By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Investors could be forgiven if
they woke up Monday, saw Apple Inc.'s share price and thought the
bottom had fallen out of the company's business.
After all, Apple's (AAPL) shares were trading at around $650 on
Friday, and on Monday, the stock was at a little more than $92.
But, an Apple collapse was not in the works. The company had just
implemented a 7-for-1 stock split; the first time Apple split it
shares in more than nine years. Apple's shareholders of record on
June 2 were eligible to receive seven shares of Apple's stock for
every one they held on that day.
While Apple's split grabbed a piece of the day's spotlight, two
Massachusetts-based chip companies did their part to get some
attention as well.
Analog Devices Inc. (ADI), of Norwood, Mass., rose 5.5% to
$55.60, and Chelmsford, Mass-based Hittite Microwaver Corp. (HITT)
was up more than 28%, at $77.75 a share, after Analog Devices said
it would acquire Hittite in a deal valued at $2 billion.
Analog Devices specializes in semiconductors used in
automobiles, smartphones and TVs, while Hittite is known for chips
made for signal processors and wireless communications
products.
Among other tech stocks, gains came from IBM Corp. (IBM),
Groupon Inc. (GRPN), Google Inc. (GOOGL) and Twitter Inc.
(TWTR).
The Nasdaq Composite Index (RIXF) rose 7 points to 4,329 and the
Philadelphia Semiconductor Index (SOX) also edged its way into
positive territory.
More tech news from MarketWatch
Apple's stock split is another big milestone
Amazon's Bezos has Apple and Samsung's attention
Subscribe to WSJ: http://online.wsj.com?mod=djnwires