Apple Buying Back Stock

    FILE - In this Wednesday, Sept. 12, 2012, file photo, Apple CEO Tim Cook speaks following an introduction of the new iPhone 5 in San Francisco. Apple is emerging as a gentler, cuddlier corporate citizen in the year after the death of CEO and co-founder Steve Jobs. CEO Tim Cook's announcement that the company is moving a Mac production line to the U.S. is just the latest step in a charm offensive designed to soften Apple's image. (AP Photo/Eric Risberg)

    Apple CEO Tim Cook in Sept. 2012. (Eric Risberg/AP)

    Everybody likes more cash. Apple CEO Tim Cook announced on Tuesday that the company will buy back more of its stock, promising to return a total of $100 billion to shareholders by 2015. That makes it the largest buyback plan in American corporate history. The decision comes on the heels of a dismal company report of an 18 percent decline in the first quarter of 2013—and a total 40 percent decline since September. Shares rose in German markets upon hearing the news, but the U.S. market remained relatively unchanged. Apple’s stock is now cheaper than 94 percent of the companies on the Standard & Poor’s 500 Index.

    Read it at Bloomberg