“Apple Inc., the maker of Macintosh computers and the iPhone, rose to the highest in two weeks in New York trading after Sanford C. Bernstein & Co. said a ‘significant’ share repurchase plan may boost earnings,” Elizabeth Campbell reports for Bloomberg.
“A depressed price-to-earnings ratio, low interest rates and a growing cash balance ‘make a strong case for Apple to initiate a substantial share repurchase program,’ wrote Toni Sacconaghi, an analyst at Bernstein, in a note to clients,” Campbell reports.
“The New York-based analyst estimates that a $20 billion stock buyback would boost earnings by nine percent above his estimate of $5.50 a share next year,” Campbell reports. “Apple hasn’t repurchased stock in more than five years, said Sacconaghi.”
Full article here.
MacDailyNews Take: It must be pump time.
[Thanks to MacDailyNews Reader “iWill” for the heads up.]