“A $60 billion share buyback announced by Apple Inc. two weeks ago has helped drive strong gains and high trading volumes for the stock, despite continued questions about the company’s product outlook this year,” Dan Gallagher reports for MarketWatch.
“Apple’s shares are up more than 13% since April 23, the last day of trading before the company announced its fiscal second-quarter earnings and significantly stepped up its ‘capital return’ program,” Gallagher reports. “That program included the addition of $50 billion to an existing $10 billion buyback program.”
Gallagher reports, “The buyback announcement appears to have driven significant activity in the stock. Trading volumes in four of the last nine sessions have exceeded the stock’s 90-day average, according to FactSet. The stock price has jumped from its $406.10 closing price to its Monday closing price of $460.71 in that time. Analysts say they believe the buyback has been the main factor driving the stock higher over the last two weeks. But some say sentiment on Apple is beginning to turn as well… ”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]