U.S. Stocks Trim Losses as Apple Rallies on Miller

(Corrects to say trimmed losses in headline.)

U.S. stocks pared losses as shares of Apple Inc. rallied following a report that Legg Mason Inc. fund manager Bill Miller said the stock may be worth 50 percent more than its current price.

The Standard & Poor’s 500 Index was little changed at 1,510.59 at 11:03 a.m. in New York after falling as much as 0.4 percent. Apple rallied almost 2 percent after Miller told the Financial Times the shares could be worth more if the company were to keep all its cash on its balance sheet and put future free cash flow into a dividend.

To contact the reporter on this story: Michael P. Regan in New York at mregan12@bloomberg.net

To contact the editor responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net

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