“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.]
It’s almost like Tim Cook and crew are smart people who know what they are doing when it comes to running their business.
There is a difference between catering to speculators and serving one’s customers. The Apple community has been waiting impatiently for Cook to deliver something that has a compelling value, meets the Apple quality standard, and is delivered on time.
So far Cook has failed to meet these three simple criteria on every single introduction — unless of course you were impressed that Apple can offer different screen sizes on its tablets.
Doesn’t matter how many fun games Cook wants to play with his wall street buddies — Apple’s reputation as an innovator and market creator is slipping while Cook fiddles.
I don’t think it’s just a simple criteria. It’s probably very hard. That’s why no other company can do what Apple does. It’s hard.
That and the buyback has also stabilized the stock and it’s volatility – goodbye shorts.
Duh. With now more than $145 billion cash and a public statement that any day or time you try to push AAPL stock down, you better have the ability to loose more money then Apple can spend to buy the stock you try to put on sale.
Apple always had the cash to defend this attack on their stock and support their investors. The giant was in a coma. Now the giant is awake. Game over. New game has just begone!
A sad day in Apple history. The biggest waste of money ever in corporate America.