Apple to reveal decision on use of cash hoard
NEW YORK — Apple shares are heading for another all-time high ahead of an announcement about what the company plans to do with its enormous pile of cash.
Apple said late Sunday that CEO Tim Cook would make an announcement before the market opens Monday and that has sent shares up 3 percent to break the $600 per-share barrier once again.
Analysts expect Apple to institute a dividend. It can easily afford one, since it had $97.6 billion in cash and securities at the end of last year. That would be enough for a $100 one-time dividend for every shareholder, but analysts expect the company to institute a modest recurring dividend.
Shares of Apple Inc., based in Cupertino, Calif., are up $20.71 at $606.28 in premarket trading.
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