Many have wondered what corporate America will do after the new tax law is passed by the White House. According to Gene Munster at Loup Ventures, Apple will repatriate $214 billion in cash overseas using a one-time 15.5 percent tax rate. But what will Apple do with the money?
Apple (NASDAQ:AAPL) shares closed today at a record-high price of $133.29, beating the previous record of $132.54 set in May 2015. The new high comes after a quarterly report detailing iPhone sales of over 78.3 million, which delivered over $54 billion in revenue during the period ending December 31. Sales were up five percent over the same period in 2015, generating almost 70 percent of Apple's total revenue. AAPL continues to climb thanks to anticipation surrounding the iPhone 8 launch later this year.
Apple stock (NASDAQ:AAPL) got a boost today on news that Warren Buffett's hedge fund significantly increased its AAPL holdings. As of March 31, Berkshire Hathaway purchased a whopping 9.8 million shares totaling $1.07 billion. This move makes Berkshire Hathaway the 56th largest owner of AAPL. Not surprisingly, share prices surged 3.7% on the news.
For weeks, Apple has offered 2-3 week shipping times on the iPhone SE. The situation continues, with the company trying to meet "very strong" demand according to yesterday's fiscal Q2 earnings call. Although Apple hasn't released sales figures, demand for the updated 4-inch iPhone is higher than anticipated. Apple is working to reduce iPhone SE shipping times, which are currently overnight for the iPhone 6s.
Apple celebrated its 40th anniversary last week, highlighting a history of innovation since its founding on April 1, 1976. As the company marked this milestone, investors and Wall Street analysts digested the iPhone SE release and the US dropped its encryption case against Apple. On the software front, iOS 9.3 was updated to fix a web link bug, and Nintendo released its highly-anticipated Miitomo app. Here are some top headlines from the week in Apple.