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Commentary: Wrong! Dispatches from the Front
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A Splitting Headache: You'll Pay Dearly for Tech at Split-Unadjusted Prices
By James J. Cramer

2/27/01 7:36 AM ET


Read More
Click here for the latest from James J. Cramer.

You wanna buy some Check Point (CHKP:Nasdaq - news - boards) at $477? How about picking up some Juniper (JNPS:Nasdaq - news - boards) at $448?

Why not get long some Veritas Software (VRTS:Nasdaq - news - boards) at $421? Or Brocade (BRCD:Nasdaq - news - boards) at $365? And grab some Broadcom (BRCM:Nasdaq - news - boards) at $270 while you are at it.

Hey, I have bad news for you. That's exactly what you are paying for these stocks. Using our trusty Bloomberg machine, my associate, Rachel Andrews, recalculated the Nasdaq 100 as if no splits had occurred since January of 1998. The prices are so revelatory, so darned high, that you want to shake yourself out of the dream that you are buying low. And this is after the horrendous pasting that the Nazz has taken.

I have listed the whole Nazz 100 because I am tired of hearing that stocks can't go lower. The split-unadjusted prices put the total lie to that nonsense. These stocks have zoomed and zoomed and zoomed again. Next time, before you buy a stock in this group, or before you balk at selling, I want you to pull out this table and get the "real" price of what you are trading in.

If you still think it is "cheap," then be my guest. The first chart below (organized by stock price) compares the current trading price of Nasdaq 100 stocks to their split-unadjusted prices. The second one, organized by company name, gives the entire split history for each stock.

Price With Splits (Since 1998) "Backed Out"
NAME LAST SESSION LAST PRICE PRICE: SPLIT BACKED OUT
Qualcomm $61.81 $494.50
Check Point Software Technologies 79.50 477.00
Juniper Networks 74.75 448.50
Veritas Software 62.38 421.03
Immunex 33.38 400.50
Siebel Systems 48.06 384.50
Brocade Communications System 45.69 365.50
QLogic 41.88 335.00
Idec Pharmaceuticals 54.00 324.00
Applied Micro Circuits 37.06 296.50
Level 3 Communications 28.63 286.25
Amgen 70.44 281.75
Mercury Interactive 70.06 280.25
Broadcom 69.44 277.75
Network Appliance 33.94 271.50
eBay 44.44 266.63
Medimmune 43.88 263.25
JDS Uniphase 32.38 259.00
Comverse Technology 85.56 256.69
Sanmina 31.88 255.00
Exodus Communications 15.19 243.00
Flextronics International 30.00 240.00
i2 Technologies 29.56 236.50
Microsoft 56.75 227.00
Echostar Communications 27.50 220.00
Vitesse Semiconductor 52.23 208.94
Linear Technology 51.44 205.75
Yahoo! 25.44 203.50
PMC-Sierra 49.94 199.75
Gemstar-TV Guide International 49.50 198.00
VeriSign 48.88 195.50
Human Genome Sciences 48.81 195.25
Dell Computer 23.25 186.00
Citrix Systems 30.50 183.00
BEA Systems 44.06 176.25
Metromedia Fiber Network 10.81 173.00
Sun Microsystems 20.81 166.50
Xilinx 41.13 164.50
Cisco Systems 27.00 162.00
Ciena Corp. 74.50 149.00
Paychex 43.63 147.23
Biogen 71.94 143.88
Amazon.com 11.81 141.75
Oracle Corp. 22.00 132.00
Adobe Systems 32.63 130.50
Millennium Pharmaceuticals 30.56 122.25
Fiserv 54.00 121.50
Abgenix 30.31 121.25
Intel 29.94 119.75
Intuit 39.88 119.63
TMP Worldwide 55.50 111.00
Maxim Integrated Products 54.75 109.50
Electronic Arts 53.06 106.13
Altera 26.31 105.25
Bed Bath & Beyond 25.81 103.25
RF Micro Devices 12.69 101.50
Tellabs 50.06 100.13
Concord EFS 43.81 98.58
Applied Materials 47.94 95.88
Starbucks 47.69 95.38
USA Networks 22.31 89.25
VoiceStream Wireless 89.06 89.06
Kla-Tencor 43.38 86.75
Comcast 42.19 84.38
Genzyme -Genl Division 82.83 82.83
Costco Wholesale 41.38 82.75
McLeodUSA 13.56 81.38
Rational Software 36.94 73.88
Ariba 17.69 70.75
BroadVision 7.75 69.75
CMGI 4.19 67.00
Telefonaktiebolaget LM Ericsson 8.25 66.00
Cintas 43.38 65.06
Microchip Technology 27.63 62.16
BMC Software 29.44 58.88
XO Communications 14.63 58.50
Biomet 36.00 54.00
CNET Networks 13.50 54.00
Inktomi 12.50 50.00
Molex 39.88 49.84
Paccar 49.38 49.38
Atmel 12.13 48.50
Nextel Communications 23.69 47.38
Chiron 47.25 47.25
ADC Telecommunications 11.31 45.25
Adelphia Communications 42.13 42.13
PanAmSat 39.50 39.50
Apple Computer 18.81 37.63
PeopleSoft 35.25 35.25
Staples 15.38 34.59
RealNetworks 8.25 33.00
Parametric Technology 14.69 29.38
Conexant Systems 14.63 29.25
WorldCom 16.50 24.75
Palm 23.31 23.31
Compuware 10.00 20.00
Smurfit-Stone Container 14.06 14.06
At Home 5.69 11.38
3Com 9.03 9.03
Novell 6.31 6.31
(All splits between Jan. 1, 1998 and present are backed out.)
(Prices are from the Feb. 23, 2001 close.)
(Source: Bloomberg.)

Nasdaq 100 Stocks with Entire Split History and Split Unadjusted Price
TICKER SPLIT HIST (DATE) SPLIT HIST RATIO FULL SPLIT FACTOR NAME LAST SESSION LAST PRICE PRICE: SPLIT BACKED OUT
AAPL 6/21/00 2.00 2.00 Apple Computer (AAPL:Nasdaq - news - boards) $18.81 $37.63
6/16/87 2.00
ABGX 7/10/00 2.00 4.00 Abgenix (ABGX:Nasdaq - news - boards) 30.31 121.25
4/7/00 2.00
ADBE 10/25/00 2.00 4.00 Adobe (ADBE:Nasdaq - news - boards) 32.63 130.50
10/27/99 2.00
8/11/93 2.00
11/23/88 2.00
3/12/87 2.00
ADCT 7/18/00 2.00 4.00 ADC Telecommunications (ADCT:Nasdaq - news - boards) 11.31 45.25
2/16/00 2.00
11/1/96 2.00
3/1/95 2.00
6/29/93 2.00
10/28/87 1.50
4/28/86 1.50
ADLAC 0 1.00 Adelphia Communications (ADLAC:Nasdaq - news - boards) 42.13 42.13
ALTR 8/11/00 2.00 4.00 Altera (ALTR:Nasdaq - news - boards) 26.31 105.25
5/20/99 2.00
1/7/97 2.00
6/1/95 2.00
AMAT 3/16/00 2.00 2.00 Applied Materials (AMAT:Nasdaq - news - boards) 47.94 95.88
10/14/97 2.00
10/13/95 2.00
10/6/93 2.00
4/7/92 2.00
5/16/86 2.00
AMCC 10/31/00 2.00 8.00 Applied Micro Circuits (AMCC:Nasdaq - news - boards) 37.06 296.50
3/24/00 2.00
9/10/99 2.00
AMGN 11/22/99 2.00 4.00 Amgen (AMGN:Nasdaq - news - boards) 70.44 281.75
3/1/99 2.00
8/16/95 2.00
9/11/91 3.00
8/13/90 2.00
AMZN 9/2/99 2.00 12.00 Amazon.com (AMZN:Nasdaq - news - boards) 11.81 141.75
1/5/99 3.00
6/2/98 2.00
ARBA 4/3/00 2.00 4.00 Ariba (ARBA:Nasdaq - news - boards) 17.69 70.75
12/20/99 2.00
ATHM 6/17/99 2.00 2.00 At Home (ATHM:Nasdaq - news - boards) 5.69 11.38
ATML 8/28/00 2.00 4.00 Atmel (ATML:Nasdaq - news - boards) 12.13 48.50
12/20/99 2.00
8/9/95 2.00
4/12/94 2.00
BBBY 8/14/00 2.00 4.00 Bed, Bath & Beyond (BBBY:Nasdaq - news - boards) 25.81 103.25
8/3/98 2.00
5/1/96 2.00
7/9/93 2.00
BEAS 4/25/00 2.00 4.00 BEA Systems (BEAS:Nasdaq - news - boards) 44.06 176.25
12/20/99 2.00
BGEN 6/28/99 2.00 2.00 Biogen (BGEN:Nasdaq - news - boards) 71.94 143.88
11/18/96 2.00
BMCS 5/18/98 2.00 2.00 BMC Software (BMCS:Nasdaq - news - boards) 29.44 58.88
11/19/96 2.00
8/15/95 2.00
3/8/90 1.50
BMET 8/9/00 1.50 1.50 Biomet (BMET:Nasdaq - news - boards) 36.00 54.00
12/17/91 2.00
1/15/91 2.00
5/9/89 1.50
8/22/88 1.50
5/1/86 2.00
BRCD 12/22/00 2.00 8.00 Brocade (BRCD:Nasdaq - news - boards) 45.69 365.50
3/15/00 2.00
12/3/99 2.00
BRCM 2/14/00 2.00 4.00 Broadcom (BRCM:Nasdaq - news - boards) 69.44 277.75
2/18/99 2.00
BVSN 3/14/00 3.00 9.00 BroadVision (BVSN:Nasdaq - news - boards) 7.75 69.75
10/26/99 3.00
CEFT 9/23/99 1.50 2.25 Concord EFS (CEFT:Nasdaq - news - boards) 43.81 98.58
6/9/98 1.50
7/1/96 1.50
1/19/96 1.50
5/23/95 1.50
9/19/94 1.50
4/9/91 3.00
4/19/88 1.50
CHIR 8/5/96 4.00 1.00 Chiron (CHIR:Nasdaq - news - boards) 47.25 47.25
CHKP 2/13/01 1.50 6.00 Check Point (CHKP:Nasdaq - news - boards) 79.50 477.00
7/26/00 2.00
1/31/00 2.00
CIEN 9/19/00 2.00 2.00 Ciena (CIEN:Nasdaq - news - boards) 74.50 149.00
CMCSK 5/6/99 2.00 2.00 Comcast (CMCSK:Nasdaq - news - boards) 42.19 84.38
2/3/94 1.50
10/25/89 1.50
4/11/88 1.50
CMGI 1/12/00 2.00 16.00 CMGI (CMGI:Nasdaq - news - boards) 4.19 67.00
5/28/99 2.00
1/12/99 2.00
5/12/98 2.00
2/5/96 2.00
4/3/95 1.50
CMVT 4/4/00 2.00 3.00 Comverse Technology (CMVT:Nasdaq - news - boards) 85.56 256.69
4/16/99 1.50
3/1/93 0.10 REVERSE!
CNET 6/1/99 2.00 4.00 CNet (CNET:Nasdaq - news - boards) 13.50 54.00
3/9/99 2.00
CNXT T 11/1/99 2.00 2.00 Conexant (CNXT:Nasdaq - news - boards) 14.63 29.25
COMS 8/28/95 2.00 1.00 3Com (COMS:Nasdaq - news - boards) 9.03 9.03
9/1/94 2.00
COST 1/14/00 2.00 2.00 Costco (COST:Nasdaq - news - boards) 41.38 82.75
10/22/93 2.13
2/4/86 2.00
CPWR 3/1/99 2.00 2.00 Compuware (CPWR:Nasdaq - news - boards) 10.00 20.00
11/5/97 2.00
4/15/97 2.00
CSCO 3/23/00 2.00 6.00 Cisco Systems (CSCO:Nasdaq - news - boards) 27.00 162.00
6/22/99 2.00
9/16/98 T 1.50
12/17/97 1.50
2/20/96 2.00
3/21/94 2.00
3/22/93 2.00
3/23/92 2.00
3/18/91 2.00
CTAS 3/8/00 1.50 1.50 Cintas (CTAS:Nasdaq - news - boards) 43.38 65.06
11/19/97 2.00
4/3/92 2.00
4/3/91 1.50
4/3/87 2.00
CTXS 2/17/00 2.00 6.00 Citrix Systems (CTXS:Nasdaq - news - boards) 30.50 183.00
3/26/99 2.00
2/23/98 1.50
6/5/96 2.00
DELL 3/8/99 2.00 8.00 Dell (DELL:Nasdaq - news - boards) 23.25 186.00
9/8/98 2.00
3/9/98 2.00
7/28/97 2.00
12/9/96 2.00
10/30/95 2.00
4/10/92 1.50
DISH 3/23/00 2.00 8.00 Echostar Communications (DISH:Nasdaq - news - boards) 27.50 220.00
10/26/99 2.00
7/20/99 2.00
EBAY 5/25/00 2.00 6.00 eBay (EBAY:Nasdaq - news - boards) 44.44 266.63
3/2/99 3.00
ERICY 5/8/00 4.00 8.00 Ericsson (ERICY:Nasdaq - news - boards) 8.25 66.00
5/22/98 2.00
6/16/95 4.00
9/20/90 5.00
ERTS 9/11/00 2.00 2.00 Electronic Arts (ERTS:Nasdaq - news - boards) 53.06 106.13
2/22/93 2.00
3/27/92 2.00
EXDS 6/21/00 2.00 16.00 Exodus (EXDS:Nasdaq - news - boards) 15.19 243.00
12/15/99 2.00
8/13/99 2.00
4/13/99 2.00
FISV 5/3/99 1.50 2.25 Fiserv (FISV:Nasdaq - news - boards) 54.00 121.50
6/1/98 1.50
5/3/93 1.50
6/1/92 1.50
7/2/91 1.50
FLEX 10/17/00 2.00 8.00 Flextronics International (FLEX:Nasdaq - news - boards) 30.00 240.00
12/23/99 2.00
1/12/99 2.00
GENZ 7/26/96 2.00 1.00 Genzyme (GENZ:Nasdaq - news - boards) 82.83 82.83
GMST 12/14/99 2.00 4.00 Gemstar-TV Guide (GMST:Nasdaq - news - boards) 49.50 198.00
5/17/99 2.00
HGSI 10/6/00 2.00 4.00 Human Genome Sciences (HGSI:Nasdaq - news - boards) 48.81 195.25
1/31/00 2.00
IDPH 1/18/01 3.00 6.00 Idec Pharmaceuticals (IDPH:Nasdaq - news - boards) 54.00 324.00
12/21/99 2.00
IMNX 3/21/00 3.00 12.00 Immunex (IMNX:Nasdaq - news - boards) 33.38 400.50
8/27/99 2.00
3/26/99 2.00
INKT 12/31/99 2.00 4.00 Inktomi (INKT:Nasdaq - news - boards) 12.50 50.00
1/28/99 2.00
Key:
Lines highlighted are counted in the backout. Lines that are white are split days, but those splits are not backed out.
Source: Bloomberg

Click here for the rest of the "Split History" chart.


James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for the network of TSC sites and serves as an adviser to the company's CEO. Nonstaff contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. While he cannot provide investment advice or recommendations, he invites you to send comments on his column to jjcletters@thestreet.com.here
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Dow Jones S&P 500 NASDAQ 10-Year Note
10,501.05 1,114.11 2,212.10 35.46
Oil *
71.84
UP
29.55
UP
7.70
UP
21.79
UP
0.06
10 Yr
3.55%
SPDR Gold
110.24
+0.28%
+0.70%
+0.99%
+0.17%
Data delayed 20 minutes