Apple Rises After Saying It's in Talks to Return Additional CashPeter Burrows
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.