Tesla, Apple surge 5% to record highs as both companies prepare to split their stock

• Tesla and Apple both surged 5% to record highs on Friday as both companies prepare to split their stock next week.
• Tesla's stockholder record date is at the close of business Friday, while Apple's stockholder record date is Monday, August 24.
• After their respective record dates, Tesla and Apple's stock splits will go into effect and trade at their new split-adjusted price on August 31.
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Investors continue to bid up shares of Apple and Tesla ahead of their respective stock splits.

Both California-based, mega-cap, technology-focused companies surged around 5% to record highs on Friday.

For the week, Tesla is up 27%, while Apple is up 8%. And since the announcement of their respective stock splits, shares of Tesla are up 52%, and shares of Apple are up 27%, as of Friday afternoon trades.

The record moves for both companies come ahead of their prepared stock splits. Tesla will be enacting a 5-for-1 stock split on August 31. Apple is enacting a 4-for-1 stock split on the same date.

Tesla's stockholder record date is at the close of business Friday, while Apple's is at the close of business this coming Monday, August 24.

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The stockholder record date is when the company determines which shareholders are entitled to receive additional shares due to the split. It is simply a corporate bookkeeping task.

Investors who buy shares of Tesla after today's stockholder record date, but before the effective date, will still receive five shares for every one share they bought once the split is enacted on August 31. Ditto for Apple.

And while Tesla's market value of $378 billion just eclipsed Walmart's, it still has a long way to go to catch up to Apple's $2.03 trillion, according to data from YCharts.com.

This will be Apple's fifth stock split in its history, and Tesla's first.