When shares of Apple Inc. (NASDAQ: AAPL) put in a new high (or a new low), most of us want to know what’s going on with the world’s most valuable tech company. Right now, there are two or three things on Apple’s horizon that could be driving the stock price.

The company’s reported $3.2 billion deal for privately held Beats Music has hit some speed bumps since first being reported earlier this month. The latest bump was a YouTube video posted over the weekend featuring a Beats co-founder, Dr. Dre, in a less-than-family-friendly rant that appears to some to confirm the deal. Apple honchos were reportedly furious at the video.

That is not the only thing that could be holding back an official announcement of the deal. If Apple does in fact acquire Beats Music, it will be the company’s largest-ever acquisition. That by itself is enough to promote caution. After all, Beats does not have anywhere near the best headphones on the market, and its Beats streaming music program is floundering. What it does have is Dr. Dre and music industry executive Jimmy Iovine, and paying that much money for two personalities that might not fit in at Apple could be Tim Cook’s ticket to an early retirement.

Another possible reason for the new high is the seven-for-one stock split due to take place on June 9. Investors of record as of June 2 will receive an additional six shares for each share they hold. Today is the last day to purchase Apple stock in time meet the five-day settlement period before Apple starts trading split-adjusted shares on the 9th.

A third possibility is that Apple’s Worldwide Developer Conference kicks off next Monday, and the company is rumored to be preparing to launch a new software platform that would allow users to control household gadgets and other systems with their iPhones. The “smart home” technology space — or if you prefer, the “Internet of things” — is getting a lot of attention from other big tech players, like Cisco Systems Inc. (NASDAQ: CSCO) and Google Inc. (NASDAQ: GOOG), to name just two.

Our pick is that Apple is coming to its senses regarding the value of Beats Music. There was no compelling reason for the acquisition in the first place, and there is less now. That means investors can hope that Apple will use the $3.2 billion to buy something worth having, or return some of the cash to shareholders.

Shares posted a new 52-week high of $621.46 early Tuesday and were trading up about 0.9% at $619.51 by mid-morning. The 52-week low is $388.87.

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