NEW YORK (TheStreet) -- Apple
(AAPL) shares rose 1.6% to $93.71 following its 7-for-1 stock split. The maker of the iPad began the day trading at $92 shares after closing on Friday at $646.
Apple said the split will make its shares "more accessible to a larger number of investors." However, few make much of the stock split. According to Bloomberg data, there are now 6.03 billion Apple shares outstanding, meaning that the company's market capitalization remains just north of $550 billion at pre-market trading prices of $92.20 a share.
UBS analyst Steven Milunovich said the stock's future rests with the new products that Apple has hinted will coming to market in the coming year. Milunovich said the much-debated iWatch could add $6.5 billion to Apple's revenue in the company's fiscal 2015 earnings and $11 billion to fiscal 2016 earnings. Milunovich projects the iWatch to create a popular buzz similar to the enthusiastic public embrace given the iPad in 2010.
UBS rates Apple a "buy" with a $100 a share price target.
Twitter Inc (TWTR) shares rose by 3.3% to $34.44 after a bearish streak since the beginning of this year. The social-media leader has continued to invest in its advertising platforms as evidenced by its June 5 acquisition of Namo Media. The start-up focuses on native mobile advertisement technology, a strategy that blends ads with the rest of a website. Combining the purchase of Namo Media ad network with last year's purchase of MoPub, for $350 million, Twitter has said it can reach more than 1 billion phones.
Hastings has been the face of the company in many of its dealings with Wall Street, regulators as well as when dealing with entertainment industry.
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