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Apple increases dividend by 15%, boosts capital return spending to $100B through 2015

post #1 of 88
Thread Starter 
Apple on Tuesday announced what the company characterized as a "significant increase" to its capital return program, with plans to utilize $100 billion in cash by the end of calendar 2015.

Apple


The component of most interest to investors will be Apple's new, greater quarterly dividend, which has been increased by 15 percent, to $3.05 per common share. It will be payable on May 16, 2013, to shareholders of record as of the close of business on May 13.

Apple will also repurchase $60 billion in shares, up from its previously announced plans to buy back $10 billion. It's the largest share repurchase authorization in history.

Apple expects it will execute its share repurchase by the end of calendar 2015. The company also expects to utilize about $1 billion annually to net-share-settle vesting restricted stock units.

"We are very fortunate to be in a position to more than double the size of the capital return program we announced last year," said Apple CEO Tim Cook. "We believe so strongly that repurchasing our shares represents an attractive use of our capital that we have dedicated the vast majority of the increase in our capital return program to share repurchases."

Finally, the company also announced on Tuesday that the board has approved plans to borrow more cash. Apple said it will announce more details about these plans in the "near future," but did not give a specific date.

"We will continue to return capital to shareholders through dividends, share repurchases, and cash used to net-share-settle vesting RSUs," said Peter Oppenheimer, Apple?s chief financial officer. "We continue to generate cash in excess of our needs to operate the business, invest in our future, and maintain flexibility to take advantage of strategic opportunities."
post #2 of 88
Buying back $60 billion in shares. I can't wait to see how people put a negative spin on that.

"The real haunted empire?  It's the New York Times." ~SockRolid

"There is no rule that says the best phones must have the largest screen." ~RoundaboutNow

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"The real haunted empire?  It's the New York Times." ~SockRolid

"There is no rule that says the best phones must have the largest screen." ~RoundaboutNow

Reply
post #3 of 88
I like the sound of these measures for share holders. Hopefully AAPL will start to clinb again after this ... (crosses fingers and calls on various deities for help).
Been using Apple since Apple ][ - Long on AAPL so biased
nMac Pro 6 Core, MacBookPro i7, MacBookPro i5, iPhones 5 and 5s, iPad Air, 2013 Mac mini, SE30, IIFx, Towers; G4 & G3.
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Been using Apple since Apple ][ - Long on AAPL so biased
nMac Pro 6 Core, MacBookPro i7, MacBookPro i5, iPhones 5 and 5s, iPad Air, 2013 Mac mini, SE30, IIFx, Towers; G4 & G3.
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post #4 of 88
Quote:
Originally Posted by AppleInsider View Post

Apple on Tuesday announced what the company characterized as a "significant increase" to its capital return program, with plans to utilize $100 billion in cash by the end of calendar 2015.

and, at the end of 2015, they'll likely still have over 100 billion in cash-on-hand.
"Personally, I would like nothing more than to thoroughly proof each and every word of my articles before posting. But I can't."

appleinsider's mike campbell, august 15, 2013
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"Personally, I would like nothing more than to thoroughly proof each and every word of my articles before posting. But I can't."

appleinsider's mike campbell, august 15, 2013
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post #5 of 88
Quote:
Originally Posted by SolipsismX View Post

Buying back $60 billion in shares. I can't wait to see how people put a negative spin on that.

If there is ulterior motives, no tactics from Apple can put a stop to the rumor mongering.

post #6 of 88
Originally Posted by SolipsismX View Post
Buying back $60 billion in shares. I can't wait to see how people put a negative spin on that.

 

Obviously their share share is decreasing because of competitors with shares that aren't stale, so Apple will have to make fresh shares and buy all their stale shares to combat competitors' new shares of Apple.

Originally posted by Marvin

Even if [the 5.5” iPhone] exists, it doesn’t deserve to.
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Originally posted by Marvin

Even if [the 5.5” iPhone] exists, it doesn’t deserve to.
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post #7 of 88

Now this is talking, this is believing. that's building yourself.

post #8 of 88
Originally Posted by majjo View Post
Good job, cook.

 

Prepare to be destroyed.

Originally posted by Marvin

Even if [the 5.5” iPhone] exists, it doesn’t deserve to.
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Originally posted by Marvin

Even if [the 5.5” iPhone] exists, it doesn’t deserve to.
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post #9 of 88
From a shareholder perspective? Not enough. Stock will keep deflating.

Sooner or later the shareholders are going to vote Cook off the Island if they keep hoarding cash for no apparent reason. The buyback sounded good until they said it's distributed over several years.
post #10 of 88
Originally Posted by Jetz View Post
Sooner or later the shareholders are going to vote Cook off the Island if they keep hoarding cash for no apparent reason. The buyback sounded good until they said it's distributed over several years.

 

So basically "it's going to happen, even if they do exactly what we tell them to do (despite us not knowing anything at all about how to run the company) because we're going to just make up magical conditions after the fact"?

Originally posted by Marvin

Even if [the 5.5” iPhone] exists, it doesn’t deserve to.
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Originally posted by Marvin

Even if [the 5.5” iPhone] exists, it doesn’t deserve to.
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post #11 of 88

Wow, shot up by almost 5% in after hours.  Better than a big drop at least but things can turn around quickly.

post #12 of 88
Quote:
Originally Posted by SolipsismX View Post

Buying back $60 billion in shares. I can't wait to see how people put a negative spin on that.

 

From now till 2015?

 

So basically, they aren't reducing the cash hoarde at all.  They are just growing it slower.

 

From an investor perspective, AAPL and MSFT are slowly starting to converge.  MSFT investors too, thought their stock would rebound.  It never did.  Instead, MSFT stabilized in a new trading range and became a blue chip dividend stock.  Real risk that this is what will happen to AAPL if there are no blockbuster new products on the horizon or the board isn't interested in returning money to shareholders.

post #13 of 88

Good. Good. Good!!!!!

 

Just what the doctor ordered.

post #14 of 88
Quote:
Originally Posted by AppleInsider View Post
Apple CEO Tim Cook. "We believe so strongly that repurchasing our shares represents an attractive use of our capital that we have dedicated the vast majority of the increase in our capital return program to share repurchases."

Perfect, Tim. Just what you needed to say.

 

PS: My May-3 $420 calls are going to be looking pretty good tomorrow..... :-p

 

PPS: Then again not :-(...... sometimes, a silly (but thankfully, small) gamble does not pan out. Fingers crossed until May 3.


Edited by anantksundaram - 4/24/13 at 5:53am
post #15 of 88
Quote:
Originally Posted by Jetz View Post

 

From now till 2015?

 

So basically, they aren't reducing the cash hoarde at all.  They are just growing it slower.

 

From an investor perspective, AAPL and MSFT are slowly starting to converge.  MSFT investors too, thought their stock would rebound.  It never did.  Instead, MSFT stabilized in a new trading range and became a blue chip dividend stock.  Real risk that this is what will happen to AAPL if there are no blockbuster new products on the horizon or the board isn't interested in returning money to shareholders.

That's the difference. Apple is the only tech company doing that since 98.

 

And even if they don't do anything like that, so what? Still the best products!

post #16 of 88
Quote:
Originally Posted by Jetz View Post

 

From now till 2015?

 

So basically, they aren't reducing the cash hoarde at all.  They are just growing it slower.

 

From an investor perspective, AAPL and MSFT are slowly starting to converge.  MSFT investors too, thought their stock would rebound.  It never did.  Instead, MSFT stabilized in a new trading range and became a blue chip dividend stock.  Real risk that this is what will happen to AAPL if there are no blockbuster new products on the horizon or the board isn't interested in returning money to shareholders.

Yeah, but even MSFT has a P/E of 15.  No one expects MSFT to aggressively grow anytime soon.  Apple still has potential to grow in the short term but has dropped to 9.  

post #17 of 88
Quote:
Originally Posted by Tallest Skil View Post

 

So basically "it's going to happen, even if they do exactly what we tell them to do (despite us not knowing anything at all about how to run the company) because we're going to just make up magical conditions after the fact"?

 

Cry all you want.  Investing is about money, not emotion.  I like Apple products. I own several.  But if I got a shareholder ballot tomorrow asking me whether Cook should be voted off, I'd vote yes in a heartbeat.  As a shareholder, I don't give a fig about Apple products.  I care about what he's done for my AAPL stock. Bupkis.

 

And I'm not one of those people who bought at $700.  Were I one of those, I'd be calling for his head on a platter.

 

 

My personal regret is not dumping my position at $700 and believing that this board cares about investors to try and rally the stock back.

post #18 of 88

I heard "future products"?

post #19 of 88
Quote:
Originally Posted by techguy911 View Post

Yeah, but even MSFT has a P/E of 15.  No one expects MSFT to aggressively grow anytime soon.  Apple still has potential to grow in the short term but has dropped to 9.  

 

I get the argument.  Heck, I thought that too as I watched Apple go through $700 and crash through my position at $580.


But here's the thing about P/E.  It's based on market sentiment about whether or not the company is going to grow or is able to generate income going forward.  The iTV rumours keep advancing by a year every year.  No new products, while Apple faces commoditization on its existing products and outright hostility to the idea of returning cash, is bound to keep investor sentiment negative towards Apple's P/E.

 

I picked up some AAPL today, before the announcement.  I think the stock is ridiculously cheap.  But I won't lie.  I am very fearful that AAPL may well settle under $500 for years to come and I'll either have to eat my losses or wait a very long time for the $3 dividend to make up for it.

post #20 of 88
Originally Posted by Jetz View Post
Investing is about money, not emotion.

 

Then what's up with the emotional decision to screw Apple out of a couple hundred billion in market cap?

If it's about money, why, when the money says success, is everyone whining failure?

 

Sounds like it's the fools who sold that are "crying".


I like Apple products. I own several.

 


Bupkis.

 

Ri~ght… 1rolleyes.gif

 


And I'm not one of those people who bought at $700.  Were I one of those, I'd be calling for his head on a platter.

 

So here's your question: Why didn't you sell at $700?


Originally Posted by majjo View Post
By what?
 

The "Tim Cook can't possibly do anything right ever" crowd. 


Edited by Tallest Skil - 4/23/13 at 2:19pm

Originally posted by Marvin

Even if [the 5.5” iPhone] exists, it doesn’t deserve to.
Reply

Originally posted by Marvin

Even if [the 5.5” iPhone] exists, it doesn’t deserve to.
Reply
post #21 of 88
$50bil more in stock buy back? At 939 mil outstanding shares, that's $53/share.

Isn't this Tim Cook saying "**** you", in the most classy way possible, to Wall Street? 1smile.gif

This is style! 1smile.gif
post #22 of 88
Quote:
Originally Posted by SolipsismX View Post

Buying back $60 billion in shares. I can't wait to see how people put a negative spin on that.

 

Stock is rebounding and all the Bears who bet on failure are crapping themselves on CNBC. The buy back is great news as it weakens the media's leverage on price manipulation. The future is well managed with this leadership for ten or more years to come.
post #23 of 88
Quote:
Originally Posted by Jetz View Post

 

Cry all you want.  Investing is about money, not emotion.  I like Apple products. I own several.  But if I got a shareholder ballot tomorrow asking me whether Cook should be voted off, I'd vote yes in a heartbeat.  As a shareholder, I don't give a fig about Apple products.  I care about what he's done for my AAPL stock. Bupkis.

 

And I'm not one of those people who bought at $700.  Were I one of those, I'd be calling for his head on a platter.

 

 

My personal regret is not dumping my position at $700 and believing that this board cares about investors to try and rally the stock back.

They could care less about YOU the shareholder. They are only appeasing you till they can by that stock you hold. Apple is a different beast. They are in it for the company longevity, you are in it for the money. You'd suck the company dry then move on. So glad apple is doing buy back.

Here's the problem with shareholders, they don't care about the company other than return. If it fails, they'd move on to make the next one fail too. Anybody see the problem here? The shareholder. As a shareholder you do NOT know what's best for the company. You're simply selfish and in it for you're own piece. Nothing wrong with that, it's stock... but remember, shareholders getting more control is only a self fulfilling prophecy of the companies failure.

post #24 of 88

$60B amazing, that's a huge number. Is this local, non-foreign cash?

post #25 of 88
@jetz: please, please sell 1biggrin.gif

Social Capitalist, dreamer and wise enough to know I'm never going to grow up anyway... so not trying anymore.

 

http://m.ign.com/articles/2014/07/16/7-high-school-girls-are-kickstarting-their-awa...

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Social Capitalist, dreamer and wise enough to know I'm never going to grow up anyway... so not trying anymore.

 

http://m.ign.com/articles/2014/07/16/7-high-school-girls-are-kickstarting-their-awa...

Reply
post #26 of 88
Quote:
Originally Posted by Jetz View Post

 

From now till 2015?

 

So basically, they aren't reducing the cash hoarde at all.  They are just growing it slower.

 

From an investor perspective, AAPL and MSFT are slowly starting to converge.  MSFT investors too, thought their stock would rebound.  It never did.  Instead, MSFT stabilized in a new trading range and became a blue chip dividend stock.  Real risk that this is what will happen to AAPL if there are no blockbuster new products on the horizon or the board isn't interested in returning money to shareholders.

Microsoft doesn't have growth potential.  Apple has huge growth potential with the iPad.  The stall we are seeing in earnings growth is due to the maturing of the iPhone market.  The iPad is already poised to continue growth.

post #27 of 88
Quote:
Originally Posted by drewyboy View Post

They could care less about YOU the shareholder. They are only appeasing you till they can by that stock you hold. Apple is a different beast. They are in it for the company longevity, you are in it for the money. You'd suck the company dry then move on. So glad apple is doing buy back.

Here's the problem with shareholders, they don't care about the company other than return. If it fails, they'd move on to make the next one fail too. Anybody see the problem here? The shareholder. As a shareholder you do NOT know what's best for the company. You're simply selfish and in it for you're own piece. Nothing wrong with that, it's stock... but remember, shareholders getting more control is only a self fulfilling prophecy of the companies failure.

Exactly, which is why Cook shouldn't be saying things like he is "frustrated" with the share price.  He should be saying, "we think Wall Street is wrong about the value of Apple."

post #28 of 88
Cook said they will pay out about $10 billion in dividends per year now. Add to the $60 billion / 3 years = $20 billion per year in buybacks is $30 billion per year from their profits. That just seems crazy.

"The real haunted empire?  It's the New York Times." ~SockRolid

"There is no rule that says the best phones must have the largest screen." ~RoundaboutNow

Reply

"The real haunted empire?  It's the New York Times." ~SockRolid

"There is no rule that says the best phones must have the largest screen." ~RoundaboutNow

Reply
post #29 of 88
Quote:
Originally Posted by drewyboy View Post

They could care less about YOU the shareholder. They are only appeasing you till they can by that stock you hold. Apple is a different beast. They are in it for the company longevity, you are in it for the money. You'd suck the company dry then move on. So glad apple is doing buy back.

Here's the problem with shareholders, they don't care about the company other than return. If it fails, they'd move on to make the next one fail too. Anybody see the problem here? The shareholder. As a shareholder you do NOT know what's best for the company. You're simply selfish and in it for you're own piece. Nothing wrong with that, it's stock... but remember, shareholders getting more control is only a self fulfilling prophecy of the companies failure.

 

Umm. Does anybody invest for any other reason? Last I checked my personal chequing account was not a charity. Moreover, if this is going to be the mentality, why even bother investing?  Keep in mind that Apple wouldn't exist today if investors all over hadn't provided the capital to grow that company. 

 

And you are fundamentally misreading the situation. It's in my best interest that Apple does well. Because my stock will do well. And I will be rewarded for sticking with the stock. However, I most certainly do care about my investment. And that I judge on return, which thus far has been negative on the whole (excepting the little bump I got on what I bough pre-announcement today).

 

I would never want to "bleed the company dry".  I don't know where fanboys get this crap.  As an investor I want Apple well capitalized.  But I want them to give me back the dough if they have no intention or ability to use it.  And I want them to communicate with me (as one of their many part-owners) about their intentions.  If they said they needed a $100 billion for acquisitions, I'd more than support them on it.  But if there's been no explanation as the hoarde grows.  And that's what is frustrating.

 

Now for all your rant.  Tell us.  Are you in high school or are you an adult who has a mortgage, has a retirement savings account and investment accounts, etc,.?  Since you're such an Apple fanboy that you don't think investors matter, how would you feel about just signing over tens of thousands with zero concern about return?  Surely, you would, since you're apparently a much better person than I am.  Just walk over to any Apple store and hand them the cheque.  Let me know where you live.  I'll come over and drive you to the store myself.  Least I can do to help someone so charitable.

post #30 of 88
Quote:
Originally Posted by majjo View Post

If I remember correctly, the main issues people had with cook was that he didn't communicate enough with shareholders, and he was returning enough of the cash pile to shareholders.

He just addressed point 2, so I think even the most diehard anti-cook has to give him props for that.

 

50/50 on this.  I am glad he did something.  Would have liked to have seen more.  But this is a good start.  And he's gotta have some margin to boost the buyback in coming years as well.

post #31 of 88
Quote:
Originally Posted by Jetz View Post

 

Umm. Does anybody invest for any other reason? Last I checked my personal chequing account was not a charity. Moreover, if this is going to be the mentality, why even bother investing?  Keep in mind that Apple wouldn't exist today if investors all over hadn't provided the capital to grow that company. 

 

And you are fundamentally misreading the situation. It's in my best interest that Apple does well. Because my stock will do well. And I will be rewarded for sticking with the stock. However, I most certainly do care about my investment. And that I judge on return, which thus far has been negative on the whole (excepting the little bump I got on what I bough pre-announcement today).

 

I would never want to "bleed the company dry".  I don't know where fanboys get this crap.  As an investor I want Apple well capitalized.  But I want them to give me back the dough if they have no intention or ability to use it.  And I want them to communicate with me (as one of their many part-owners) about their intentions.  If they said they needed a $100 billion for acquisitions, I'd more than support them on it.  But if there's been no explanation as the hoarde grows.  And that's what is frustrating.

 

Now for all your rant.  Tell us.  Are you in high school or are you an adult who has a mortgage, has a retirement savings account and investment accounts, etc,.?  Since you're such an Apple fanboy that you don't think investors matter, how would you feel about just signing over tens of thousands with zero concern about return?  Surely, you would, since you're apparently a much better person than I am.  Just walk over to any Apple store and hand them the cheque.  Let me know where you live.  I'll come over and drive you to the store myself.  Least I can do to help someone so charitable.

One has nothing to do with the other.

 

One is based on innovation/hard work, the other is based on speculation/rumours/FUD/BS.

post #32 of 88
Quote:
Originally Posted by SolipsismX View Post

Cook said they will pay out about $10 billion in dividends per year now. Add to the $60 billion / 3 years = $20 billion per year in buybacks is $30 billion per year from their profits. That just seems crazy.

 

Hardly.  The company makes $50 billion a year in profits and has $180 billion in the bank.  Personally, I'd rather they scrap the dividend and go all out on the buybacks.  That might well do more for the stock.

post #33 of 88
Quote:
Originally Posted by SolipsismX View Post

Buying back $60 billion in shares. I can't wait to see how people put a negative spin on that.

 

Check posts by "jetz."  He's some kind of wall street weenie (or wannabe), that has a negative spin for almost every occasion.  :)

post #34 of 88
Quote:
Originally Posted by techguy911 View Post

Yeah, but even MSFT has a P/E of 15.  No one expects MSFT to aggressively grow anytime soon.  Apple still has potential to grow in the short term but has dropped to 9.  

MSFT has a higher P/E because it is a software company, not a hardware company (Wall Street doesn't count the 10 units of Zunes and tablets MS has sold).  You're comparing apples to oranges.  

I do think Apple is undervalued.  Their hardware business is supported by a healthy dose of software.  The Apple ecosystem is much "stickier" than say RIM's business.  Also, Apple does make/sell a fair amount of software/content (iTunes, app store, music, movies, iOS, final cut, pages, etc.)

post #35 of 88
Quote:
Originally Posted by lightknight View Post

@jetz: please, please sell 1biggrin.gif

 

Definitely considering it.  My TSLA position is up 50% and I only bought in last year.  And they seem to be poised for growth.

 

Look, at the end of the day, I'm also frustrated as an investor with the market because AAPL should be doing a lot better when you look at the fundamentals.  It's a cash printing machine.  But for several reasons the stock has been hammered far more than should it be (though some of it most certainly the fault of the Board....cash printing machine is no good if the cash being printed isn't reaching owners of the machine).

post #36 of 88

"a lot more surprises in the works."
 

I flipping hope so! what a lame comment from CEO

 

Should see a okay $50  bump up as a result of buy back  though I suspect those who bought in at 395 will take profits to negate most of that and stock will be range bound rest of year. I don't think the stock will do much for 6 months because of narrowing margins until new products come out in fall and I don't mean re-treads of iPad/iPhone.  I mean real "new" products. Margins might go up a tad because iPhone5 and iPadmini are more efficiently manufactured going forwards  but not enought to make diff in share price. A lot will depend on how compertors fair with their Android Devices and phones this summer. Also a big question mark is how Windows RT does as year rolls on. Looking good (RT/ Windows8.0 is a flop) so far but never underestimate MS and the momentum of Office and Windows 8.1. I will be basing my weight in Apple on all these factors along with ARM and GOOG, INTC

post #37 of 88

Everyone else is doing a great job of ripping your nonsense to pieces but I couldn't let this one fly by. 

 

Quote:
Originally Posted by Jetz View Post

 

... Keep in mind that Apple wouldn't exist today if investors all over hadn't provided the capital to grow that company. ...

 

This is just BS Capitalist dogma.  The "investors" that helped Apple come into being are mostly dead now and it was a long long time ago that it happened.  

 

Just a few years ago Apple was $60.00 a share.  For the entire majority of it's existence, it traded much lower than that.  Almost everyone currently invested bought shares *after* the stock took off.  

 

Almost none of the current investors in the company (if any) can rightly say that their "investment" had anything at all to do with Apple's "existence."  By far the majority of today's Apple shareholders, (including yourself), are nothing but worthless leeches, riding the company tip it drops (which you constantly predict will happen tomorrow), whipping it in the ass to make it go faster, sucking profits out and spreading a ton of FUD and BS along the way.  

 

You are not owed anything by Apple, you are in fact, just using it for your own purposes and contributing nothing.  

post #38 of 88
Quote:
Originally Posted by ash471 View Post

MSFT has a higher P/E because it is a software company, not a hardware company (Wall Street doesn't count the 10 units of Zunes and tablets MS has sold).  You're comparing apples to oranges.  

I do think Apple is undervalued.  Their hardware business is supported by a healthy dose of software.  The Apple ecosystem is much "stickier" than say RIM's business.  Also, Apple does make/sell a fair amount of software/content (iTunes, app store, music, movies, iOS, final cut, pages, etc.)

 

Honestly though, MSFT P/E should be lower, given the serious threats they face going forward (ball dropped on Windows 8 and missed the whole mobile computing shift). 

 

I agree too that Apple is undervalued.  By how much is the multi-billion dollar question.  The stickier ecosystem is more a marketing point than revenue generator though.  End of the day, all those media/app/software sales are insignificant in comparison to the hardware sales revenue. 

post #39 of 88
Quote:
Originally Posted by Gazoobee View Post

Everyone else is doing a great job of ripping your nonsense to pieces but I couldn't let this one fly by. 

 

 

This is just BS capitalist dogma.  The "investors" that helped Apple come into being are mostly dead now and it was a long long time ago that it happened.  

 

Just a few years ago Apple was $60.00 a share.  For the entire majority of it's existence, it traded much lower than that.  Almost everyone currently invested bought shares *after* the stock took off.  

 

Almost none of the current investors in the company (if any) can rightly say that their "investment" had anything at all to do with Apple's "existence."  By far the majority of today's Apple shareholders, (including yourself), are nothing but worthless leeches, riding the company tip it drops (which you constantly predict will happen tomorrow), whipping it in the ass to make it go faster, sucking profits out and spreading a ton of FUD and BS along the way.  

 

You are not owed anything by Apple, you are in fact, just using it for your own purposes and contributing nothing.  

 

Wait.  So the entire framework for capitalism is bunk and investor concerns are entirely irrelevant beyond a certain point in time?  Interesting.  Why doesn't Apple put that in its disclosure?

 

Sorry, but whether you like it or not, last I checked, Apple is a publicly listed company and as such they certainly have to respond to shareholder concerns.  If they don't want to inconvenience themselves with something so bothersome, they are free to buy us out and take the company private.  Would be interesting to see Apple follow Dell's precedent!

post #40 of 88
Quote:
Originally Posted by Jetz View Post

From a shareholder perspective? Not enough. Stock will keep deflating.

Sooner or later the shareholders are going to vote Cook off the Island if they keep hoarding cash for no apparent reason. The buyback sounded good until they said it's distributed over several years.

 

 

Or, it is exactly enough...

 

Wait… "are" going to vote Cook off the Island? Well first of all, Shareholders don't vote for CEO. They vote for Board Members who then appoint/fire officers. It'll be a cold day in hell...

 

And "distributed over several years" makes it sound long and unpalatable. What's wrong with simply pointing out the facts? The end of FY 2015 is… when? Do the math… yah. Is that "several years"? Really…??  How about "roughly two years…" Then it becomes a good, careful pace for buying back SIXTY BILLION dollars in shares. Anything faster would artificially inflate the stock price, and then you'd have something ELSE negative to say, for sure...

 

What's your agenda here?

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