Apple 2.0

Covering the business that Steve Jobs built

Apple goes to the capital markets today to raise cash

April 29, 2013: 10:27 AM ET

SEC filing suggests that its $60 billion stock buyback has not yet begun in earnest.

Screen Shot 2013-04-29 at 10.06.29 AMFORTUNE -- Apple (AAPL) on Monday set in motion the financial mechanisms necessary to initiate the $100 billion cash management plan announced last week.

By 11 a.m., according to an SEC Form S-3 filing, the company will have deposited the cash necessary to pay accrued dividends. According to Reuters it will also be holding a series of meetings with potential bond buyers under the auspices of Deutsche Bank and Goldman Sachs.

No dollar amounts were mentioned, but the total raised should be in billions.

The good news for Apple investors is that all this activity suggests that the company's 3-year, $60 billion stock buyback plan has not yet begun in earnest.

In other words, last week's increased volume and $26.67 (6.8%) bump in the share price was the market's doing, not Apple's.

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Philip Elmer-Dewitt
Philip Elmer-DeWitt
Editor, Apple 2.0, Fortune

Philip Elmer-DeWitt has been following Apple since 1982, first for Time Magazine, and now on the Web for

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