CNBC's Jim Cramer gives his take on the Big Tech earnings results released after the bell on Thursday, including Apple's decision to split its stock.
"I think Apple is taking the right move. Tim told me last night, 'Hey, I want more people in the stock,'" Cramer said on, also announced Thursday it would do a four-for-one stock split in late August.at the close of business on Aug. 24. Apple was trading around $407 on Friday morning, meaning that investors would be able to buy shares around $102 when the stock starts to trade on a split-adjusted basis Aug. 31.
Apple has done this multiple times in the past, too, most recently in 2014 when it did a seven-to-one stock split. Apple was then trading north of $600 per share.But Cramer said it can make a stock more appealing to retail investors who may shy away from investing in a company due to a high price tag — kind of like sticker shock for equities.
"The idea that he wants more people in his stock is refreshing," Cramer said of Apple's Cook. "He doesn't play to the hedge funds. He plays to the people who buy the product and have 99% satisfaction rating. That's who he plays to."
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