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Apple Shares Close Above $600 After Announcing Dividend & Buyback Plan

03-20 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.

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.

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