Apple readying new plan for cash pile, investor says
Apple is set to announce how it will reallocate its growing stash of cash, says a top executive at a New York-based investment firm.
Apple soon will share what it plans to do with some of the cash on its books, according to a New York-based investment firm.
In an interview earlier today, Gamco Investors CIO Howard Ward told Bloomberg he expects Apple to make a cash-related announcement by the end of the month. If true, it would be the second such plan detailed by the company in two years.
Apple did not immediately respond to a request for comment on Ward's claims.
Apple's cash pile has grown in step with the breakout success of the iPhone and iPad, its top two sellers that have driven the company's record profits. As Apple's cash grew, shareholders began pressuring the company to return some of that pile with larger reinvestments or a dividend. Apple relented last year and .
Even with that move, some investors believe Apple could do more to address the more than two-thirds of cash it keeps offshore. It's a touchy subject, considering the tax Apple would be privy to pay to bring it back into the country.
by David Einhorn of Greenlight Capital, who took the company to task over the idea of preferred shares. Einhorn successfully barred a vote on the issue , though Apple executives said they'd bring the issue back up when the company reached a decision.