Buying Alongside Apple's Record Buyback
Apparently Apple (AAPL) has somewhat taken the advice of Carl Icahn by accelerating the stock buyback after the stock slumped following reporting holiday sales. According to the Wall Street Journal, CEO Tim Cook revealed during an interview that the company had purchased a whopping $14 billion worth of stock in the two weeks since the earnings results sent the stock plummeting below $500.
Remember that the number is impressive in size alone considering Apple generated $22.7 billion in operating cash flow during the December quarter. The company has previously spent over $40 billion on returning capital to investors, but the $14 billion spent in a couple of weeks is a major step up in spending.
Read the full article at Seeking Alpha.
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