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.
Last week may have been a short trading week, however it was jam packed with fresh Apple (NASDAQ:AAPL) news for stockholders. Apple stock opened Monday at $106.54 and dropped over a dollar after the iPhone SE media event as analysts digested the news. AAPL then surged on Tuesday, and hit its peak for the trading week at $107.28.
Share prices slid on Thursday, bottoming out at $104.95 before recovering to close the week at $105.67. After a loss of $0.87 (-0.82%) last week, AAPL started an upward climb on Tuesday morning. So what does Wall Street think of the lower-priced iPhone SE?
Apple (NASDAQ:AAPL) opened the week at $101.90 and continued its climb, peaking midday Thursday at $106.34. After slipping on Friday, Apple stock closed the week at $105.92 for a gain of $4.02 (+3.95%) over the five-day period. There is much anticipation for new product releases at today's media event, especially for the iPhone SE. This update to Apple's 4-inch iPhone is expected to boost iPhone sales around the globe. More headlines in the world of AAPL follow below.