Apple Investors Are Feeling Very Thankful This Holiday Eve
November 27, 2013
Apple investors have a lot to be thankful for on the day before Thanksgiving. On Tuesday, the company’s stock reached $533.10 for the highest close since the first days of January.
The stock is now up nearly 2 percent since the beginning of the year, and 20 percent since June. After closing above $700 per share in September 2012, Apple’s share had dropped 30 percent through April 2013. During much of that time, Apple’s stock price hovered around $450 per share.
As Modmyi noted, Apple benefited from the company’s lower stock price:
The Cupertino California company took advantage of its acutely low stock price earlier in a buyback program that floated a bond offering to buy back 47 million shares. The 36 million shares Apple ended up buying back in the June quarter at an average of $444 per share would now cost an additional $3.2 billion to acquire again at the current price.Apple’s share price is up nearly 10 percent since Sept. 1. See also: Songs For The Philippines Released On iTunes To Aid Typhoon Haiyan Relief, Samsung Hoped To Stay Apple Patent Damages Trial, But Judge Denies , and Apple Confirms Acquisition Of PrimeSense, The Company Behind Microsoft's Kinect Tech.
