Goodbye NASDAQ, Hello Dow for Apple?
Apple may soon bid farewell to the NASDAQ stock exchange in order to head for blue chip territory. At least that's the buzz on Wall Street today - buzz that is the direct result of Apple trading above $420 a share for the first time today (roughly $70 a share higher than the after-market value of Apple stock on the evening of Steve Jobs' resignation last month).
According to a report from CNBC this afternoon, market chatter is rapidly intensifying with regard to Apple leaving NASDAQ for the Dow Jones Industrial Average, a move that would be a blow to the NASDAQ and a huge boon to the still sputtering, struggling Dow. In fact, today's small stock rally has, to a degree, been fueled by this very speculation.
“It’s one of the biggest companies in the US, it seems like it would be reasonable to have it in the Dow,” Philip Silverman, managing partner at Kingsview Management in New York, tells the cable news network. “The Dow is not necessarily just industrial companies these days, it’s supposed to be a representation of the very large bluechip companies. Apple is the best company we’ve got.”
If the move isn't long-overdue, it's certainly now inevitable. That's the thinking of no shortage of market watchers and analysts today who expect Apple shares to top $500 by the end of this year.
“From a standpoint for Apple, it’s great for shareholders, it’s tremendous for the Dow 30, the ripple effects would be tremendous. So let’s bring it on,” adds Todd Schoenberger, managing director at LandColt trading, to the CNBC report. “This is long overdue. Apple should have been added years ago.”