From a roundup posted Tuesday by Bloomberg‘s Oliver Renick and Joseph Ciolli:
So far this year the companies that make up the S&P 500 have repurchased $211 billion worth of their own shares — with mixed results. Microsoft spent $3 billion and rose 16%, according to Bloomberg, while LyondellBasell spent about the same for a 35% increase. Exxon Mobil, Boeing and EBay all saw their shares fall.
No company came close to Apple.
“Their timing was impeccable,” Highmark Capital’s Todd Lowenstein told Bloomberg. “They went in big, and it said to the market that they had confidence in their business plan and thought their stock was grossly undervalued. That’s worked out well for them.”
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