Report: Apple buys back $14B of its shares

    8:33 AM, Feb 7, 2014   |    comments
    SEPTEMBER 12: Apple CEO Tim Cook speaks during an Apple special event at the Yerba Buena Center for the Arts on September 12, 2012 in San Francisco, California. Apple announced the iPhone 5, the latest version of the popular smart phone. (Photo by Justin Sullivan/Getty Images)
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    (USA TODA) -- Apple has reportedly repurchased $14 billion of its own shares as the company continues to face pressure from activist investor Carl Icahn on a larger buyback.

    According to the Wall Street Journal, citing an interview with Apple CEO Tim Cook, the stocks were repurchased in the two weeks since reporting their first quarter results. During the first quarter, Apple announced quarterly sales records for its iPhone and iPad, but its second quarter outlook fell short of Wall Street expectations.

    "It means that we are betting on Apple," Cook tells the Journal. "It means that we are really confident on what we are doing and what we plan to do."

    Apple shares are up 1.6% to $520.75 in pre-market trading.

    The Cupertino, Calif., company has been pushed to issue a larger stock buyback since August, when Icahn boasted of his increasing stake in Apple. The investor's stake in Apple sits at $3.6 billion.

    Icahn also issued a letter to shareholders last month imploring them to consider a sizable stock buyback.

    The company is also facing scrutiny from investors eager for Apple to launch their next innovative product. Cook says Apple is preparing to enter a new gadget arena beyond smartphones and tablets. "There will be new categories," says Cook. "We're not ready to talk about it, but we're working on some really great stuff."

    Rumors have swirled in recent weeks on Apple's plans to work on a smartwatch. A job listing reportedly posted by Apple hints at the possibility of adding a health tracking feature to a wearable gadget. The company also met with the Food and Drug Administration to discuss mobile health apps.

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