“In April, Apple (AAPL) announced what is apparently the largest share repurchase program in the history of capitalism: $60 billion before the end of 2015,” Philip Elmer-DeWitt reports for Fortune.
“By the end of June the company had already bought $16 billion worth of its own stock — more than 25% of its eleven-quarter allocation in the space of one quarter.,” P.E.D. reports. “Two things have changed since then: 1) the stock is now 20% more expensive (compared with 5.5% for the S&P 500), and 2) Carl Icahn has entered the picture… [who has] been pressuring Tim Cook to accelerate the buybacks. And according to CNBC, Icahn and Cook have a meeting scheduled for the following Monday.”
P.E.D. reports, “The meeting has already sparked controversy.”
Read more in the full article here.
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