updated 10:20 pm EDT, Tue May 27, 2014
Price may be rising on WWDC speculation rather than split
As anticipation builds ahead of Apple's annual Worldwide Developers Conference (WWDC) for possible new product announcements, Apple's stock has been concurrently rising ahead of a seven-to-one stock split, fuelling investor interest. On Tuesday, AAPL rose to a 52-week high, closing at $625.71 -- a rise of $11.58 from Monday's close.
Apple's strong hints of new products coming soon is likely a leading factor behind the rise, rather than the upcoming stock split. While investors are pleased with the company's recent moves to increase buybacks and split the stock to make it more accessible to buyers, Apple's ability to produce new and innovative products is seen as key to the company's future growth.
The new high is still shy of the $700 all-time high seen nearly two years ago, but Apple is promising "exciting announcements" on the same day that the company will formally record a 7:1 split for stockholders of record (split-adjusted trading will commence on June 9). In addition to possible new products, Apple is expected to give developers a first look at iOS 8 and OS X 10.10, both expected sometime this fall.