Today, Apple CEO Time Cook announced that the Cupertino company has bought 36,000 of its own shares at $444.00 per share. With the recent downturn that the stock is experiencing it comes as a shock to see Apple partake in the biggest buy back known in history to date. The amount they have just spent on their own shares is said to be able to buy a company like Nokia, plus still leaving some extra in the bank.
Back in April they did say they would be doing a similar operation, but with only 10 million shares instead. Even then, at that time people were amazed.
It’s safe to say Apple has high hopes in itself in the near future. This could be for several reasons, one of which could be trying to bluff its stakeholders.
Right now it’s hard to see the great times ahead economically.