Benzinga - by Shanthi Rexaline, Benzinga Editor.
Apple Inc. (NASDAQ:AAPL) reported a modest beat on its quarterly earnings and issued June-quarter revenue guidance that wasn’t as bad as feared. The stock, however, took off thanks to the company’s generous shareholder return plan. Apple hiked its quarterly dividend by 4.17% and announced its biggest-ever stock buyback, which surprised even Tesla‘s Technoking.
What Happened: News of Apple’s massive $110 billion stock buyback program was posted online by global capital markets commentator The Kobeissi Letter. The iPhone maker’s largesse toward shareholders caught the eye of Tesla CEO Elon Musk. He simply replied “Wow” to the post by The Kobeissi Letter.
The Kobeissi Letter replied to Musk saying there’s a trend of big tech companies ramping up buybacks, with U.S. stock repurchases expected to cross $1 trillion for the first time ever this year. “All eyes are on Tesla…” it added.
Big tech stock buybacks are ramping up and total US stock buybacks are set to cross $1 trillion for the first time ever this year.All eyes are on Tesla…