Apple's stock is on a tear following the electronics giant's announcement it would buy back $60 billion in stock and boost its dividend 15% to $3.05 a share.
The huge buyback plan and dividend increase eclipsed a somewhat disappointing second-quarter earnings report in which profit dipped for the first time in a decade. The company also forecast that its earnings in the current quarter would be lower.
Apple shares are up more than $20 to $426.79 in after-hours trading. The stock closed at $406.13, up $7.64, in regular trading.
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The stock's volatility in the last several months has raised a number of questions about Apple's growth prospects and even whether its chief executive, Tim Cook, should stay on the job. However, the latest moves and the resulting reaction on Wall Street seems to suggest that Apple may have dodged a bullet.