(As of 7:15 am PST)
US stocks are inching their way higher in early trading
Monday. With little economic data to
report today, most investor eyes are on Apple and the 7-for-1 company stock
split that was implemented at the opening bell this morning. Apple was trading near $92.70 after the
split, mostly flat on the day. Temporary
losses would not be a surprise as many investors planned on taking profits on
Apple, after the company was bid up to $650 per share on announcing the stock split
over a month ago. However, many believe
the company’s first move in its capital deployment plan, may entice more retail
money as shares “appear more attractive” at the lower price. Only time will tell. In any case, the iPhone maker is grabbing
headlines today, with the split the main story of the day. In other company related news, shares of
Family Dollar Stores are up nearly 15% after news broke Friday that activist
Carl Icahn had accumulated a nearly 10% stake in the company. Family Dollar
announced a “poison pill” Monday, which intends to protect against an investor
takeover. International markets are
mostly higher with Asian and European markets in the green. Gold is up slightly as is oil. Interest rates are also ticking higher. It looks like a quiet market day today.
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