After closing on Friday at US$645.57, Apple's stock is trading in the pre-market Monday morning around $92. That drop doesn't, however, indicate a decrease in Apple's stock value but instead comes from the promised 7-to-1 stock split scheduled to take effect today.
AAPL trading over $92 after 7-to-1 stock split
Apple announced the stock split during its most recent quarterly earnings report, along with $45.6 billion in earnings and an 8 percent increase in per share dividend payouts.
The iPhone and iPad maker's stocks have been trading between $600 and $700 for some time, putting shares out of reach for many would be investors. Introducing a 7-to-1 stock split brings the price per share down to a more affordable level -- in this case, under $100 a share.
Investors with AAPL shares as of closing last Friday were able to participate in the stock split. For every share they held on Friday, they had seven Monday morning that added up to last week's single share price.
Apple is currently trading in the pre-market at $92.06, down 0.16 0.18%.