Apple reported its earnings last week, and the tech giant said nothing alarming — no massive misses or lowered expectations.
The report in itself was bland, like unsweetened apple sauce — not bad if you’re counting calories, but not nearly as good as when Mom added some cinnamon and sugar. And that’s exactly what Apple’s $100 billion stock buyback was.
Apple shares rose 4.4 percent on the news of one-tenth of a trillion-dollar offering to investors.
As good of a company as Apple is, the market would have sliced more than a few points off the stock price if there were no sweetener — er, buyback.
You see, Apple — CEO Tim Cook specifically — really doesn’t have much in the way of new products to prod its shares higher.
The iPhone X is a new form of an existing product, but it’s not a new product.