No stock split for Apple
Company talks about its cash balance at shareholders meeting, but there is no word about a split.
Apple shares have gone a little nutso in the last few hours as rumors of a possible stock split arose -- and later were squashed. Apparently, CNBC may have been guilty of adding to speculation about a 4-for-1 split.
Apple did have its annual shareholders meeting Thursday, where one of the topics was the company's huge cash hoard. Apple has about $40 billion in cash, and shareholders had but one word on their minds: It starts with "D" and rhymes with "ividend."
But Chief Executive Steve Jobs wouldn't confirm anything, saying that all that cash helped give the company flexibility and security, according to a Reuters report.
Even if Apple pursued a dividend or share buyback, the company's share price would be the same, Jobs said.
Apple doesn't do much in the way of acquisitions, preferring to innovate internally.
Jobs did seem to hint that whatever the company was planning for its cash, it would be huge. Apple's big enough now that it must "think big" to move the needle, he said.
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Stocks drift lower and bonds are hit as investors await the Fed. Prepare for higher volatility this week.
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