Today: Apple hits 52-week high yet again ahead of expected stock split, amid reports about impending iWatch and iPhone releases and an acquisition. Also: Arista Networks makes its Wall Street debut.

The Lead: Apple heads into 7-for-1 stock split as iWatch rumored

Apple stock topped $650 for the first time since 2012 on Friday, but prices are expected to plunge lower than $100 per share Monday morning, when the Cupertino company exercises a rare 7-for-1 stock split.

Apple shares moved as high as $651.26 Friday before closing with a 0.3 percent decline at $645.57, which suggests an opening price for the newly split shares of $92.22, though that will likely change before Monday's opening. The company announced its impending split in April, along with quarterly earnings and an expansion of its share-repurchase program to $90 billion; shares have gained 23 percent since those moves were revealed.

The split will be active when markets open Monday morning, with investors as of the end of closing June 2 receiving seven shares for every one they currently own. It is the second high-profile stock split of 2014, after Google exercised a 3-for-1 stock split that created three classes of Google stock in April.

While Apple's stock price will change, the focus of journalists and fans is likely to stay on the expected expansion of the company's product line. Apple will introduce its first wearable device in October, according to a report Friday from Recode, taking advantage of HealthKit, a software platform that tracks and stores personal metrics such as heart rate that Apple introduced at its annual Worldwide Developers Conference this week.

Observers have long expected Apple to produce a smartwatch that includes sensors to gauge such "quantified self" metrics and connects to an iPhone for further functionality. While Recode predicted the so-called iWatch would appear at its own event in October, Cantor Fitzgerald analyst Brian White reported Thursday that the gadget would be introduced along with the iPhone 6 at a September event.

"Since our research suggests the first iteration of the 'iWatch' is more of a companion device, and thus requires a connection to an iPhone, we believe unveiling the two new devices at the same time makes sense," White wrote.

TechCrunch also reported that Apple made a new acquisition, though not in the league of last week's $3.2 billion purchase of Beats. The blog said that Apple had purchased SpotSetter, a San Francisco startup that combined social-networking information with maps to suggest locations to visit based on friends suggestions and check-ins, and suggested the employees could be used to help boost Apple Maps. Apple did not confirm the acquisition, and TechCrunch did not report an acquisition price, though it did report that early investors were pleased by the return.

SV150 market report: Arista Networks premieres after strong jobs report

Wall Street moved higher Friday after the monthly jobs report showed the United States had regained all the jobs lost during the Great Recession thanks to the addition of 217,000 jobs in May, the fourth consecutive month of strong labor market gains.

Silicon Valley's newest public company made its debut Friday on Wall Street, and Arista Networks was welcomed with a ballooning stock price that at some points in the day made it the seventh-most-valuable networking company from the region. The Santa Clara networking-equipment maker priced its shares higher than its proposed range, commanding $43 a share to bring in $225 million at a valuation of $2.75 billion; upon reaching the New York Stock Exchange floor under the ticker symbol ANET, shares moved as high as $60 before closing at their lowest price of the day, $55. At its peak, Arista reached a market cap of $3.8 billion, just shy of much larger rival Brocade, which is worth about $4 billion.

A future IPO candidate received a valuation for higher than Arista's on Friday: San Francisco car-sharing startup Uber raised $1.2 billion in a venture round that valued the company at a record-breaking total of $17 billion. Netflix gained 0.4 percent to $430.13 a day after its beef with Verizon received a very public hearing. Cisco rose 0.5 percent to $24.83 while young competitor Arista soared, as Oppenheimer analyst Ittai Kidron wrote a note that read, "investors are growing more comfortable with Cisco's long-term vision for a recurring revenue-based model."

Up: Yahoo, Adobe, Intel, Pandora, Oracle, Workday, LinkedIn, Intuit, Salesforce, Tesla

Down: eBay, Twitter, SunPower, SolarCity, Facebook, NetApp, Gilead, AMD, Apple

The SV150 index of Silicon Valley's largest tech companies: Up 3.69, or 0.25 percent, to 1,474.01

The tech-heavy Nasdaq composite index: Up 25.17, or 0.59 percent, to 4,321.4

The blue chip Dow Jones industrial average: Up 88.17, or 0.52 percent, to 16,924.28

And the widely watched Standard & Poor's 500 index: Up 8.98, or 0.46 percent, to 1,949.44

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