“A rosy forecast for iPhone sales that helped push Apple Inc.’s stock to a record high Wednesday edged Chief Executive Officer Tim Cook closer to reaching the top threshold for his fiscal 2017 performance award,” Anders Melin reports for Bloomberg.
“Cook, 56, will collect 280,000 shares on Aug. 24 if total shareholder return over three years beats at least two-thirds of the companies in the S&P 500,” Melin reports. “If Apple falls in the middle third of index members he gets half that amount, and none if it lands in the bottom third.”
“As of Tuesday’s close, Apple’s stock had returned 56 percent, close to the border between the middle and top tiers, with 140,000 shares hanging in the balance,” Melin reports. ” Then the firm posted strong third-quarter results and boosted its revenue outlook for the fiscal year, sending the shares to new heights on Wednesday. Apple surged 4.7 percent to $157.04 at 11 a.m. in New York, the third-biggest gain in the S&P 500. The daily advance puts Cook firmly within reach of his full performance award, currently worth $44 million.”
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MacDailyNews Take: Hopefully, for Apple’s shareholders, it won’t even be close!
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