“Apple stock notched an all-time high on Tuesday, its eighth in the last 10 trading days,” Patrick Seitz reports for Investor’s Business Daily. “But a report predicting that Apple’s next capital return report will underwhelm gave investors caution.”
“Apple shares rose nearly 0.5% in morning trading on the stock market today, to peak at 133.60. But the stock reversed and ended the day down a fraction, at 132.17,” Seitz reports. “UBS analyst Steven Milunovich said Apple’s next capital return program could be less than expected. ‘Most appear to expect a large, multiyear program based on rising operating cash flows,’ Milunovich said in a research report Tuesday. ‘We believe a muted increase and shorter completion period are possible due to potential U.S. tax reform, increased dependence on debt issuance for buyback funding, the stock’s higher multiple, and greater domestic capex requirements. The repurchase amount could be as low as $20 billion over one year.'”
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Apple on track to buy back 20% of itself by 2017 – February 24, 2015