Apple, a Magnificent 7 laggard this year, finally caught investors' attention again with an historic announcement during their first-quarter earnings release, initiating the largest corporate buyback ever. Apple topped estimates on both revenue and earnings per share, but the $110 billion buyback was the catalyst for Friday's pop. Although I believe Apple is back on its road to recovery, I want to take some profits after getting long pre-earnings .
mountain Apple, YTD Buybacks have been a consistent and persistent theme for Apple over the years and should truly stabilize the iPhone maker short-term. The tech company added nearly $190 billion of market cap after the earnings release, as it sits just under $3 trillion currently. Per some great reporting by friend and colleague Bob Pisani: In the last 12 months, Apple has bought back $84.5 billion in stock, far beyond anyone else in the S & P 500.
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