Apple acquires a $16 billion stake in... Apple!
Tim Cook and Co. obviously weren't kidding, and are actually kicking into an even higher gear – instead of the scheduled repurchase of 10 million shares, Apple went ahead and bought back... 36 million shares.
Philip Elmer-Dewitt with Fortune has put this into perspective – at an average price of $444.44 per share, the company spent $16 billion buying itself a stake in... itself. With that kind of money Apple could have snapped a company like Nokia and still have some money left over.
This means one thing only: Apple really means business. It's aslo apparently more than comfortable in its shoes despite the downturn its stock is experiencing, with CFO Peter Oppenheimer commenting back in April: