“Apple’s (AAPL) fourth fiscal quarter doesn’t end until next week, but Morgan Stanley Katy Huberty already has her eye on the company’s massive holdings in cash and marketable securities,” P.E.D. reports. “And like many institutional analysts (see Don’t be fooled by calls for Apple to declare a dividend), Huberty thinks she knows exactly what the company should do with all that scratch. ‘Repurchasing shares or initiating a dividend is the best use of Apple’s excess cash for shareholders,’ she wrote in a note to clients issued Monday.”
P.E.D. reports, “What Huberty doesn’t mention in the text of her report is that by ‘shareholders’ she means Morgan Stanley and the other institutions that hold 70% of Apple’s shares. You have to get to the fine print in the “disclosure” section to learn that…”
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