Stock splits truly boost share prices—but not for the reason you think.

Other highest-priced stocks in the S&P 500 include Booking Holdings (BKNG), at approximately $2,300; AutoZone (AZO), at around $2,040; Chipotle Mexican Grill (CMG), at roughly $1,600; and Mettler-Toledo International (MTD), at about $1,350. A common rationale supporting stock splits is that they make shares more affordable for individual investors—or employees—who might otherwise find high-priced stocks difficult to purchase. For example, consider a company with a $2 billion market capitalization, 1 million shares outstanding, and a share price of $2,000. After a 1-for-10 split, it would have 10 million shares outstanding, each trading at $200, preserving the $2 billion market cap. Pre-split, shareholders receive nine additional shares for every one share held. An investor previously willing to invest only $200 can now buy one share—and pay no more than $200 per share instead of $2,000. Companies desire a diversified shareholder base comprising both institutional and retail investors—a group whose influence on markets and individual stocks has grown significantly in recent years. Yet this logic has become less compelling in today’s market compared to just a few years ago. Most brokerages now allow investors to purchase fractional shares—i.e., ‘slices’—of individual stocks. Fidelity permits customers to buy thousands of U.S. stocks and ETFs starting from as little as $1. Robinhood users can even purchase one-millionth of a single share. An investor can effortlessly acquire $200, $1, $10, or $54.31 worth of a $2,000 stock. A Fidelity spokesperson noted that last year, 2.3 million accounts utilized fractional-share trading. Moreover, many investors gain exposure via index-tracking ETFs, which already enable them to hold baskets of stocks at prices far below the aggregate cost of the underlying securities. At one time, stock splits could disadvantage investors who paid per-share commissions (rather than per-trade commissions). But in today’s zero-commission trading era—now widely adopted by brokerages—this drawback has essentially vanished. Options trade in standardized lots of 100 shares, so contracts on high-priced stocks can be prohibitively expensive. Over the past two years, retail participation in options markets has exploded—potentially amplifying this effect. Yet this matters more for companies like GameStop than for Amazon or Alphabet. Lower nominal share prices—such as those achieved by Amazon or Alphabet—make inclusion in price-weighted indices (e.g., the Dow Jones Industrial Average) more feasible. Though still speculative, Apple joined the Dow in 2015—just one year after executing its 1-for-7 split. Since its 1980 IPO at $22 per share, Apple’s stock has undergone five splits. Adjusted for splits, its IPO price amounts to just $0.10 per share.

Share Buybacks + Shareholder增持: Core Company Review (Curated List)

On the evening of the 20th, the first batch of announcements regarding special loans for share repurchases and shareholder增持 (increased shareholding) was released by listed companies—over 20 firms disclosed details of such special loans, involving total amounts exceeding RMB 10 billion. According to the Notice on Establishing a Re-lending Facility for Stock Repurchases and Shareholder增持, loan funds must be used exclusively and managed under a closed-loop system. Twenty-one national-level financial institutions—including the China Development Bank, policy banks, state-owned commercial banks, China Post Savings Bank, and joint-stock commercial banks—are authorized to issue these policy loans to support listed companies’ share repurchases and shareholder增持. Below is a curated list of companies involved in share repurchases and/or shareholder增持: 1. Share Repurchase Announcements China Merchants Shekou Industrial Zone Holdings (CMIC) — repurchase up to RMB 702 million China Merchants Port Holdings — repurchase up to RMB 389 million Shanxi International Paper Co., Ltd. — repurchase of RMB 200 million Vmax (Weimaisi) — repurchase expanded to include ‘special loan funds’ GigaDevice Semiconductor — repurchase up to RMB 100 million Jiahua Energy — repurchase of RMB 100 million China Merchants Energy Shipping — repurchase up to RMB 443 million COSCO Shipping Development — repurchase up to RMB 287.2 million

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Fort Washington Investment Advisors increased its stake in Sherwin-Williams by 2.3% in Q3, holding shares worth $53.4 million, amidst strong quarterly earnings and dividend announcements.

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