Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Apple May Return Cash Before June 30, Gamco Says

Apple May Return Cash in First Half 2013, Gamco Says
Apple Inc. shares have slumped 13 percent this year, sliding to their lowest price in more than 13 months on March 4. Photographer: Tomohiro Ohsumi/Bloomberg

March 25 (Bloomberg) -- Apple Inc. may announce it will return cash to shareholders before the second half of this year as the company’s shares decline, said Lawrence Haverty, a portfolio manager at Gamco Investors Inc.

“My guess is it will be before June 30,” Haverty said on Bloomberg Television’s “Surveillance.” “The pressure is just increasing because last week we had 700 stocks -- an incredibly broad market -- in the new high list in the New York Stock Exchange and here is Apple crashing into the new low list. Something is going to happen. It just has to.”

Apple shares have slumped 13 percent this year, sliding to their lowest price in more than 13 months on March 4. The Standard & Poor’s 500 Index has rallied 9.2 percent in 2013.

Separately, a bidding war for Dell Inc. shows the availability of money to finance takeovers, Haverty said.

Dell said today it received bids from Blackstone Group LP and Carl Icahn that may be considered superior to founder Michael Dell’s buyout offer for the personal-computer maker.

“What you have is a number of very serious people looking at this thing, and they are trying to figure out whether or not it can be financed,” Haverty said. “The fact that this much money is available to be financed indicates that there is mountains of money behind this on deals that are probably much less risky.”

To contact the reporter on this story: Alexis Xydias in London at axydias@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.