Proxy advisory firms back Apple over Icahn's $50B buyback plan

|About: Apple Inc. (AAPL)|By:, SA News Editor

Apple (AAPL) has received a boost after proxy-advisory firms Institutional Shareholder Services and Egan-Jones counseled investors to follow Apple's recommendation and reject Carl Icahn's proposal that the company repurchase $50B in shares.

ISS cited Apple's buybacks and dividend payments as a reason for its opinion. Apple bought back $14B in stock in the fortnight after releasing its latest quarter earnings results, and it has repurchased $40B over the past year.

Shareholders are due to vote on Icahn's proposal at a meeting on February 28.