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Carl Icahn 'pushed hard' for $150B Apple share buyback at dinner with CEO Tim Cook

post #1 of 67
Thread Starter 
Apple Chief Executive Tim Cook met with billionaire investor Carl Icahn for dinner on Monday night, in a meeting in which Icahn pressured Cook to initiate a $150 billion buyback of AAPL stock.

Icahn


Icahn revealed his proposal in a post to Twitter on Tuesday. He didn't indicate how receptive Cook was to the idea, but did say the two parties plan to meet again before the month is over.

"Had a cordial dinner with Tim last night," Icahn wrote. "We pushed hard for a 150 billion buyback. We decided to continue dialogue in about three weeks."

The two parties had dinner in New York City on Monday, with Icahn pushing Cook to invest more in itself. He has previously said he believes shares of AAPL are "extremely undervalued" at their current price.

Icahn announced his bullish view on AAPL in August, an announcement that helped push shares temporarily past the $500 threshold. But they have since fallen back below that mark, and are well below the company's high of $702.10 reached a year ago.

Apple already has a share buyback program in place, in which the company plans to spend $100 billion in the next few years on it as well as an increased dividend. But Icahn believes Apple should spend more of its considerable cash and reserves on its own stock, particularly at its current price.

With the two parties set to talk again in three weeks, those discussions may come after Apple's next quarterly earnings conference call, which usually happens in the third week of October. It's possible that Apple could use that conference call to announce changes to its dividend or share buyback programs, or simply provide investors with an update on its cash position.
post #2 of 67
A buyback is the way to go. The EPS is increased and the dividend payout is reduced. Anything under $550 is an obvious return for shareholders.
post #3 of 67

His addition to Apple is like Venom drop into the Milk. I dont like him to interfere with Apple. I am wrong. I know.:err: 

 

Edit: Apple going private?  IMO.


Edited by Chandra69 - 10/1/13 at 9:01am
post #4 of 67
$150 Billion? REALLY? Isn't that just about all the money Apple currently has in its coffers?
post #5 of 67
A share buy back is an artificial way to fix an 'undervalued' stock. Once Apple stops buying back stock, it would just fall back to the so-called 'undervalued' level. I view this as a ploy for short term investors to milk Apple of its cash. Of all the investors Apple should be rewarding, the short termers should be the last on their list.
post #6 of 67
It doesn't matter what financial tactic Apple uses to lift its stock price. WS will keep it supressed -- look at the current valuation and with another 150B!? This is the most twisted stock on the planet
post #7 of 67
Oh sure, lets just get rid of all cash on hand so that Apple can be like every other American company, operating on the edge of deficit and insolvency and unable to weather the slightest economic downturn. Sounds like a great long term strategy.
post #8 of 67
Quote:
Originally Posted by Chandra69 View Post

His addition to Apple is like Venom drop into the Milk. I dont like him to interfere with Apple. I am wrong. I know.1bugeye.gif

Exactly. I hope Cook tells him to pound sand, and I hate to pull the "wwsd" card, but I can only imagine what Steve would have told him lmao.

*wwsd = "what would Steve do?" For those who might not know
post #9 of 67

It's ridiculous that one person's tweets cause the stock to rise, but I took advantage of the tweet as soon as I saw it, and made some easy money today. Thanks AAPL and thanks Carl! :lol:

post #10 of 67
Quote:
Originally Posted by Chandra69 View Post
 

His addition to Apple is like Venom drop into the Milk. I dont like him to interfere with Apple. I am wrong. I know.:err:

 

Icahn is only worried about his pocket book at this point. As soon as I hear he was buying large amounts of shares I knew it was not going to go well for Apple. He claims he does this to make companies better and increase share holder value. He only interested in getting what he can in the short term even if it means destroying the company in the mean time. 

 

I do not agree apple needs all that cash, but having that cash allows them to do things most companies can not do which is take the risk to innovate. 

 

If you were a share holder and you knew that Apple was going to buy $150B in stock and you new that had to spend the money what should naturally happen with the stock, it should be going up, it is not, why because the market is doing everything that can to keep low, which also make no sense.

post #11 of 67
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Originally Posted by Apple ][ View Post
 

It's ridiculous that one person's tweets cause the stock to rise, but I took advantage of the tweet as soon as I saw it, and made some easy money today. Thanks AAPL and thanks Carl! :lol:

 

The only way you're make any money on a few points raise in the stock price is if you buying $1M's of shares, it not worth buy 10 or even 100 shares to flip it in hopes to make a few hundreds of $.

 

I do not believe Icahn tweet had anything to do with the price increase today, it was the market recovering a bit from the mess our governing is causing. If the government shut down for a few days that would be a good things it would save tax payers money. Oh yeah the senators and house rep still get paid even if they are not work.... so much for that

post #12 of 67

Many of you are very ignorant about buybacks.  Very ignorant.  Fact is Apple has so much money they can't spend it wisely at this point.  They already have $150B in cash and they generate $40-$50B a year of free cash flows.  By the end of 2016 they will have over $300B.  Half of that going to buybacks won't hurt or stop Apple in any way. 

 

Just look at IBM for reference.  They have bought back over 40% of their shares and have reward their shareholders.  With a $150B buyback Apple can decrease share count by 25%-30%.  That's a boost of EPS by the same percentage.  Thus all things equal the share price should increase by the same %.

 

Sorry hording the $300B is not an option.  They would either have to return cash to shareholders or make aquisitions.  Large aquisitions rarely work.  Look at Google buying Motorola Mobile.  Looks nice on paper but they are losing almost a BILLION dollars a year on that 'investment'.  They bought Motorola for $13B and I'm almost 100% sure they won't recoup any of that money.  When all is said and done they may lose $20B.

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post #13 of 67

The idea is not that they use their enormous cash hoard, but that they borrow the money. Buying the stock would cause it to rise to it's proper value, and since Apple would own more stock they would benefit.  Apple's cost of borrowing would be low, and the interest payments are a pre-tax expense which would lower their overall tax burden; and their net dividend payouts would also be reduced. 

 

It's not a terrible idea.

post #14 of 67
Quote:
Originally Posted by VinitaBoy View Post

$150 Billion? REALLY? Isn't that just about all the money Apple currently has in its coffers?

 

Well, if it were to do it today, sure.  But the plan was to return $100 million to investors over a two year period.  Apple generates a lot of cash over 24 months.  But in order to do it, Apple would actually borrow cheap money since not all of it's money is in the US.  Icahn wants Apple to increase that plan by an additional $50 billion.

 

The problem here is that Apple is already stepping out of its proverbial comfort zone by having any debt on the books.  The idea is that Apple's cash generation machine would retire that debt quickly before it started becoming a problem for them fiscally.  But Icahn is only looking out for his position as a shareholder...he's not running a company.  I doubt Apple wants any more debt on its books than it already considered.  The tech world is a dangerous place and fortunes can easily turn on you...just ask Blackberry.

 

I expect that the board will consider the proposal, then politely turn him down.  Fortunately, Icahn's $1 billion of Apple shares isn't that big in the grand scheme of things for him make Cook and the board's life miserable, like what happened at Dell.

post #15 of 67

They don't "have" to do much of anything in my personal opinion. They earned that cash with the products/software they make. Buybacks cán (not always, but cán) be a good idea to reward shareholders. But to instantly shell out half of what you own (if we do go by that 300bln dollar amount) is simply a ridiculous percentage to "just pay out".

 

Whenever I hear the name Carl Icahn I instantly have the words "greed" and "worst shareholder to have as a company" in my mind. He earns a lót of cash pushing companies to do what hé wants. Not to do what's good for the company. I sincerely hope that Tim Cook puts his heels in the sand and tells Icahn to suck a lollypop or something. A buyback wouldn't be a bad idea, but the amount that Icahn is proposing/pushing hard for is just ridiculous.

post #16 of 67
Quote:
Originally Posted by Maestro64 View Post
 

 

The only way you're make any money on a few points raise in the stock price is if you buying $1M's of shares, it not worth buy 10 or even 100 shares to flip it in hopes to make a few hundreds of $.

 

Of course it's not worth it if somebody is buying ten shares of AAPL. Ten shares is a total waste of time.

 

I'm not buying $1 Million in shares, or anything close to that, but I have no complaints about the action today.

post #17 of 67

I'd like to push Carl Ican off a cliff. Hard.

post #18 of 67
Quote:
Originally Posted by sog35 View Post
 

Many of you are very ignorant about buybacks.  Very ignorant.  Fact is Apple has so much money they can't spend it wisely at this point.  They already have $150B in cash and they generate $40-$50B a year of free cash flows.  By the end of 2016 they will have over $300B.  Half of that going to buybacks won't hurt or stop Apple in any way. 

 

Just look at IBM for reference.  They have bought back over 40% of their shares and have reward their shareholders.  With a $150B buyback Apple can decrease share count by 25%-30%.  That's a boost of EPS by the same percentage.  Thus all things equal the share price should increase by the same %.

 

Sorry hording the $300B is not an option.  They would either have to return cash to shareholders or make aquisitions.  Large aquisitions rarely work.  Look at Google buying Motorola Mobile.  Looks nice on paper but they are losing almost a BILLION dollars a year on that 'investment'.  They bought Motorola for $13B and I'm almost 100% sure they won't recoup any of that money.  When all is said and done they may lose $20B.

 

Just so you know... Apple is actually borrowing a lot of the money they are using to buy back shares.

 

... and the Moto purchase by Google... after deducting cash and tax breaks... about $4 billion total... not $12.5 billion.


Edited by island hermit - 10/1/13 at 8:35am
Hmmmmmm...
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Hmmmmmm...
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post #19 of 67
Icahn = Ic*nt
post #20 of 67
Quote:
Originally Posted by Maestro64 View Post
 

 

The only way you're make any money on a few points raise in the stock price is if you buying $1M's of shares, it not worth buy 10 or even 100 shares to flip it in hopes to make a few hundreds of $.

 

Not true.  I buy several call and put options each week, which generates profits in both directions.  Even when I spent a microscopic $38 on a BIDU call option, it's now worth $320.

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post #21 of 67
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Originally Posted by JBlongz View Post
 

 

Not true.  I buy several call and put options each week, which generates profits in both directions.  Even when I spent a microscopic $38 on a BIDU call option, it's now worth $320.

 

I say, if you can actually make a few extra buck each week with a few clicks of the keyboard... Go For It! What the hell. Since when is making any money a bad thing.

Hmmmmmm...
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Hmmmmmm...
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post #22 of 67
Quote:
Originally Posted by JBlongz View Post
 

 

Not true.  I buy several call and put options each week, which generates profits in both directions.  Even when I spent a microscopic $38 on a BIDU call option, it's now worth $320.

 

I'm not too well versed in the options game, but can you buy as little as one call option for $38 (for BIDU as you mentioned)?

 

I thought that options were sold in lots of something like 50 or 100?

post #23 of 67
Quote:
Originally Posted by alex101 View Post
 

I'd like to push Carl Ican off a cliff. Hard.

I'd like to know what 'push hard' means in the context of this meeting. If my kids push too hard I get pissed off and warn them about consequences. How does someone without technical or creative credentials, or any kind of employment record with the company get to 'push hard' for anything? I accept that Apple seeks advice from whom it regards as an expert in any field, but I just don't like the braggart's tone. The only message this sends is 'money talks' which is perfect for Icahn, but I think sits uneasily with a large portion of Apple customers.  

post #24 of 67
Quote:
Originally Posted by sog35 View Post
 

Many of you are very ignorant about buybacks.  Very ignorant.  Fact is Apple has so much money they can't spend it wisely at this point.  They already have $150B in cash and they generate $40-$50B a year of free cash flows.  By the end of 2016 they will have over $300B.  Half of that going to buybacks won't hurt or stop Apple in any way. 

 

Just look at IBM for reference.  They have bought back over 40% of their shares and have reward their shareholders.  With a $150B buyback Apple can decrease share count by 25%-30%.  That's a boost of EPS by the same percentage.  Thus all things equal the share price should increase by the same %.

 

Sorry hording the $300B is not an option.  They would either have to return cash to shareholders or make aquisitions.  Large aquisitions rarely work.  Look at Google buying Motorola Mobile.  Looks nice on paper but they are losing almost a BILLION dollars a year on that 'investment'.  They bought Motorola for $13B and I'm almost 100% sure they won't recoup any of that money.  When all is said and done they may lose $20B.

 

I'm not sure I buy the argument that they can't spend money wisely.  In fact I'd say that they have probably done it the best of their competitors.  It's true that Apple has never gone for the big acquisition since those kinds of deals are fraught with peril.  What they have done is go after small to medium sized companies whose tech always ends up in an Apple product at some point.  The biggest deal Apple has ever done was buying NeXT for $400 million back in 1996...which then as a literally a "bet the company" move since it was more than 10% of their dwindling cash reserves (and the company was burning $1b a quarter in cash by then too).

 

What you're saying is that there is no $50=$100 billion deal out there that would be in Apple's best interest.  That may be true.  Heck, Blackberry just went for less than $5b.  You can't buy Google (anti-trust) or Microsoft (still too expensive, and why would you want those guys anyway?).  You could buy IBM or HP outright but again, why?  No synergy whatsoever.  Apple is not a company that needs to goose its sales numbers...they already have that.

 

In a way, the proper way to deal with the cash has been to be patient and not spend it.  The current buyback took years to consider and was carefully considered.  Icahn is in his 80s now and has all the money he'd ever need.  He's just in it now for the game.

post #25 of 67
Quote:
Originally Posted by tundraboy View Post

A share buy back is an artificial way to fix an 'undervalued' stock. Once Apple stops buying back stock, it would just fall back to the so-called 'undervalued' level. I view this as a ploy for short term investors to milk Apple of its cash. Of all the investors Apple should be rewarding, the short termers should be the last on their list.

 

problem is, there is no classification of 'investor' in Apple's proxy form.    

 

And it's Icahn's basic M.O.  'Sell Off' assets to prop stock price and/or lever a buy out.   But he is an 'owner,' and as a part owner, he can lobby other owners to his side or not.

 

$150Billion… thats $170/share.  Now it's unclear if that's total (on top of current buybacks) or in addition to.  

Problem is… Classic Apple valuation seems directly related to retained cash/equivalents.

 

This is far worse than 'iPhone 5c is way overpriced… Apple will fail' stuff.   _THIS_ is market manipulation.   Tim Cook couldn't have tweeted that out without SEC ramifications.  

 

But Icahn, not being on the board, can do what ever he wants, and he's probably feeding analysts a few $$$ to back his view (#GordonGecko), and driving the price down, allows him to buy a seat on the board, and then he can drive the company a bit.

 

Time for Apple to consider putting in poison pills into its business plan

post #26 of 67
While not a fan of "stockholder value" as a significant measure for planning [this has been shown to be a formula for long term failure of a company, aka Clay Christensen], there is some logic aka Buffet, that when the stock is so undervalued, it makes sense to buy some of it back as an enormous discount.

This builds more fundamental longer term value for the company, but the "judgment" as to what amount is complex between tax laws, returning overseas earning, dividend as investment return, etc. Since Icahn had NO involvement in the business decisions that have made Apple so successful, it is hard to imagine what perspective he could add other than a speculative investor looking for a quick return on under valued stock.
post #27 of 67
Quote:
Originally Posted by island hermit View Post
 

 

Just so you know... Apple is actually borrowing a lot of the money they are using to buy back shares.

 

... and the Moto purchase by Google... after deducting cash and tax breaks... about $4 billion total... not $12.5 billion.

 

http://money.cnn.com/2012/05/22/technology/google-motorola/index.htm

 

$12.5 billion was the purchase price.  Where did you get $4 Bil?

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post #28 of 67
Sounds like a good idea to me.
post #29 of 67
Sounds like a good idea to me.
post #30 of 67
Quote:
Originally Posted by paxman View Post
 

 How does someone without technical or creative credentials, or any kind of employment record with the company get to 'push hard' for anything? 

 

I myself am a long-term Apple customer (30 years) as well as a long-term AAPL investor (15 years), and I'm pleased with how things have worked out on both counts.  Icahn definitely doesn't speak for me as a customer; I don't think he has any expertise in this area.  However as an investor, I'm comfortable with Icahn being an outspoken, intelligent spokesman for the investment community.  I'm quite confident that Tim Cook won't be steamrolled by one bully.  But I'm also confident that Cook will consider interesting possibilities, form his own opinions, share those opinions with the board and executive team, make decisions and act.  Carl Icahn is just one voice, but it's a valid voice.

 

I think that today, Wall Street is mostly myopic as far as Apple goes (and maybe a little insane as well).  If Icahn's massive buyback does happen, that might enable Wall Street to do a better job recognizing reality.  It's hard to understand reality, especially when today's reality is so different than the past.  Apple is a completely unique company, and today's rate of technological change is mind-boggling.  Icahn recognizes this better than most of Wall Street, and he has AAPL investors' best interests at heart.

post #31 of 67
Quote:
Originally Posted by Sevenfeet View Post
 

The problem here is that Apple is already stepping out of its proverbial comfort zone by having any debt on the books.  The idea is that Apple's cash generation machine would retire that debt quickly before it started becoming a problem for them fiscally.  But Icahn is only looking out for his position as a shareholder...he's not running a company.  I doubt Apple wants any more debt on its books than it already considered.  The tech world is a dangerous place and fortunes can easily turn on you...just ask Blackberry.

 

I expect that the board will consider the proposal, then politely turn him down.  Fortunately, Icahn's $1 billion of Apple shares isn't that big in the grand scheme of things for him make Cook and the board's life miserable, like what happened at Dell.

 

last point… yep.

 

First point.  I question 'comfort zone.'   Cook and Oppenheimer have worked in Debt financed businesses in the past.   I do think that from when they joined the company (98 and 96), and Steve's subsequent return, cash was a serious concern, primarily if you are changing the computing world… you need several months, if not years of operating cash to suffer through new product development and adoption curves if you 'miss' slightly (think of NeXT… if they had more cash, a longer runway, etc, etc, and the fact that those first couple years (97-99), when they were 'weeks' from bankruptcy with no real products.   Cash was a necessary operational runway extender when you were taking on 4 bet the business changes (PowerPC->Intel, OSX, iPod, iOS) and 3 other major commitments (moving to an Allin1 computer [iMac, MacbookPro/Air], ITunes, AppleTV[hobby… or long term investment], Component Design [ASeries, LiquidMetal, Authentec]).   These require cash to keep  going along a vision that is not necessarily aligned with quarterly returns.

 

After the iPad releases, I do think they realize that they are cash rich, and need to remove this from the balance sheets to refocus on nimbleness.   $100B cash on hand is pretty good (20% of equity value, and covers a couple years of operations at no profit).  The cash is primarily a problem of US tax law, and it will drive external expansion…. so you use foreign assets as collateral for US lenders to pay US dividends and US stock buy backs, at basically 0% interest.   And the interest is a business expense, instead of a tax burden.

 

I'm thinking they are sitting on the rest of the cash to wait for either US corp tax law to 'internationalize' a bit, or they find a tax haven that allows them to build a data centers/operations to support their non-US revenue streams.

 

In the end, in 5-10 years, the US will be NOT generate the lions share of their profits, and these offshore profits can be exploited to build a world wide  infrastructure at a much lower cost for money (the IBMs, the Amazon's, the Googles, the Rackspaces all need to spend interest to build offshore…   Apple will be building 'for free' so to speak.

 

And I still think Apple will become an online 'bank'  in many regions of the world, providing 'full faith and credit' for ITMS purchases without local banks involved, and/or being a card processor in these regions in such a way that they are able to make more money on each transaction by reducing the cost of the 'money supply chain….' which is Cook's Forte'

post #32 of 67
Quote:
Originally Posted by xclntgig View Post

The idea is not that they use their enormous cash hoard, but that they borrow the money. Buying the stock would cause it to rise to it's proper value, and since Apple would own more stock they would benefit.  Apple's cost of borrowing would be low, and the interest payments are a pre-tax expense which would lower their overall tax burden; and their net dividend payouts would also be reduced. 



 



It's not a terrible idea.


 



Not sure what its 'proper' value is but yes it will probably rise.

IMO... Not saying this is correct or wrong reasoning, just possibly one line of thought--Apple may be undervalued on Wall Street since it plays in the consumer electronics game. Historically consumer electronics is a very brutal market place with no real long term 'dominate' players. They are afraid that in a year, two years.. or so, all of a sudden Apple produces a loser (or someone else a big winner), and 'snap' in a short time Apple loses their 'big winner' business. Not out of business, but greatly demished.. They’ve seen this happen to Sony etc. Consumer Electronics is not like a Boeing or GE etc where it takes years(perhaps decades) for a competitor to take over a market. And typically they will have time to respond to a competitors product.
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post #33 of 67
Quote:
Originally Posted by sog35 View Post
 

 

http://money.cnn.com/2012/05/22/technology/google-motorola/index.htm

 

$12.5 billion was the purchase price.  Where did you get $4 Bil?

 

 

"At $12.5B, Motorola is Google’s largest acquisition to date. Google paid $40 / share in cash, but received ~$11 / share in cash and $8 / share in deferred tax assets. Thus the value ascribed to operations + patents was about $21 / share, or $6.3B, reflecting a multiple of ~0.5x sales and 12x EBITDA. Now adjusting this further for the $2.35B total consideration Google is expected to receive for the Motorola Home business, we get a purchase price of just under $4B for Motorola's handset business and patent portfolio (17K patents and 7.5K patent applications). This compares very favorably to recent patent deals such as Apple, Microsoft, RIM, Sony, Ericsson, and EMC paying $4.5B for 6K patents (July ’11) and Microsoft paying $1B for 800+ AOL patents (April ’12). Based on a sum of the parts, one could conclude Google acquired either the handset or its patents for a very minimal cost."

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post #34 of 67

Note to Tim...

 

Whatever Icahn suggests, do the exact opposite. It's the only way to survive.

post #35 of 67
Quote:
Originally Posted by island hermit View Post

Just so you know... Apple is actually borrowing a lot of the money they are using to buy back shares.

... and the Moto purchase by Google... after deducting cash and tax breaks... about $4 billion total... not $12.5 billion.

There's another reason Apple is borrowing to finance the stock buybacks. It's often said that Apple has more cash on hand than any other American company. In reality Google and Apple are roughly equal in cash and short-term investments at around $40Billion each from what I'm reading tho I think I saw mention a few weeks ago that Google now had significantly more liquid assets available to them than Apple currently does. Much of Apple's is tied up in long-term commitments and not readily available.

EDIT: I did remember correctly. As of August Apple was reportedly in 4th place among techs with stockpiles of cash and short-term investments.
http://www.infoworld.com/slideshow/118479/top-tech-hoarders-15-companies-huge-cash-piles-226260#slide2
Edited by Gatorguy - 10/1/13 at 9:38am
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post #36 of 67
Quote:
Originally Posted by island hermit View Post
 

 

 

"At $12.5B, Motorola is Google’s largest acquisition to date. Google paid $40 / share in cash, but received ~$11 / share in cash and $8 / share in deferred tax assets. Thus the value ascribed to operations + patents was about $21 / share, or $6.3B, reflecting a multiple of ~0.5x sales and 12x EBITDA. Now adjusting this further for the $2.35B total consideration Google is expected to receive for the Motorola Home business, we get a purchase price of just under $4B for Motorola's handset business and patent portfolio (17K patents and 7.5K patent applications). This compares very favorably to recent patent deals such as Apple, Microsoft, RIM, Sony, Ericsson, and EMC paying $4.5B for 6K patents (July ’11) and Microsoft paying $1B for 800+ AOL patents (April ’12). Based on a sum of the parts, one could conclude Google acquired either the handset or its patents for a very minimal cost."

I bought this car for $5,000, but if I sell the tires, the airbags and the radio plus find $50 in the glovebox it really was only $4000.   

Yea, right.   The purchase price was $12.5B 

post #37 of 67

Hey jackass, how much $$ is enough so you get retired and leave?!!

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....the lack of properly optimized apps is one of the reasons "why the experience on Android tablets is so crappy".

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post #38 of 67

I'm much more in favor of a buyback versus increasing the dividend. At least the buyback increases the value of the company.

Proud AAPL stock owner.

 

GOA

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Proud AAPL stock owner.

 

GOA

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post #39 of 67

I would love love love for Tim Cook to go with this. A $150b buy-back would be the solution for Apple. It would bring them a whole lot closer to going private. It´s a great way to spend their hard earn money. It will reduce the amount of stocks shorters can abuse in order to push apple more down. And it will greatly their EPS in the years ahead. 

 

There are 908 million outstanding shares. Last quarter 22millions was retired but was not updated. They can easily buy about 90million more on the planned buyback, and if they use another $150b for buy-back we´re talking about 272million shares at avg. price of $550 per share.

 

That would reduce the outstanding number of shares to 542million shares.

 

I´m sure Tim and Apples board knows what is best for Apple, but I would not be surprised if they end up doing just what Icahn recommends. It makes a lot of sense.

post #40 of 67
Quote:
Originally Posted by BeltsBear View Post
 

I bought this car for $5,000, but if I sell the tires, the airbags and the radio plus find $50 in the glovebox it really was only $4000.   

Yea, right.   The purchase price was $12.5B 

 

If you say so.

 

By the way... did you get a tax break for buying that car? Did they give you a pile of cash with it as well? Just curious.

Hmmmmmm...
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Hmmmmmm...
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