Apple issues 7-for-one stock split, offers shares for $92

HOUSTON – Prices on shares of Apple dropped dramatically on Monday, after the company decided to do a stock split.

The split cut prices down to just $92 a share.

On Friday, when the market closed, each Apple share was worth $647.

With the split, additional shares were issued to existing shareholders.

Current shareholders received seven shares for every one they previously owned.

Apple hoped that the lower price would be an incentive for new investors to buy into the company.