Chart Glance- Apples chart glance looks like a Roller Coaster Ride that’s next stop is the moon. Apple is making “higher/ highs” and “lower/ lows.” Technicals indicate that Apple is in the middle leg of up-trending to higher prices and taking out recent 52 week highs ($600.01). Smart Money says buy and check back in a year or so!
50 DMA ($490.48), 100 DMA ($441.12), 200 DMA ($406.93).
Support 1: $561.66 Support 2: $520.10
Apple announces plans today to initiate a $2.65 Quarterly Dividend in the fourth quarter of its fiscal 2012, which will begin on July 1st, 2012. Also, Apple announces that it plans to buy back $10 Billion shares over the next three years. Apple plans to spend over $45 Billion over the next three years. Apple CEO Tim Cook states, ““We have used some of our cash to make some great investments in our business through increased R&D, acquisitions, new retail store openings, strategic prepayments and capital expenditures, and building out our infrastructure. You’ll see more of all of these in the future,” In my opinion, I do not understand why Apple is buying back shares now. Apple stock is up over 45% in the last 4 months.
By Greg Zimny