Apple Shares Close Above $600 After Announcing Dividend & Buyback Plan03-20 15:13 Caijing
Apple’s stock closed above 600 U.S. dollars for the first time Monday, the same day after the tech giant announced plans to reward shareholders with a dividend and a share buyback program.
The stock rallied in the final minutes of trading to close at 601.10 U.S. dollars, an increase of 15.33 U.S. dollars, or 2.7 percent.
That made Apple’s value at 560.5 billion U.S. dollars, compared with Exxon Mobil’s 410 billion and 206.1 billion and 270.2 billion for Google and Microsoft, respectively.
Driven by the news, major indexes in New York stock market ended higher on Monday, with Down Jones rising 0.05 percent, S&P 500 gaining 0.4 percent and Nasdaq 0.75 percent.
The company plans to initiate a quarterly dividend of 2.65 U.S. dollars per share in the fourth quarter of its fiscal 2012, which begins on July 1, 2012.
The company also said it plans to buy back up to $10 billion in stock over three years starting Sept. 30.
Apple had $97.6 billion in cash and securities at the end of 2011. Dim Cook has also reported said that sales of the new iPad hit a record high in last weekend.
Editors’ Picks »
- 1Central Bank Allows Direct Investment Overseas in FTZ
- 2China Clarifies Details for the Coming Fiscal and Tax Reforms
- 3IPOs to Resume After a Yearlong Freeze
- 4Plan to Push "Humanity-Centered" Urbanization in the Pipeline
- 5Huawei is Giving up on the U.S., Finally
- 6China Housing Prices Post 18th Monthly Rise in Nov.
- 7Cities and Sustainable Development
- 8Alipay in Push to Lure Mobile Users
- 9China Everbright Secures $1.4Bn Subscription from Cornerstone Investors
- 10Cameron in China to Forge Ties