Apple buyback puts value before growth

Buy low, sell high. That's the investor's credo, and one Apple appears to have followed.

Buy low, sell high. That's the investor's credo, and one Apple Inc appears to have followed when it pounced on a drop in its own stock price to buy $US14 billion of its shares in two weeks.

The move will not likely satisfy those who say Apple needs to introduce a new product - such as a rumoured wristwatch - to boost long-term sales. But Apple shares rose 1.4 per cent on Friday to $US519.68, and the buyback should afford chief executive Tim Cook some kudos from big investors like Carl Icahn, who have been urging the company to return more money to shareholders.

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