What Apple's Tim Cook told Murdoch's Fox (video)

"Everybody knows that we are buying shares."

From "Exclusive: Apple CEO Tim Cook talks coronavirus, working with Trump"

We are a buyer [of Apple shares], right? We have a share repurchase plan. So, yes. I don't want to announce anything on the air, but everybody knows that we are buying shares. And if the shares are lower you buy more shares.

Cue the video:

My take: This one's for you, Sacto Joe.

8 Comments

  1. Gregg Thurman said:
    I would expect that Apple will buy back ~7% more shares than planned. After all, Apple was buying before AAPL began its decline (depleting it’s buy back budget at a higher average price). From here I see AAPL rising, costing Apple more today than yesterday and more tomorrow than today, as AAPL bounces off its low point.

    1
    February 28, 2020
  2. John Konopka said:
    Quite an amazing display in the market today. ~$22 swing in the stock price from intraday low to high, >100M shares traded, and it wound up just 16 cents down. Up over a dollar after market. Fear and greed in balance?

    Maybe this is close to the bottom. It would seem if it would be driven lower today was the chance. Stores are opening in China, workers are getting back into the factories. Perhaps we’ve seen the worst of it. Better news should start offsetting worse news.

    This is not to say everything is fine. It seems that COVID-19 will be an issue for quite a while. However, the number of new infections is dropping off rapidly.

    https://covid19info.live

    1
    February 28, 2020
  3. David Emery said:
    Well, I sold my Chevron and bought more Apple. Of course, CVX popped up right after my sale (I doubt 100 shares moved the market.) AAPL also closed above what I bought it.

    Seriously, I don’t know if this was the bottom, but I think Apple’s business is sound. In particular, I’m buying into the ‘deferred, not decreased’ argument for Apple’s products. The question is whether AAPL will return to the P/E range it was trading before this week.

    0
    February 28, 2020
  4. Jerry Doyle said:
    I have several observations from viewing the video. First observation is Tim Cook’s adamant determination to remain engage with this administration to find common ground on issues of concern between the two where consensus is possible. This willingness to cultivate a strong working relationship with the administration has paid positive dividends to Apple with the latest dividend being the intercession of the administration working with Prime Minister Narendra Modi to circumvent the need for Apple to partner with an India company to open Apple stores in India and to do business in the country. India is huge fertile ground for future Apple market growth.

    My second observation has to do with health authorities now finding cases where individuals previously infected with the Covid-19 virus and later cured are becoming infected “again.” A virus that goes into remission and returns swiftly! That is scary. If this fact proves to be true for all or most all who get Covid-19, then it’s a very fluid situation going forward and much worse for global economic markets then we believe to be now. It will be difficult for most all industries and their respective companies to conduct business if this new information proves correct. I believe this new information could contribute to further market downward pressures. I am not as optimistic as Gregg Thurman that the worse is behind us. The markets may take future dives as the virus spreads to new communities throughout the global interconnected economies. Little doubt, though, purchase of Apple stock at these suppressed “temporary” price levels is bargains no matter how one looks at this $400 stock.

    Lastly, Tim was as upbeat in this video as he was as optimistic about Apple’s future when he spoke to us at the shareholders meeting Wednesday. In summary, I believe matters still are fluid and I am not ready yet to go charging in to purchase more Apple shares just quite yet. I want to see what the very near future bring us.

    In summary, as unfortunate and disheartening as Covid-19 is to the peoples of the world and to the conduct of global trade, it does provide a propitious opportunity to buy a $400 stock at bargain basement prices.

    2
    February 28, 2020
  5. Martin Beutling said:
    Remember 2018/19. AAPL went down from 233 to ( I think it was 148$) because of a temporarily lack of demand in ONE market.
    Now, not only the demand, but also the supply is hit very hard, plus a menacing lack of demand in ALL other markets.
    Here I am with Jerry: great chance to buy more AAPL at a lower price, but it is way to early to call this a bottom.

    1
    February 29, 2020

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