Apple share price: Company buys back $14 billion of shares following Q1 report

on Feb 7, 2014
Updated: Apr 9, 2020
Listen, Friday, February 7: Apple share price slides on missing iPhone sales and Q2 revenue forecast). Cook said that he was “surprised” by the market’s reaction.

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In yesterday’s Nasdaq trading, Apple shares closed 0.6 percent higher at $512.51.
**‘Betting on Apple’**
Cook told The Journal that with these purchases Apple had repurchased more than $40 billion of its stock in the past year, which, he noted, was more than any other company over a similar period.
“It means that we are betting on Apple. It means that we are really confident on what we are doing and what we plan to do,” Cook said.

The latest purchases are part of Apple’s plan to buy back $60 billion of its own stock, which the company disclosed last year. Some $12 billion of the stock was bought via an accelerated repurchase programme. This usually involves a company buying its shares from an investment bank. Another $2 billion was bought on the open market.
Cook told The WSJ that Apple would issue updates on its share repurchase programme in March or April.

**Long-term interest**
The news about Apple’s latest share repurchases comes just a few weeks ahead of the company’s shareholder meeting, scheduled for February 28, where the company is expected to face pressure from activist investor Carl Icahn. Over the last six months Icahn has bought around $4 billion in Apple stock, and has been trying to convince the company to increase its buyback programme.

(Apple share price: Icahn buys more shares amid decline). He is asking shareholders to vote on his proposal for an additional share buyback of $50 billion.

Cook said that he wants to “be able to adjust for the long-term interest of the shareholders, not for the short-term shareholder, not for the day trader”.
“We may see a huge company tomorrow that we want to acquire or something may happen in the stock market that’s unpredictable,” he said.
Apple, which is sitting on a massive $160-billion cash pile, isn’t known for big acquisitions, in stark contrast with rival Google Inc (NASDAQ:GOOG), who hasn’t been shy of paying large amounts of money for tech companies. But Cook said that Apple had ‘no problem spending 10 figures’ on a single deal, if the acquisition was in the best interest of the company in the long term.
**As of yesterday’s US close buy Apple shares at $512.51**
**As of yesterday’s US close sell Apple shares at $512.51**
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