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Tech

Apple Shares Close At $601 After Dividend, Stock Buyback Announcement

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Apple headquarters in Cupertino.

Apple headquarters in Cupertino. (Joe Ravi/Wikimedia Commons)

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CUPERTINO (CBS/AP) — Apple’s stock has closed above $600 for the first time, the same day the company announced plans to reward its shareholders with a dividend and a share buyback program.

Apple said the dividend will start in its fiscal fourth quarter, which begins July 1. The buybacks will begin in its next fiscal year, which starts Sept. 30.

Apple is sitting on $97.6 billion in cash and securities. For years, it has resisted calls to reward shareholders with some of that money. Since the death of CEO Steve Jobs, management has signaled that it’s been considering options for the money.

The stock increased $15.53, or 2.65 percent, to close Monday at $601.10. It rallied in the final minutes of trading to reach that threshold.

On Thursday, the stock reached $600.01 briefly before falling to a closing price of $585.56.

Apple is the world’s most valuable company, with a market capitalization of about $560 billion. It topped $500 billion for the first time in late February, a market value peak where few companies have ventured.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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