Apple repurchased $14 billion of its own shares. CEO Tim Cook told The Wall Street Journal that Apple initiated the buyback in the two weeks after its quarterly earnings report, taking advantage of the stock’s drop the day after the results. Activist investor, Carl Icahn weighed in on the repurchase. He took to Twitter writing:
Shares rose more than one percent to $519.68
Cigna was one of the day’s biggest losers after the insurer posted weak quarterly earnings and a disappointing outlook. The company said costs in its private medicare business were higher, which might continue into this year. That pressured the stock. Shares tumbled nine percent to $77.47.
Shares of IBM rose on reports it might be selling its semiconductor business. Big blue has been spinning off some of its business units as it makes a big push into cloud technologies. Just two weeks ago IBM agreed to sell its low-end server division to Chinese PC maker Lenovo. The stock closed at $177.25 a gain of 1.5%.
Expedia was the biggest gainer in the S&P 500, a day after posting better-than-expected earnings. The travel site operator reported a 21 percent jump in gross bookings. Its deal with rival Travelocity also helped boost hotel room sales. Other online travel agencies including TripAdvisor, Priceline and Orbitz also rose a lot on that report. Expedia, the big winner gained 14 percent to $74.45.