Savvy investors know the per-share price of a stock isn't all that meaningful by itself. It's the per-share price of the stock times the number of shares outstanding that determines the value of a company. And while Apple's stock price is being cut into a seventh of its previous value, investors will receive seven times more shares leaving the value of the company the same.
Nonetheless, watching the soaring per-share prices of stocks is a popular sideshow with investors as it's a very dramatic sign of price appreciation.
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Hitting $700 a share isn't unheard of. Apple already broke above $700 a share in September 2012 when the stock was peaking. And there are already five stocks trading on major U.S. exchanges for $700 or more.