Shares of Apple surged 6% on Friday as investors cheered better-than-expected fiscal second-quarter results and the announcement of the biggest stock buyback program in U.S. corporate history.
In theory, Apple's $110 billion stock buyback program should provide a boost to its share price.
However, recent history shows that spending billions on share repurchases isn't guaranteed to make the stock a runaway winner.
So they've been retiring these shares," Nathan said.
AAPL YTD mountain Shares of Apple are still down year to date despite Friday's bounce.
Persons:
Dan Nathan, they've, Nathan, hasn't, They've, Apple isn't
Organizations:
Apple, RiskReversal Advisors, CNBC, Big Tech, Nasdaq, Mobile