Apple Jumps After Disclosing $14 Billion Stock Repurchase
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Apple Inc. rose after saying it bought back $14 billion in stock in the two weeks since reporting iPhone sales that fell short of analysts’ estimates and sent its shares lower.
Chief Executive Officer Tim Cook said in an interview with the Wall Street Journal that Apple was “surprised” by the 8 percent stock drop on Jan. 28. Alan Hely, a spokesman, confirmed the repurchases in an e-mailed statement. The shares rose 1.4 percent to $519.68 at the close in New York.