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
146 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
146 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
146 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
146 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

General Apps Messages

iMessage Down for Some Users [Update: Service Restored]

Thursday May 16, 2024 3:00 pm PDT by
The iMessage service that Apple users to send messages to one another appears to be down for some users, and messages are failing to go out or are taking an extra long time to send. There are numerous reports about the issue on social networks and a spike of outage reports on Down Detector, but Apple's System Status page is not yet reporting an outage. Update: Apple's status page says...
iOS 17

Troubling iOS 17.5 Bug Reportedly Resurfacing Old Deleted Photos

Wednesday May 15, 2024 5:29 am PDT by
There are concerning reports on Reddit that Apple's latest iOS 17.5 update has introduced a bug that causes old photos that were deleted – in some cases years ago – to reappear in users' photo libraries. After updating their iPhone, one user said they were shocked to find old NSFW photos that they deleted in 2021 suddenly showing up in photos marked as recently uploaded to iCloud. Other...
iphone 15 pro max vs iphone 16 pro max

iPhone 16 Pro Max Looks This Much Bigger Beside iPhone 15 Pro Max

Thursday May 16, 2024 4:51 am PDT by
This year's upcoming iPhone 16 Pro Max is expected to get a boost in overall size from 6.7-inches to 6.9-inches, and a new image gives us a good idea of how the current iPhone 15 Pro Max compares to what could be Apple's largest ever iPhone. The image above, posted on X by ZONEofTECH, shows a dummy model representing the ‌iPhone 16 Pro‌ Max alongside an actual iPhone 15 Pro Max. Dummy...
iOS 17

iOS 17.5 Bug May Also Resurface Deleted Photos on Wiped, Sold Devices

Friday May 17, 2024 12:24 pm PDT by
A bug in iOS 17.5 is apparently causing photos that have been deleted to reappear, and the issue seems to impact even iPhones and iPads that have been erased and sold off to other people. A Reddit user wiped an iPad following Apple's guidelines in September of 2023 before selling it off to a friend. That friend updated the iPad to iPadOS 17.5 this week, and began seeing the Reddit user's old ...
oled m4 ipad pro grainy display reports

OLED iPad Pro Users Report 'Grainy' Displays, But It May Not Be a Defect

Friday May 17, 2024 5:57 am PDT by
Some new M4 iPad Pro models are exhibiting a visible static grain pattern across the OLED display, according to several user reports on Reddit (1, 2, 3) and the MacRumors Forums. Image credit: MacRumors user bk215 Users who see the grain generally report that it is most noticeable in dark environments with the display set at a low to medium brightness while viewing content with gray or muted...
Delta Hands On Feature

iPhone Emulators on the App Store: Game Boy, N64, PS1, PSP, and More

Thursday May 16, 2024 12:45 pm PDT by
In April, Apple updated its guidelines to allow retro game emulators on the App Store, and several popular emulators have already been released. The emulators released so far allow iPhone users to play games released for older consoles from Nintendo, Sony, SEGA, Atari, and others. A list of some popular emulators available on the App Store so far follows. Released Delta Delta is...