News Summary: Apple CEO addresses shareholders

Posted at: 02/27/2013 6:08 PM
By The Associated Press

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CORE IDEAS: Apple CEO Tim Cook tried to convince shareholders that they will be rewarded if they hold on to the company’s sagging stock. He told the audience at Apple’s annual shareholders meeting Wednesday that the company is working on some "great stuff" to supplement its iPods, iPhones, iPads and Mac computers.

WITHERING: The collective wealth of Apple shareholders has plunged by $240 billion during the past five months as the company’s stock fell 37 percent from its peak.

BUSHEL OF CASH: Cook didn’t say if Apple will distribute some of its $137 billion cash hoard to shareholders.

(Copyright 2013 by The Associated Press. All Rights Reserved.)