Apple Approves 7-for-1 Stock Split and Plug Power Announces Secondary Offering
Apple Inc. (NASDAQ: AAPL) has announced its first stock split in more than nine years. The company has authorized a 7-for-1 stock split in an effort to be more appealing to investors. The split is scheduled for early June. The company also announced that it would be buying back an additional $30 billion of its stock and has raised its quarterly dividend by 8 percent to $3.29 per share. Apple's recent earnings rose 7 percent to $10.2 billion, or $11.62 per share. Revenue climbed by 5 percent to $45.6 billion.
Apple Inc. and its wholly-owned subsidiaries design, manufacture, and market mobile communication and media devices, personal computers, and portable digital music players worldwide. It also sells software, services, peripherals, networking solutions, and third-party digital content and applications related to its products. The company offers iPhone, a line of smartphones that comprise a phone, music player, and Internet device; iPad, a line of multi-purpose tablets based on Apples iOS Multi-Touch operating system; Mac, a line of desktop and portable personal computers; and iPod, a line of portable digital music and media players, such as iPod touch, iPod nano, iPod shuffle, and iPod classic. It also provides Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and various accessories, service and support offerings; and manufactures the Apple LED Cinema Display and Thunderbolt Display.
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Plug Power Inc. (NASDAQ: PLUG) shares tumbled after the company priced a follow-on offering. Plug Power priced 22.6 million shares at $5.50 a share with the expectation of raising a total of $124.3 million. The company announced on April 22 it had expected to sell 15 million shares. The company plans to use the expected $116.3 million in net proceeds for general corporate purposes, including potential acquisitions. The offering also includes a 30-day option for underwriters to purchase up to an additional 3.4 million shares.
Plug Power Inc., an alternative energy technology provider, is engaged in the design, development, manufacture, and commercialization of fuel cell systems for the industrial off-road markets worldwide. It is focused on proton exchange membrane (PEM) fuel cell and fuel processing technologies and fuel cell/battery hybrid technologies. The companys product line includes GenDrive, a hydrogen fueled PEM fuel cell system providing power to material handling vehicles; GenKey, its turn-key solution offering simplicity to customers transitioning their material handling vehicles to fuel cell power; GenFuel, its hydrogen fueling delivery system; and GenCare, its ongoing maintenance program for both the GenDrive fuel cells and GenFuel products. The company sells its products to businesses, government agencies, and commercial consumers through direct product sales force, original equipment manufacturers, and their dealer networks.
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