Thursday, April 25, 2013

Greenlight’s Einhorn applauds Apple's capital return moves

According to thestreet, after waging and then withdrawing a battle with Apple to pay out a perpetual preferred stock dividend, David Einhorn of hedge fund Greenlight Capital is applauding the iPhone maker's decision to finance a 15% increase to the company's quarterly payout.

"We applaud Apple's decision to borrow money and return excess capital to shareholders, an idea that was off the table only months ago," a Greenlight Capital spokesperson said on behalf of the fund.

"This positive development represents a more shareholder friendly capital allocation policy and demonstrates the conviction of Apple's management and board in the Company's future."

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