Feb. 7 - Apple confirms buying back $14 billion worth of stock in the past two weeks, a mere drop in the bucket for its $150 billion cash stockpile. Conway G. Gittens reports.
Apple has gone on a mini buying spree, but I'm not talking about buying little starts up, Apple is buying more of itself. In the past two weeks Apple has snapped up $14 billion worth of its own stock, which was made cheaper by investors disappointed in not seeing the hyper growth they were expecting. The tech giant has been digging into its massive piggy bank over the past 12 months - buying back $40 billion in company stock. But when you're the world most valuable company and you're sitting on about $150 billion in cash, $40 billion may not be enough. Billionaire investor Carl Icahn is on a campaign to shake things up at the iPad and iPhone maker, urging for more cash to go back to shareholders. How much influence he's had on management my soon be revealed. Apple CEO Tim Cook told the Wall Street Journal he'll update investors on capital return plans in March or April. But don't be bullied warns JP Morgan in a note, saying Apple should spread cash between buyback, dividends and investing in new technologies and companies, as the competition narrows the gap on Apple's cash cow - the iPhone.