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At annual meeting, CEO Tim Cook suggests Apple could share 'excess' cash with investors.
Apple CEO Tm Cook told the company’s investors today that “great stuff” is headed to market, suggesting there’s relief ahead for the iPhone maker’s sliding stock prices.
Yet, at the annual shareholders meeting in Cupertino, Calif., Cook didn’t reveal specifics or address a rumored stock split, The Associated Press reported.
After trading at more than $700 late last year, Apple stock dropped $5.20 this afternoon to level off at $443.77, the AP reported.
The slide isn’t what anyone—including the board of directors—wants, Cook said.
All he would say is Apple continues to sell strongly—“we had the mother of all years”—and will only invest in products because they’re “great to do,” according to CNET.
“Obviously we’re looking at new categories, but were not talking about that,” Cook said, according to CNET.
Among the oft-cited new Apple releases this year include iPhone 5S (with fingerprint recognition), iPhone 6, iWatch, slimmer iPad, an Apple TV set and an iPhablet (bigger than a phone, smaller than a tablet).
Up first could be the revitalized iTV, MacRumours said earlier this year, although most of the announcements would happen in the third quarter or later.
Renowned prognosticator Ming-Chi Kuo of KGI Securities released a report earlier this year that suggested retina displays would begin appearing on more, thinner and easier to handle Apple products.
Cook also said Apple will consider returning cash to investors, CNBC.com reported. Apple has about $137 billion “excess” cash and faces increased pressure from investors to come up with a strategy for the money.
“I don’t like it either,” Cook said of Apple’s degrading stock, according to CNBC. “Neither does the board or management — where the stock trades now versus a few months ago — but we’re focused on the long term.”
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