on Wednesday, June 20, topping the record that the iPhone maker set in September 2012.
In June of this year, Apple implemented a seven-for-one stock split gave every Apple shareholder of record six additional shares for every share held. Before the split, Apple’s record closing high was $702.10. However, after adjusting for the split, the previous record set in September 2012 was $100.30. Apple also hit a 52-week high of $101.09 in mid-afternoon trading on Wednesday. The share price boost gave Apple a market cap of $602.2 billion ahead of the company’s highly anticipated new product launches this fall.
Apple’s share price has climbed over 30 percent since the company reported its stronger-than-expected fiscal 2014 second quarter results in late April. Besides vindicating bullish Apple investors who dismissed concerns that the Cupertino-based company was falling behind Android-based mobile device makers like Samsung, the new stock high also suggests that investors have confidence in the iPhone maker’s upcoming lineup of products.
Apple is widely believed to be preparing to launch two larger screen iPhone models this September in response to the growing consumer demand for larger-screen smartphones. Multiple media outlets have reported that the so-called “iPhone 6” will be available in screen sizes of 4.7 inches and 5.5 inches. Several analysts have predicted that the significant screen size boost will drive a higher than usual spike in upgrades and attract new smartphone buyers who may have been holding out for a larger-screen iOS-based device. The latest rumors about the size of the production run for the iPhone 6 seems to suggest that Apple also shares this view.