Apple files for new $2.26 billion Euro debt offering for stock buyback, dividends
Apple is once again turning to the debt markets to finance its stock buyback and dividend payout programs, a new filing with the US Securities and Exchange Commission has revealed. The iPhone maker will issue a new, €2 billion Euro (roughly $2.26 billion US) debt offering in order to continue to take advantage of extremely low interest rates. Only two notes will be offered, at €1 billion each, which will mature between January 2024 and the fall of 2027. The company last offered a Euro-based debt sale late last year.
Award part of pre-arranged performance compensation package
[Updated with filing info for Eddy Cue] A pair of filings with the US Securities and Exchange Commission has revealed that Apple CEO Tim Cook and SVP of Internet Software and Services Eddy Cue have been awarded a total of 910,000 shares of AAPL stock for differing reasons. In the case of Cook, the company's performance relative to other companies in the S&P 500 over the last two years merited the award. The combined gross value of the stock is nearly $94 million at current prices.
Owner 'knowingly and intentionally' ran sham operation, while maintaining it wasn't a scam
A Texas court has found that the operator of Bitcoin Savings and Trust (BTCST) must pay back $40.4 million in profits and interest earned in a Ponzi scheme. The case is the result of lawsuit brought against Trendon Shavers for offering securities through BTCST and personal solicitation without being registered with the US Securities and Exchange Commission.
At closing prices, new split-adjusted shares should open at $92 per share
On Friday, Apple filed a brief notice with the US Securities and Exchange Commission making official the 7-to-1 stock split announced earlier this year. As of the closing of the market on June 2, all stockholders of record will receive seven shares for every share they held, once split-adjusted trading resumes on Monday, June 9. The move increases the total issuance of common stock in Apple from 1.8 billion shares to 12.6 billion shares, thus creating 10.6 billion new shares. AAPL closed at just $645.57 per share on Friday, near it's 52-week high.
Morgan Stanley allegedly warns investors on Facebook revenue estimates
The Facebook initial public offering (IPO) may have been hampered by the bank that brought the social network to Wall Street. The LA Times writes, Morgan Stanley was advising favored clients on reduced revenue estimates for Facebook, leading Wall Street insiders to avoid or drop shares. The US Securities and Exchange Commission will be looking into the Facebook IPO, with the Financial Industrial Regulatory Authority also expressing concern, particularly as this resulted in non-institutional investors with more shares than they had intended. With Facebook shares expected to be scarce, some investors over-ordered in the belief that they might miss out if they didn't, leaving them more exposed than they had planned.