“Apple Inc. shareholders Wednesday strongly endorsed the company’s board and management despite a recent flare-up and pair of lawsuits over its cash hoard,” Ian Sherr and Jessica E. Lessin report for The Wall Street Journal.
“At Apple’s annual shareholder meeting held in its headquarters here, the company said preliminary votes showed strong support for the company’s directors, with Chief Executive Tim Cook receiving support from more than 90% of votes tallied before the meeting,” Sherr and Lessin report. “Shareholders also voted in favor of the company’s proposed appointment of Ernst & Young LLP as its independent auditor, as well as an advisory vote on executive’s compensation. Shareholders voted down two shareholder proposals however, which attempted to direct how much stock the company’s leadership must retain, and another proposal to create a director-level committee on human rights. Apple’s directors opposed both proposals as well.”
Sherr and Lessin report, “Mr. Cook said he wasn’t pleased with the company’s stock price, but urged patience. ‘What we’re focused on us the long term,’ he said, while also talking up the company’s accomplishments over the past year… During a question-and-answer session, shareholders attempted to gain insight into the company’s product road map, asking questions about how the company was investing in its research and development and how it can expand market share. ‘We invest in things we think are great to do,’ Mr. Cook said, noting the company only releases new products ‘deliberately and thoughtfully.’ ‘Winning for us is not making the most,’ he said. ‘We want to make the best.'”
Read more in the full article here.
MacDailyNews Take: For those obsessed with market share to the point of illogicality:
“Winning for us is not making the most. We want to make the best.” – Apple CEO Tim Cook, February 27, 2013
Yes, the best. However, something totally new every 2 or 3 years must be shortened. With existing product features and technology mastered by Apple’s design team, new products and services should start to poor out of Apple in shorter and shorter time frames.
Even I can help do this. What is the hold up? This is doable and expected of a company the size of Apple. Apple is no longer 2 guys in a garage or a small hand full of people doing amazing things. Time to grow up! You are the biggest in ANY market you are in or will be in!
Why not apply for a job.. somewhere?
Still have a job that I have had for 39 years. If AAPL didn’t tank last year, I would have retired. I will retire in about a year now as AAPL gets back to $700 to $800 a share. Then, maybe I will try to offer FREE consultant services to Apple and other groups. When I find the correct contact, I will approach that. I have years of experience in my field, I program an graduated with honors with an electrical engineering degree with a minor in Bioengineering. I help many large and small companies develop new products all the time now.
Thank you for your concern.
Jersey : I remember you stating awhile back that you couldn’t retire due to Apple’s stock tanking. That’s unfortunate. But why were you so heavily invested in one stock? Why didn’t you sell in September when it reached its highest point? Why didn’t you sell on the way down? Why didn’t you buy puts on the way down and make just as much money as you did going up? I’m afraid you can’t blame Apple for your bad decisions. And that’s with an S. Next time don’t be so greedy. Take your profit off the table. Didn’t you have programmed sell points to protect yourself? And don’t expect Apple to just simply come up with some new great idea. How the hell does that happen? They put a lot of money and time money into R&D. But you can’t just shit a new idea whenever you want to! Jeez Jerz, think. If you want to be pissed off at Apple be pissed off because they don’t have a more affordable phone for the emerging markets and no large iPhone to compete with large Android phones. That’s where Apple is falling down. And it really shows. You should have been in GOOG the last 4-5 months. I was. Apple isn’t the only company listed on the stock market you know. Better luck next time.
Apple will unfortunately never get back to $700. Tim Cook is making sure of that. Just saying.
Some products, services or devices could be easily expanded into new markets. Ex). An iPod car radio.
And what adout picking up or assisting small companies to include the missing pieces for Apple users. Ex). Try finding software to creat the G code commands that run ALL CNC equipment. What would it cost? Maybe an hours profit for Apple.
CEO Tim Cook, received a 99.1% approval rating from shareholders.
No.
I will be patient but at lease please share some cash with us . Just to please the Wall Street . As a shareholder , I am really very sad to see AAPL dropping every day to 52 weeks low but Google touching 52 weeks high . I really feel very depressed !!!
Screw Wall Street. Bunch of corporate terrorists, if you ask me. Gaming the system, building and bursting bubbles. Nobody believes it’s a free market, anymore. Greedy idiots ruining the economy need to be put down! I’ve held shares for 15 years and I don’t want any of Apple’s cash in my pocket. That’s what I have a job for.
As an investor, I too feel Apple is stumbling now and wish someone there would get their act together. Anyone. To have had no one on the board or advising the board that they can’t bundle issues into one vote item is embarrassing and never should have happened. And to have upgraded everything so close to Christmas last year was a screaming stupid move creating the late in the quarter first shipments of the iMac in December. This is Tim Cooks strong point and he blew it and it cost us 10% when the quarterly report was made with the reduced Mac sales. That was unnecessary and should never happen again.
Apple is under attack by morons that are getting paid to attack.
Apple will do things the way t always has, don’t like it? Jump ship.
There will always be a market for quality and excellence and Apple will continue to own that market . Wag that tail so hard that it falls off or gets amputated. This dog is independently and fundamentally sound.
True. But the stock was down nearly $200 by then anyway.
I was pleased to get more AAPL with less money. I hope that this continues. Especially just before the dividends.
I’m doubly depressed with Google shareholders laughing and dancing in the streets with their fists full of Benjamins. No. Depressed doesn’t describe it. Pissed, would be more like it.
Steve Jobs wanted to go thermonuclear on Google and Android but it turned out exactly the opposite for Apple shareholders who got vaporized.
Apple *is* sharing cash “with us”. $2.65/share.
Patience? If you don’t see that as a total admission that the company’s CEO has absolutely NO IDEA what the company is going to do about the collapse of their share price.
Reviewing last year’s accomplishments? Yeah, Wall Street is really, really impressed with the past. Sure they are. AAPL falling as these words are spoken.
Wake up, people.
Like breeze said, 99.1% approval rating from shareholders, and I am one of them.
Wall Street is only one of a long line up that have been pissing on Apple since I can remember so you are in good company. Keep pissing on, meanwhile I just smile and watch the stock grow… oh and don’t point out this little bump, along the lines Apple has had many such bumps. It keeps the pissers happy.
http://www.thestreet.com/story/11854387/1/apple-talks-cash-share-price-at-investor-meeting.html?cm_ven=GOOGLEN
I think you have no idea of what the company or it’s board let alone the CEO are doing, in fact I’m sure.
Cook. Get off your ass, stop the same shit statements about ‘ duhhhh, duhhh, ohhh, uhhh, duhhh, we are really, really, really, laser, laser focused. Like, duhhhh, a laser printer, duhhh.’.. no one gives a shit if you are are laser focused you asswiper.
Patience is a virtue you sometimes have to wait for…
Cook grew Apple by about $48 billion in fiscal 2012, which was more than Google, Microsoft, Dell, HP and Research in Motion combined.
So what else do you (speaking of asswipers) want him to do???
I’d like Apple to take some of that cash to acquire a search engine and go directly at Google. Give Google a taste of its own medicine. At least try to drive investors from Google back to Apple. Apple should at least do something to give investors hope. The company is too laid back in my estimation. Or at least hire a public relations team to combat all this Apple negativism in the media. Frankly, I thinks it’s very depressing to listen to all this anti-Apple crap every day.
Takes a long time to get a competing search alternative going …like years…Siri is only part of the picture.
They’re doing it.
Give it time, grasshopper.
Apple had the largest profits of any company on earth last quarter. Just because idiots on wall street guessed wrong cannot change that. Apple this quarter will do better, and no amount of wall street lip will change that either. For those of us caring for the products, guessing on markets is idiocy.
Go troll elsewhere marketing troll for Google or Samsung.
Patience = Apple not sharing new product launches during shareholder meetings.
You = Mouth-breather alarmist parroting the same thing on the MDN message boards.
The above comment was directed @ppeterson
Good to hear that:
“Winning for us is not making the most. We want to make the best.” – Apple CEO Tim Cook, February 27, 2013
Apple is focused on the long term. How refreshing when compared to almost all other companies doing the quarterly dirty jive dance that poses for serious business practice these days!