Shares of Apple fell more than 2% from its record on Wednesday, while Tesla also slipped from its all-time high, dropping 7%. The duo has enjoyed huge rallies following the announcements of their stock splits, which aim to lure more interest from regular investors.
Apple, the only U.S. company with a market cap over $2 trillion, soared nearly 40% since the tech giant declared the corporate action on July 30. Meanwhile, the electric car-maker skyrocketed more than 70% following the 5-for-1 stock split announcement on Aug. 11. Their splits took place on Monday, which sparked another knee-jerk pop in both stocks. Tesla jumped more than 12% that day, while Apple gained more than 3%.
A stock split theoretically could boost retail share ownership as the cheaper share price is more accessible for individual investors. However, it doesn't change a company's underlying fundamentals or the intrinsic value of its shares.
HighFreq. BlackBox trading always spikes—As the retail dumb$ & 401k trading other people’s$ gets in at the top. 🌷
The big boys started to cashout ..
The stock manipulation and gambling are turning into a big joke