Apple Inc. Stock Split Rumor Costs $100 Billion (AAPL)

Nice work CNBC, thanks to a rumor that Apple Inc. (NASDAQ:AAPL) shares were splitting 4-for-1 resulted in dropping the stock 1.5% -- it moved over $100 billion in market cap in minutes.

ZeroHedge.com with the details -- To all who trade this manipulated lunacy, you have our sympathies. A 1% market move equates to well over $100 billion in market capitalization. And this value just materialized because Apple stock will (allegedly) be $50/share instead of $200, so the quadrillions in cash on the sidelines can buy buy 4 shares where before they could buy one. Just brilliant. Goldman/JPM/33 Liberty just raped everybody for lunch. And to complete the lunacy, this just made top Bloomberg news. The absurdity is just surreal. In other news, the Greek revolution will be televized in 1 minute YouTube 360x240 mp4 clips via iPhone.

The Standard & Poor’s 500 Index retreated 0.6 percent to 1,098.49 at 2:03 p.m. in New York after slumping as much as 1.7 percent. Apple pared its drop to 0.2 percent.

UPDATE -- Heading into the close, AAPL shares are now up .6% trading at just over $201 a share.

SOURCE: http://www.zerohedge.com/article/apple-stock-split-rumor-adds-over-100-billion-capitalization-market-matter-minutes