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During 3Q16, $TOL deployed $97.3MM in cash to buy back 3.7MM shares at an average price of $20.33 per share, thereby effectively lowering share count by slightly more than 2%. This brings $TOL's spending on share buybacks in the first nine months of FY16 to $327.6MM for 11.4MM shares, approx. 7% of shares outstanding, at an average price of $28.72.
Apple ($AAPL) reported decline in sales and profits from comparable quarter last year, attributing the decline to announcement of iPhone 7/7s. Sales and profit are being guided higher for next quarter. Apple is a solid company and will continue to dominate tech and consumer electronics segment for a while. Personally, looks like there is little downside in this investment.
Waiting with fingers crossed for $AAPL’s fourth quarter earnings.
Looking ahead to $AAPL earnings release later in the afternoon today? Gene Munster, analyst from Piper Jaffrey and the most respected authority for Apple, had this to say - "The second and slightly larger group of investors believe the tail of the iPhone 7 is irrelevant, and is betting that the iPhone 10th Anniversary will yield a jump in growth from flat to up ~15%."