Apple Inc. rose as much as 3.1 percent after saying it’s in “active discussions about returning additional cash to shareholders,” and that it’s considering a proposal that it issue preferred stock.
Apple, which has an existing plan to return $45 billion to shareholders over three years, said it will have completed $10 billion of that plan next week.
Greenlight Capital Inc.’s David Einhorn said earlier today that Apple’s cash hoard equates to about $145 a share, and he joins other investors in saying that the company is hanging on to too much of it.
Apple shares rose as high as $468.82 after the announcement. Through yesterday, the stock had declined 35 percent since reaching a record on Sept. 19.