Ron Burgundy Posted February 7, 2014 Share Posted February 7, 2014 That's the investor's credo, and one Apple Inc appears to have followed when it pounced on a drop in its own stock price to buy $14 billion of its shares in two weeks. The move will not likely satisfy those who say Apple needs to introduce a new product - such as a rumored wristwatch - to boost long-term sales. But Apple shares rose 1.4 percent on Friday to $519.68, and the buyback should afford Chief Executive Tim Cook some kudos from big investors like Carl Icahn, who have been urging the company to return more money to shareholders. The size of Apple's buyback will meaningfully adjust key valuation metrics, such as estimates on its first-quarter earnings, which were expected to rise to $10.48 a share from $10.15 a share as a result of a 3 percent reduction in the float, according to Greg Harrison, senior research analyst at Thomson Reuters. View the full article Quote Link to comment Share on other sites More sharing options...
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