Apple Inc shares gained 1.4 per cent to close at $524.47, making its total gain based on month-to-date figures to 4.8 per cent. According to analysts, they are optimistic about Apple Inc shares before the closing bell on the last day of February which will also mark the day Apple is set to hold its annual shareholders' meeting.
Apple's annual meeting will be held in the company's Loop corporate headquarters, and it will showcase various proposals endorsed by both Apple Inc and its shareholders. Among the proposals to be presented are the usual measures for board approval of Ernst & Young as Apple Inc's external auditor.
Apple's board has also proposed the elimination of a "blank check" authority to issue preferred stock. Changes to the process of electing board members and common stock considerations are also on the agenda for Apple's shareholder meeting.
The board has proposed a non-binding measure regarding the approval of executive compensation. Shareholders are encouraged to vote for all the board's proposed measures.
One of the proposals that would have been included in Apple's annual shareholders meeting was Carl Icahn's buyback proposal. Billionaire activist investor Carl Icahn has decided to drop his $50-billion stock buyback proposal to Apple Inc after respected proxy adviser Institutional Shareholder Services Inc (ISS) criticised his attempts of micromanagement. Apple Inc's CEO Tim Cook has announced in an interview with the Wall Street Journal that the company has recently repurchased $14 billion of its stocks.
In a letter to Apple Inc investors dated Feb 10, Mr Icahn wrote he was backing off from his non-binding proposal that would be forcing the iPhone maker to add another $50 billion to its stock buyback plan. He acknowledged that Apple is now closer to his requested stock repurchase target, following Mr Cook's announcement of the $14-billion buyback.
Apple Inc has surpassed its $500 billion market capitalisation which is half the market cap predicted by analysts in 2012. Despite Apple's shares reaching a new peak price in 2013, the company's valuation remains the same to what it was in spring 2012. Analysts had previously predicted that Apple's market cap will double in a year.