Apple Inc. rose to the highest in two weeks in NY trading after Sanford C.Bernstein & Co. said " significant" share repurchase plan may boost earnings.
A depressed price-to-earnings ratio, low interest rates and a growing cash balance "make a strong case for Apple to initiate a substantial share repurchase program," wrote Toni Sacconaghi, an analyst at Bernstein, in a note to clients.
The NY based analyst estimates that $20 billion stock buyback would boost earnings by nine percent above his estimate of $5.50 a share next year .
Bloomberg
$106.95 (10/29/08)
