The US $60 billion share buyback announced by Apple two weeks ago has helped drive strong gains and high trading volumes for the stock, reports “MarketWatch” (http://tinyurl.com/czpdp4u).
Shares are up more than 13% since April 23, the last day of trading before the company announced its fiscal second-quarter earnings and stepped up its “capital return” program. That program included the addition of $50 billion to an existing $10 billion buyback program.
The buyback announcement appears to have driven significant activity in the stock. Trading volumes in four of the last nine sessions have exceeded the stock’s 90-day average, according to FactSet. The stock price has jumped from its $406.10 closing price to its Monday closing price of $460.71 in that time, notes “MarketWatch.”