Apple on Thursday surprised some by announcing its repurchase of $14 billion in shares of AAPL.
According to The Wall Street Journal, Cook said Apple was “surprised” by the swift 8% decline in its shares on January 28th, and wanted to be “aggressive” and “opportunistic” about capitalizing on it.
With the latest purchases, Mr. Cook said Apple had bought back more than $40 billion of its shares over the past 12 months, which Mr. Cook said was a record for any company over a similar span.
“It means that we are betting on Apple. It means that we are really confident on what we are doing and what we plan to do,” said Cook last night. “We’re not just saying that. We’re showing that with our actions.”
Although billionaire investor Carl Icahn hasn’t yet commented on Apple’s share buyback, the decision by Apple to scoop up billions worth of AAPL stock is exactly what the Wall Street titan has been encouraging Apple to do in recent months.