Five Tuesday Apple Headlines You May Have Missed (AAPL)
Thanks to comments made in two separate CNBC interviews Tuesday, Apple (NASDAQ: AAPL) finished the day up more than two percent and well above of its 50 day moving average.
Here are a few of the notable headlines from Tuesday.
Apple Holds 10 Percent of All Corporate Cash
According to a Moody’s analysis, Apple holds 10 percent of all corporate cash held by non-financial companies according to The Wall Street Journal. The company’s $147 billion represents one-tenth of the $1.48 trillion held by the 1,000 companies Moody’s analyzed. $1.48 trillion represents a two percent increase from the end of 2012 and 81 percent higher than the $820 billion reported in 2006.
Carl Icahn and Tim Cook Have Dinner
Billionaire activist investor Carl Icahn called in to CNBC on Tuesday to discuss his dinner date with Apple CEO Tim Cook—and CFO, Peter Oppenheimer. Icahn is pushing Apple to extend its buyback program to $150 billion in what was regarded as a “testy” meeting. Icahn said, I can't promise you the stock will go up and I can't promise you they will do the buyback, but I can promise you that I'm not going away until they hear a lot more from me concerning this." (Read our full coverage of the meeting here.)
Bill Miller Takes the Icahn Approach to Apple
In a CNBC interview, Legg Mason’s Bill Miller said of Apple, “The biggest no-brainer in the history of the earth -- that's what Apple is to me right now. It just makes no sense for Apple to trade where it is: Seven times enterprise value to free cash flow.” This sent shares higher. Watch the clip below.
Apple Testing Flexible Displays
Reports are again surfacing that Apple is testing a flexible display for its rumored iWatch. According to Korean media outlet, Chosun Ilbo, Apple is testing three iWatch models with 1.3, 1.4, and 1.5 inch screens. Each have flexible displays.
Apple rumor watchers know that Apple has patents for flexible displays but that doesn’t mean they will come to market.
Los Angeles Public Schools iPad Experiment a Failure
Los Angeles Unified School District’s plan to issue more than 2,000 iPads to selected students has failed—at least for now. District officials repossessed the iPads after reports that students were able to bypass security restrictions on the devices. Further, despite not being permitted to take the tablets home, school officials were only able to collect about two-thirds of the issued iPads.
The district is reportedly working with Apple to remedy the problem but no plans for a second rollout of the program were announced.
Disclosure: At the time of this writing, Tim Parker had no position in the mentioned securities.
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