“It may have seemed like Apple Inc. retook its trillion-dollar market capitalization Wednesday morning, when the stock rallied on better-than-expected second-quarter results,” Ryan Vlastelica reports for Bloomberg. “But it was more mirage than milestone.”
“While the iPhone maker is hovering near re-entry into the 13-digit club, along with Microsoft Corp. and Amazon.com Inc., it falls short because of its hefty buyback program. Apple had 4.601 billion shares outstanding as of April 22, according to a filing late Wednesday,” Vlastelica reports. “The stock’s 4.9 percent advance to $210.52 on Wednesday equates to a valuation around $969 billion.”
Vlastelica reports, “Apple reported 4.72 billion shares outstanding in its last quarterly filing.”
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MacDailyNews Take: Yes, as market cap formulas are updated with Apple’s ever-declining outstanding share count, it requires higher and higher share prices to get to the $1 trillion market value. Currently, Apple shares need to trade at or above $217.34 to hit the $1 trillion mark.
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