Apple's Vice President of Finance and Corporate Controller Peter Oppenheimer told investors that the company has bought back shares from investors in recent weeks, but it has no plans to initiate a large-scale stock buyback program.
Oppenheimer told attendees of a Prudential-sponsored technology conference in New York City yesterday that Apple -- like many companies -- bought back shares of its own stock following the terrorist attacks on New York and Washington this past September 11. When the stock market reopened the following week, many stock prices went down dramatically.
Oppenheimer explained that Apple's impetus not to initiate a large-scale buyback program is to maintain its cash reserves. Apple has more than US$4 billion in cash on hand, and he said that the cash is necessary to maintain a sense of security among Apple employees and customers.
Apple stock closed at $17.56 yesterday, down $0.04.
This story, "Apple VP: No plans for big stock buyback" was originally published by PCWorld.