Bloomberg briefly notes that hedge fund Greenlight Capital has unsurprisingly dropped its lawsuit against Apple over a company-backed proxy proposal that had bundled together several provisions including a move to limit Apple's ability to issue preferred stock to investors without explicit shareholder approval. Apple CEO had previously called the lawsuit a "silly sideshow" and reiterated that view at Wednesday's shareholder meeting.

The withdrawal comes after a judge had preliminarily blocked a vote on the issue at Apple's shareholder meeting, with Apple officially withdrawing the measure from the balloting. Apple has said that it remains committed to addressing the preferred stock issue, but will have to do so at a later date.

greenlight_iprefs_slide
Greenlight's David Einhorn has become very vocal about trying to "unlock more value" for shareholders, and Apple has acknowledged that it is having discussions about how it might accomplish that beyond the existing dividend and share buyback programs initiated last year.

Top Rated Comments

charlituna Avatar
114 months ago
While I wasn't in favor of the issuance of preferred shares, I do like the fact that Greenlight was trying to unlock value in Apple shares. I'm not aware of any other company or executive team that has sat idly while over $200,000,000,000 in market cap was wiped out in a matter of months.
Trouble is that much of that was due to analysts and their BS. Not anything Apple did

Apple gives guidance that they believe they can do $100 million in a quarter, some analyst says he thinks Apple can do $150 million. Apple does $125 million which 'disappoints' the analyst who says they must have had production issues on something etc. investors sell because of analysts comments, not keep it or even buy more cause Apple beat their estimate (and the previous record of $110 million in a quarter)
Score: 2 Votes (Like | Disagree)
Karma*Police Avatar
114 months ago
While I wasn't in favor of the issuance of preferred shares, I do like the fact that Greenlight was trying to unlock value in Apple shares. I'm not aware of any other company or executive team that has sat idly while over $200,000,000,000 in market cap was wiped out in a matter of months.

Good managers ignore Wall Street and focus on their business. The ones that pander to Wall Street are the ones you have to worry about. Tim and mgmt did a great job of growing the largest company in the world by over 25% last quarter, YoY, and they generated over $20 billion in cash flow. Those numbers are staggering... to put that in perspective, that's more than what Google made the entire year!

You have to keep in mind that the market's driven mostly by sentiment and there's no logic behind it. One successful quarter or new product like an iWatch, and Apple will quickly be back over $700. The good news is, Apple is cheap now so you can buy more shares and collect dividends until the stock rebounds.
Score: 2 Votes (Like | Disagree)
ChrisA Avatar
114 months ago
...
... The good news is, Apple is cheap now so you can buy more shares and collect dividends until the stock rebounds.


That is the way to look at it. If the price moves down it is good thing for many people and bad for others. For every sellers who lost there is a buyer who got a good deal. Mostly this depends on your age. For older people closer to retirement the price gong down is bad but if you are under 40 and have time to wait then you should be looking for good deals to buy. The younger investor can take more risk and can wait out a market fluxulation.

So wetter it is good or bad depends on if you are a buyer of a seller and if you are 35 or 65.
Score: 1 Votes (Like | Disagree)
r2shyyou Avatar
114 months ago
Read literally, it sounds ridiculous that it's illegal for consumers to unlock phones but hedge funds can sue companies to "unlock" value (aka money)...
Score: 1 Votes (Like | Disagree)

Popular Stories

telsa cyberwhistle

Elon Musk Urges Customers to Buy 'Tesla Cyberwhistle' Instead of Apple Polishing Cloth

Wednesday December 1, 2021 4:01 am PST by
Tesla CEO Elon Musk has encouraged customers to buy the "Cyberwhistle" for $50 instead of Apple's much-discussed Polishing Cloth. The product page, which Musk shared on Twitter on Tuesday evening, offers a limited edition stainless steel whistle with the same distinctive design of the Tesla Cybertruck:Inspired by Cybertruck, the limited-edition Cyberwhistle is a premium collectible made from ...
iPhone SE Cosmopolitan Clean

New iPhone SE Reportedly on Track for Release in First Quarter of 2022

Tuesday November 30, 2021 8:08 am PST by
Apple plans to release a third-generation iPhone SE in the first quarter of 2022, according to Taiwanese research firm TrendForce. If this timeframe proves to be accurate, we can expect the device to be released by the end of March. As previously rumored, TrendForce said the new iPhone SE will remain a mid-range smartphone with added support for 5G:In terms of product development, Apple is...
maxresdefault

Five Features to Look Forward to in the 2022 MacBook Air

Tuesday November 30, 2021 1:51 pm PST by
In 2022, Apple is going to release an updated version of the MacBook Air with some of the biggest design changes that we've seen since 2010, when Apple introduced the 11 and 13-inch size options. In the video below, we highlight five features that you need to know about the new machine. Subscribe to the MacRumors YouTube channel for more videos. No More Wedge Design - Current MacBook...
2017 apple tv

Cyber Monday: Original Apple TV 4K Drops to $99.99 for Amazon Prime Members

Monday November 29, 2021 12:01 pm PST by
We've been tracking Apple product and accessory deals for Cyber Monday 2021 today, and now Woot is offering a solid discount on the previous generation 32GB Apple TV 4K. You can get this device in new condition for just $99.99 if you're an Amazon Prime member. Note that this sale will last for one day only. Note: MacRumors is an affiliate partner with some of these vendors. When you click a...
apple top apps games 2020

Apple Reveals the Most Downloaded iOS Apps and Games of 2021

Thursday December 2, 2021 12:05 am PST by
Along with naming its editorial picks for the top apps and games of 2021, Apple today shared charts for the most downloaded free and paid apps and games in the United States across 2021. The number one most downloaded free iPhone app was TikTok, followed by YouTube, Instagram, Snapchat, and Facebook. The top paid iPhone apps included Procreate Pocket, HotSchedules, The Wonder Weeks, and Touch...
Mac Notebook Upgrade Program

Apple Introduces New MacBook Upgrade Program for Business Partners

Monday November 29, 2021 7:38 am PST by
In association with CIT as the financing partner, Apple has launched a new Mac Upgrade Program for small businesses and Apple business partners that allow companies to easily distribute and upgrade their fleets of MacBooks at an affordable price to all of their workers. As outlined on CIT's website, shared by Max Weinbach, Apple Business Partners can distribute the 13-inch MacBook Pro,...
airpods prototype translucent

Transparent AirPods and 29W Power Adapter Prototypes Surface in Photos

Tuesday November 30, 2021 7:16 am PST by
Images of transparent prototype AirPods and a 29W Apple power adapter have been shared on Twitter by Apple device collector Giulio Zompetti. The prototypes, which appear to be either first-generation or second-generation AirPods, feature clear plastic along the stem and around the outer side of the earbud, with the normal white plastic on the inner side of the earbud. Transparent casings are ...
apple view concept right corner

Apple Planning to Replace the iPhone With AR Headset in 10 Years

Wednesday December 1, 2021 2:29 am PST by
Apple is planning to replace the iPhone with an augmented reality (AR) headset in 10 years, a process that is apparently due to start as soon as next year with the launch of a head-mounted device, according to a recent report. Concept render of Apple's rumored AR headset by Antonio De Rosa In a note to investors seen by MacRumors, eminent analyst Ming-Chi Kuo explained that "Apple's goal is...