Tesla, Apple stock splits propel shares to record highs

Both stocks split their shares on Monday

Red-hot Tesla Inc. and Apple Inc. shares rallied to record highs Monday as investors scooped them up at greatly reduced prices following their stock splits.

Apple shares, which split 4-for-1, climbed as much as 4.2% to $130.05. The split was the fifth since Apple became a publicly traded company in 1980.

Tesla’s stock, meanwhile, rallied as much as 12% in the first trading day after the 5-for-1 stock split, its first in the more than 10 years since its June 2010 initial public offering.

Ticker Security Last Change Change %
TSLA TESLA, INC. 725.31 -18.81 -2.53%
AAPL APPLE, INC. 132.34 -1.16 -0.87%

Shares of both companies, which have had banner years, were off their best levels of the session.

Tesla’s share price had surged 435% this year through Friday, fueled by strong quarterly results amid the COVID-19 pandemic.

The Palo Alto-based electric-car maker in the three months through June completed its fourth straight quarter of profitability, clearing the final necessary hurdle for entry into the S&P 500 amid increasing enthusiasm about its business in China and the upcoming Battery Day event.

 CLICK HERE TO READ MORE ON FOX BUSINESS

Meanwhile, shares of Cupertino-Calif.-based iPhone maker Apple were up 70% year-to-date through Friday. Apple earlier this month became the first U.S. company to reach a $2 trillion market capitalization after reporting strong results in the April through June period.