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Apple CEO Seeks to Stem Growth Concern by Returning Cash

Apple Inc. Chief Executive Officer Tim Cook is seeking to reassure investors dismayed by the company’s falling stock price and first profit drop in a decade by unveiling the largest buyback plan in corporate history.

The iPhone maker yesterday boosted its quarterly dividend and alloted more cash to buybacks, adding $55 billion to its plan to return cash to shareholders -- bringing the total to $100 billion through 2015. Cook made the announcements as Apple reported an 18 percent decline in earnings and acknowledged that growth will continue to slow.