Apple to Buy Back Shares: Apple Computer...
From Times Staff and Wire Reports
Apple to Buy Back Shares: Apple Computer Inc. announced that it would buy back up to 5 million shares of its stock, which would represent 4% of the firm’s 125.2 million shares outstanding. The Cupertino, Calif., company said its board approved the plan because of its strong financial outlook. But industry analysts were unimpressed, saying that Apple, beset by a computer-buying slowdown and a dearth of new products, was clearly on the defensive. Since July, 1986, Apple has repurchased a total of 20 million common shares.
