Apple Buys Back $40B In Shares; CEO 'Surprised' By 8% Price Drop
CUPERTINO (CBS/AP) -- Apple has reportedly repurchased $14 billion of its stock in the two weeks after its first-quarter financials and second-quarter revenue outlook disappointed investors.
Its shares are up almost 2 percent in premarket trading Friday.
Late Thursday, The Wall Street Journal reported that Apple Inc. CEO Tim Cook said that the company was "surprised" when its stock dropped 8 percent the day after its earnings report and revenue outlook. He told the newspaper he wanted to be "aggressive" and "opportunistic." The company has faced pressure from activist investor Carl Icahn to boost its share buybacks.
Cook told the Journal that Apple has repurchased more than $40 billion of its shares in the last 12 months..
An Apple representative didn't immediately respond to an email seeking comment.
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