Apple Announces Stunning 7-1 Stock Split And Another Big Increase In Its Buyback Program

Apple's board just approved a big stock split and a boost to its share buyback plan.

The stock will undergo a 7-to-1 split.

And the share repurchase authorization has been increased to $90 billion from $60 billion.

The board also approved an 8% increase in the quarterly cash dividend to $3.29 per share, up from $3.05.

"We are announcing a significant increase to our capital return program," said Tim Cook, Apple's CEO. "We're confident in Apple's future and see tremendous value in Apple's stock, so we're continuing to allocate the majority of our program to share repurchases. We're also happy to be increasing our dividend for the second time in less than two years."

More to come...