Financial Analysis:

Apple Inc.
Submitted By:
Bhamidiphati, Anusha
Lagurin, Cherry Joy
Yao, Philippe

In Partial Fulfillment of the requirements for FINA 6305 7QA

Submitted To:
Professor Yiwen Gu

University of Dallas
Satish Yasmin & Gupta College of Business

0|PAGE

Table of Contents
I.

Table of Contents

II. Executive Summary

1
2

III. Company Background 3

IV. Financial Ratios 4
i.
ii.
iii.
iv.
v.

V.

Liquidity or Working Capital

Efficiency and Asset Management
Debt Management
Performance
DuPont Ratio

Bond Valuation
i.
ii.
iii.
iv.
v.

Debt Market Value

Debt Structure
Debt Average Maturity
Credit Rating
Creditworthiness

VI. Stock Valuation 9

i.
ii.
iii.
iv.

Stock Valuation Using DDM Model

Key Value Drivers
Comparable and Regression Analysis
Estimated and Actual Stock Price

VII. Capital Budgeting

i.
ii.

11

Capital Budgeting Strategy

NPV, IRR and Payback Period

VIII. Cost of Capital and Capital Structure 14

i.
ii.
iii.
iv.

Cost of Debt
Cost of Equity
Capital Structure
EVA

IX. Conclusion 22
X.

Appendix

24

XI. Reference 53

1|PAGE

Executive Summary
The financial analysis that the team conducted for Apple Inc. is
organized into the following sections:

Company Background
Financial Ratios
Bond Valuation
Stock Valuation
Capital Budgeting
Cost of Capital and Capital Structure
Conclusion

2|PAGE

Company Background
Apple Inc. is an American multinational corporation headquartered in
Cupertino, California, that design, develops, and sells consumer electronics,
computer software, online services, and personal computers. Its best-known
hardware products are the Mac line of computers, the iPod media player,
the iPhone smartphone, and the iPad tablet computer. Its online services
include iCloud, iTunes Store, and App Store. Its consumer software includes
the OS X and iOS operating systems, the iTunes media browser, the Safari
web browser, and the iLife and iWork creativity and productivity suites.
Apple manufactures some Macs in the United States, but most of its
hardware products are currently outsourced in Asia. Most components that
are essential to the business are being supplied by multiple sources.

3|PAGE

Financial Ratios
i.

Liquidity or Working Capital

2014

2013

2012

Current Ratio

1.08

1.68

1.50

Quick Ratio

0.67

1.23

1.04

5083000.00

29628000.00

19111000.00

Working Capital (USD),

in thousands

Current ratio is the ability of a company to meet its short-term

obligations. It is also an indication of a companys relative efficiency.
Apples current ratio for the past three years is above 1, which is
considered as a low current ratio. Having a low current ratio means
that the company is efficient in using its capital, which leads to a high
ROA (Return on Assets).
Quick ratio is used as an indication of a companys short-term
liquidity. Apples quick ratio is lower than its current ratio since Apple
has other listed assets that are more challenging to convert into cash
such as inventories, deferred tax assets, vendor non-trade receivables
and other current assets.
Working capital is a measure of the ability of a company to cover
its short-term liabilities. For 2014, Apple has a working capital of 5.08
B. The companys working capital could be used to expand and
improve their operations using current resources.

ii.

Efficiency and Asset Management

Total Asset Turnover
Fixed Asset Turnover
Daily Sales Outstanding

2014

2013

2012

0.79

0.83

0.89

8.86

10.30

10.13

35.04

28.19

25.72
4|PAGE

The Total Asset Turnover is an indicator of the companys

efficiency in using its assets. For the past three years, Apples total
asset turnover is declining.
Fixed Asset Turnover is the ratio of the companys ability to
generate revenue from its fixed assets investments such as property,
plant and equipment. Apples fixed asset turn over improved from
2012 to 2013 then declined from 3013 to 2014.
Daily Sales Outstanding is the measure of the average number
of days that a company takes before it could collect its revenue after a
sale has been made. For the past three years, Apple shows an
increasing number of DSO days.

iii.

Debt Management
2014

2013

2012

Total Liabilities to Total

Assets

0.52

0.40

0.33

Long-Term Debt to
Capital

0.55

0.46

0.00

Times Interest Earned

139.28

368.79

0.00

Total liabilities to Total Assets is a measure of the companys

total debt relative to its total assets. Apples financial data shows that
for the past three years, the percentage of its assets that were
financed with debt is increasing.
Long-Term Debt to Capitalization is calculated by dividing the
companys long-term debt by the amount of its available capital.
Apples financial data for the past two years shows that a great
portion of their capital were financed via debt. Companies having a

5|PAGE

higher long-term debt to capitalization ratio are considered riskier

than those with lower ratios.
Times Interest Earned (TIE) is a measure of the companys
ability to cover its interest obligations. For 2012, TIE is not
computable since Apple was not availing any debt so there were no
interests to be paid for that year. For 2013 and 2014, the companys
financial data shows that Apple started to avail debt but its earnings
before interest and taxes is very sufficient to cover its interest payable
bonds.

iv.

Performance
2014

2013

2012

Profit Margins

0.22

0.22

0.27

Return on Assets (ROA)

0.17

0.18

0.24

Profit margin indicates the profitability of a company. From

2012 to 2013, there was a slight decline in Apples profit margin and
was retained for 2014.
Return on Assets (ROA) is an indicator of the companys
profitability relative to its assets. Having a higher ROA mean that the
company is earning more money on less investment. Apples financial
data shows that its ROA is deteriorating for the past three years
despite net income growth from 2013 to 2014.

v.

DuPont Ratio
2014
Return on Equity (ROE)

0.28

2013
0.25

2012
0.31

6|PAGE

DuPont Ratio Analysis is a way of decomposing and examining

Return on

Equity (ROE) into three components:

Profit Margin = Income / Revenue
Total Asset Turnover = Revenue / Assets
Financial Leverage = Assets / Equity

By calculating Apples ROE for the past three years, it showed a

decline from 2012 to 2013 and an increase in 2013 to 2014. This
means that Apple has generated more profit from utilizing the money
that the shareholders have invested in 2014 compared to 2013.

7|PAGE

Bond Valuation
Bond valuation is the present value of the bond relative to its future cash
flows.

i.

Debt Market Value

According to Forbes magazine, Apples market cap is $ 483.1
billion that makes it the richest company in the world. This is very
significant because out of this market value, only is finance, the
remaining being just equity for the company.

ii.

Debt Structure
Leverage ratio or the Debt to Equity ratio is an indication of the
relative proportion of shareholders' equity and debt used to finance a
company's assets. In the case of Apple, this ratio was 0% in
September 2012 and 25.67 % in June 2014. This is less than the
benchmark average of 28.3% for an AA rating company and an
indication of lower risk as bond holders have only claims on the
asset of the company.

(Retrieved from: http://ycharts.com/glossary/terms/debt_equity_ratio)

iii.

Debt Average Maturity

Apples Yield to Maturity is 5.62 %. This relative to the 10 years
T-Note of 2.68% gives a Spread of 2.94 %. This low spread of near 0%
makes Apples a near risk free company. The immediate consequence
is that Apple is borrowing for free.
8|PAGE

iv.

Credit Rating
Apples credit rating is AA that makes it debt an Investment
Great Bond. The convention is that an AA company has 19.5% interest
coverage, 27 % return on capital and 28.3% leverage ratio, which is
actually 25.67% for Apple. This good rating is another indication of
the lower default risk due to the nearly debt free status of Apple.

v.

Creditworthiness
The credit worthiness of Apple is great. With a YTM spread of
2.94% relative to the T-Note, its almost certain that Apple will never
default on its debt. Apple is currently enjoying its AA credit rating.
This translates on its low required of return. In addition, Apple is
using this leverage to finance its debt the coupon payment is almost
equals to the YTM; the bond can be qualified as been sold at par
value.

9|PAGE

Stock Valuation
Stock valuation is the present value PV of the future cash flows

i.

Stock Valuation Using DDM Model

Apple stock is listed on the NASDAQ and the ticker is AAPL

DDM: P0 = D1/ (r-g)

P0= Stock valuation, the price of the bond

D1= Dividend payment at the end of first year

r = Required Return Rate of the stock

g= Constant Growth rate of the stock

P0 = 100.85

g = 9.5%

r = 9.96 %

Last dividend paid was D0 = 0.47

D1 = D0 *(1.0996) = 0.47 * (1.0996) = 0.5168

P0 = 0.5168 / (0.0996- 0.095) = 0.5168 / 0.0046 = $112.3478

10 | P A G E

Other things equal, we can say that Apple stock is undervalued. Apple
started paying dividends only in in July 2012. Before, the company had only
focus on investing its revenue or keep it asset.

ii.

Key Value Drivers

The key value drivers of this company are the growth rate and the

required rate of return. In addition, the rating AA is a big driver of the

company growth. With this rating, Apple can borrow for almost free of
charge. Innovation is by far the biggest driver of Apple. With the vision of
Steve Job, Apple was and still the industry leader. This needs to continue for
Apple to keep growing.

iii.

Comparable and Regression Analysis

Beta Apple

Beta HPQ

1.0262417

1.166431

According to the Beta of the different firm in this competition, Apple is

less volatile than Hewlett Parker. On the descriptive statistics table, with a
confidence of 95 %, Apple is not that far away from the index S & P 500.
(Refer to Appendix G and H for Beta Comparison and Analysis)

iv.

Estimated and Actual Stock Price

The actual stock price should be $ 112.3478.

11 | P A G E

It is also due to the credit rating of the company. Though AA rating is

really good, there is still a negative spread that will undermine the value of
the stock by the most skeptical investors.

The debt ratio of 0.26 still is a big chunk of the company value. In
addition, the death of Steve Job was the visionary of the company has really
changed the company name brand value. Innovation has stalled ever since
and there are great chances that the competition could be serious in the
near future.

12 | P A G E

Capital Budgeting
i.

Capital Budgeting Strategy

Apple invests significant amount in the capital expenditures. Steven

Milunovich of UBS securities noted Apples CFO Peter Oppenheimer saying

that Apple spent $10 billion in 2013 on capital expenditures with a yearover-year increase up to $2 billion spending almost as Intel does. Apple
utilizes the Capex in purchasing the tools and machinery for new production
processes. The historic information clearly reveals that, Capex of Apple
have always been on a rapid increase signifying an obvious increase in
revenues as well.

Capital expenditure
Year
$ 1.5 billion
2009
$ 7.2 billion
2012
$ 9 billion
2013
Apples capital investments

Katy Huberty of Morgan Stanley has indicated that Apples capital

expenditure and revenue have been 97% correlated over the last 8 years.
Hence, an increase in the Capex by default indicates an increase in the
revenue.

13 | P A G E

Capital budgeting techniques employed by the companies are not

disclosed in public. Hence, to gain an insight or access this information is
not possible. However, capital budgeting techniques most commonly used
by the firms are discussed below. Capital budgeting process is used to
access profitability of potential capital expenditures. It is also important to
note that; large capex creates long-term value for shareholders.

Each company chooses to use different capital budgeting techniques

depending on the significance of their capital budgeting decisions.

ii.

NPV, IRR and Payback Period

Net Present Value (NPV) is the difference between the present

value of the cash inflows and the present value of the cash outflows. It is
used in capital budgeting to analyze the profitability of an investment or
project.
14 | P A G E

The advantage of using NPV is that it considers time value of money

adjusting all the cash flows in the present day dollar value. Dollars earned
in the future will not be as much worth as the dollars earned today. NPV
formula uses discount rate to address this aspect.

If NPV is used, WACC is to be calculated. With the weighted average

cost of capital (WACC), the amount of cash flow available to all the
shareholders and debtors is captured. It is a known fact that the companys
assets are supported by debts or equity. WACC is the weighted average of
the costs of these financing sources to analyze the interest company has to
pay for the finances.

Management of a firm should accept a project if NPV is positive. The

project should be rejected if NPV is negative. In case of 2 independent
projects with positive NPV, the project with the highest NPV is chosen.

Internal Rate of Return (IRR) is the next capital budgeting

technique. IRR is the discount rate which equates the NPV of all the cash
flows to zero. It also represents the rate of return earned on the capex.
The higher the IRR the more desirable the project is and the better it is to
invest.

Payback period is the third capital budgeting technique. It is the

timeframe needed to recover the initial investment invested in a project.
However, this capital budgeting technique has some drawbacks. Major
drawbacks being:
15 | P A G E

i.
ii.

time value of money is not considered

Short-term projects are favored

Apple undoubtedly has created value in the past few years especially
in the last 3 years. To begin with, by focusing purely on innovation, Apple
has created new products and jobs.

Based on the past data, Apples CapEx is directly proportional to the

revenue.

16 | P A G E

Cost of Capital and Capital Structure

i.

Cost of Debt

(wikinvest, 2014)

(wikinvest, 2014)

Due to the large cash reserves of Apple, it did not have any debt
outstanding prior to 2013. Apple issued $17 billion in debt in 2013 which
17 | P A G E

triggered an increase in the market interest rates. The market price of

bonds has declined and yield-to-maturity has increased ever since.

(Bloomberg, 2013)

Based on coupon rate, the weighted average cost of debt is 1.85%

Based on yield-to-maturity, weighted average cost of debt is 2.54%

ii.

Cost of Equity
Investors need to understand the cost of equity calculation. The last

estimated cost of equity of Apple was at 10.47%. Below is the formula for
cost of equity based on the capital asset pricing model

(Niu, 2014)

18 | P A G E

The capital asset pricing model (CAPM) concept of cost of equity

calculation is that compensation should be done for investors risk. The
calculation encompasses compensation for the investor, the risk premium
and the risk measure beta that compares the Apples returns to the market
over a timeframe.

Using CAPM formula with the below data,

10-year treasury yield for the risk-free rate

Beta=0.66

Aswath Damodarans estimate of equity risk premium=5.38%

Cost of Equity=2.55+0.66(5.38%)

Cost of Equity=6.1%

Beta Analysis:

We performed beta analysis using regression analysis on the S&P

monthly.

The chart below illustrates regression analysis:

19 | P A G E

According to Investopedia, Beta is a measure of the volatility, or

systematic risk, of a security or a portfolio in comparison to the market as a
whole. Apple Beta being more than 1 is an indication that the stock is more
volatile than the market. This is also an indication that the stock has a
higher rate of return which is concurrent to the risk. Investors are getting
rewarded for the risk embedded in Apple stock. Such volatility is common to
the industry.

The complete regression analysis is submitted in the Excel file.

Excerpts from the analysis are below:

20 | P A G E

The regression analysis yielded a Beta for Apple of 1.02. This does not
match above considered beta value.

Weighted Average Cost of Capital:

WACC is the minimum return a company should earn on the

investments/capex to create value. Current market value of debt and equity
should be used for WACC calculation.

Weighted Average Cost of Capital formula is as follows:

According to Apples 10K filing for 2014, effective tax rate = 26.1%.

Apples final cost of equity is 6.1% as discussed above.

21 | P A G E

iii.

Capital Structure
Apples capital structure is

composed of common stock

with

approximately 931.662 million shares outstanding at fiscal year-end

September 30, 2013.

The company has common stock but no preferred

stock. The company issued long-term in April 2013 debt in order to pay a
dividend to customers and to finance their capital expenditures. The table
below illustrates a 4 year look at Apples capital structure and its recently
issued long-term debt. This data was taken from their 10k filings.

Apple (Fiscal Year) Capital Structure in millions:

Sept 2014

Sept 2013

Sept 2012

Long-term debt

28,987

16,960

--

Common Stock

23,313

19,764

16,42
2

Retained Earnings

87,152

104,25
6

Comprehensive
and other

Income

Total Equity
7

101,2
89

1082

(471)

499

111,54

123,54

118,2

10

Optimal Capital Structure:

An optimal capital structure offers a balance between the debt-toequity range and minimizes the cost of capital. Debt financing implies
22 | P A G E

lowest cost of capital as it is tax deductible. It is not an optimal structure as

the risk factor for a firm increases with an increase in debt.

A ratio of short-term debt and long-term debt should be considered

for understanding a companys capital structure. It helps the potential
investors in understanding the risk factor involved with the firm. The
upper-level management of the firm should decide how much debt-equity is
good for the company not reaching bankruptcy. Credit ratings influence the
managements decision.

Apple does not have an ideal capital structure. It remained debt free
till 2013. The debt issued financed capital expenditures. Also, Apple has a
very high credit rating at AA+ which facilitates debt issuance at very low
rates.

iv.

EVA
EVA is the companys financial performance is calculated by

deducting the cost of capital from its operating profit. In Apples context,
EVA is calculated by considering the market value of debt and equity. Cash
flow from assets should be higher than debt and equity times WACC. Then,
value is created the asset cash flow. The information below is extracted
from the 10k report. This implies that cash flow from assets is not sufficient
to create shareholder value.

Data : Apple 10k

Operating

2014

2013

2012

23 | P A G E

activities
Net income

39,510

37,037

41,733

Depreciation and
amortization

7,946

6,757

3,277

Share-based
compensation
expense

2,863

2,253

1,740

Deferred income
tax expense

2,347

1,1,41

4,405

Accounts
receivable, net

(4,232)

(2,172)

(5,551)

Inventories

(76)

(973)

(15)

Vendor non-trade
receivables

(2,220)

223

(1,414)

Other current and

non-current assets

167

1,080

(3,162)

Accounts payable

5,938

2,340

4,467

Deferred revenue

1,460

1,459

2,824

Other current and

non-current
liability

6,010

4,521

2,552

Cash generated by
operating activities

59,713

53,666

50,856

Adjustments to
reconcile net
income to cash
generated by
operating
activities:

Changes in
operating assets
and liabilities:

24 | P A G E

25 | P A G E

Conclusion
Apple is undoubtedly a strong buy. However, determining the primary
competitors for Apple is difficult, as it offers a variety of products catering
different realms of the market. Samsung is the biggest competitor of Apple
in the smart phone market. But, there is no real threat in the tablet
market. However, Amazon and Microsoft just qualify as potential threats.
Also, the long-term viability of Apples competitors is questionable. It has
been observed that the resale value of used Apple devices is more than the
new devices of the competitors.

Last week, on 20th October, Apple announced its financial results for
the fourth quarter of fiscal 2014. This included quarterly revenue of $42.1
billion with quarterly revenue net profit of $8.5 billion. Apple generated
$13.3 billion cash flow from operations depicting an increase from $10.3
billion generated the previous quarter.

The chart below compares the stock performance of Apple, Amazon

and Google. Apple is down year-to-year by 30% especially since its all time
high in September 2012.

26 | P A G E

(Weigand,
2013)

However, by comparing the revenue per share value of Apple against

Google, Apple is a clear winner.

(Weigand, 2013)

Hence, it is safe to conclude that Apple is a safe buy with the

continuous innovation and timely introduction of new products like iWatch,
iPad Air etc. Apple always has new products with new features imbibed with
high brand value and long-term viability.

27 | P A G E

Appendix
A. Apple Inc. Balance Sheet
Apple Inc (NMS: AAPL)

Exchange rate used is that of the Year End reported date

As Reported Annual Balance Sheet

Report Date

09/27/201
4

09/28/201
3

09/29/201
2

Currency

USD

USD

USD

Audit Status

Not
Qualified

Not
Qualified

Not
Qualified

Consolidated

Yes

Yes

Yes

Scale

Thousand
s

Thousand
s

Thousand
s

Cash & cash equivalents

13844000

14259000

10746000

Short-term marketable securities

11233000

26287000

18383000

Accounts receivable, gross

17546000

13201000

11028000

Allowances

86000

99000

98000

Accounts receivable, net

17460000

13102000

10930000

Components

471000

683000

Finished goods

1640000

1081000

Inventories

2111000

1764000

791000

Deferred tax assets

4318000

3453000

2583000

Vendor non-trade receivables

9759000

7539000

7762000

Other current assets

9806000

6882000

6458000

Total current assets

68531000

73286000

57653000

Long-term marketable securities

130162000

106215000

92122000

Land & buildings

4863000

3309000

2439000

Machinery, equipment, & internal-use software

29639000

21242000

15743000

Office furniture & equipment

241000

Leasehold improvements

4513000

3968000

3464000

Gross property, plant & equipment

39015000

28519000

21887000

Accumulated depreciation & amortization

18391000

11922000

6435000

Property, plant & equipment, net

20624000

16597000

15452000

Goodwill

4616000

1577000

1135000
28 | P A G E

Acquired intangible assets, net

4142000

4179000

4224000

Other assets

3764000

5146000

5478000

Total assets

231839000

207000000

176064000

Accounts payable

30196000

22367000

21175000

Accrued warranty & related costs

4159000

2967000

1638000

Accrued marketing & selling expenses

2321000

1291000

910000

Accrued taxes

1209000

1200000

1535000

Accrued compensation & employee benefits

1209000

959000

735000

Deferred margin on component sales

1057000

1262000

1492000

Other current liabilities

8498000

6177000

5104000

Accrued expenses

18453000

13856000

11414000

Deferred revenue

8491000

7435000

5953000

Commercial paper

6308000

Total current liabilities

63448000

43658000

38542000

Deferred revenue - non-current

3031000

2625000

2648000

Long-term debt

28987000

16960000

Deferred tax liabilities

20259000

16489000

13847000

Other non-current liabilities

4567000

3719000

2817000

Other non-current liabilities

24826000

20208000

16664000

Total liabilities

120292000

83451000

57854000

Common stock

23313000

19764000

16422000

Retained earnings

87152000

104256000

101289000

Cumulative foreign currency translation

-242000

-105000

8000

Unrecognized gains (losses) on derivative instruments

1364000

-175000

-240000

Unrealized gains (losses) on marketable securities

-40000

-191000

731000

Accumulated other comprehensive income (loss)

1082000

-471000

499000

Total shareholders' equity

111547000

123549000

118210000

Retrieved from Mergent Online: http://dbproxy.udallas.edu:2070/companyfinancials.php?

pagetype=asreported&compnumber=12161&period=Annuals&dataarea=BS&range=3&cu
rrency=AsRep&scale=AsRep&Submit=Refresh

B. Apple Inc. Income Statement

Apple Inc (NMS: AAPL)

Exchange rate used is that of the Year End reported date

As Reported Annual Income Statement

Report Date

09/27/201

09/28/201

09/29/201
29 | P A G E

Currency

USD

USD

USD

Audit Status

Not
Qualified

Not
Qualified

Not
Qualified

Consolidated

Yes

Yes

Yes

Scale

Thousand
s

Thousand
s

Thousand
s

Net sales

18279500
0

17091000
0

15650800
0

Cost of sales

11225800
0

10660600
0

87846000

Gross margin

70537000

64304000

68662000

Research & development expense

6041000

4475000

3381000

Selling, general & administrative expense

11993000

10830000

10040000

Total operating expenses

18034000

15305000

13421000

Operating income (loss)

52503000

48999000

55241000

Interest & dividend income

1795000

1616000

1088000

Interest expense

384000

136000

Other income (expense), net

-431000

-324000

-566000

Other income (expenses), net

980000

1156000

522000

Income (loss) before provision for income taxes

53483000

50155000

55763000

Current federal income tax expense (benefit)

8624000

9334000

7240000

Deferred federal income tax expense (benefit)

3183000

1878000

5018000

Total federal income tax expense (benefit)

11807000

11212000

12258000

Current state income tax expense (benefit)

855000

1084000

1182000

Deferred state income tax expense (benefit)

-178000

-311000

-123000

Total state income tax expense (benefit)

677000

773000

1059000

Current foreign income tax expense (benefit)

2147000

1559000

1203000

Deferred foreign income tax expense (benefit)

-658000

-426000

-490000

Total foreign income tax expense (benefit)

1489000

1133000

713000

Provision for (benefit from) income taxes

13973000

13118000

14030000

Net income (loss)

39510000

37037000

41733000

Weighted average shares outstanding - basic

6085572

6477317

6543726

Weighted average shares outstanding - diluted

6122663

6521634

6617485

Year end shares outstanding

5866161

6294491

6574456

Net earnings (loss) per common share - basic

6.49

5.719

6.377

Net earnings (loss) per common share - diluted

6.45

5.679

6.307

Cash dividends declared per common share

1.82

1.629

0.379

Number of full time employees

92600

80300

72800
30 | P A G E

Number of part time employees

4400

4100

3300

Number of common stockholders

26112

24710

27696

Retrieved from Mergent Online: http://dbproxy.udallas.edu:2070/companyfinancials.php?

pagetype=asreported&compnumber=12161&period=Annuals&dataarea=PL&range=3&cu
rrency=AsRep&scale=AsRep&Submit=Refresh

C. Apple Inc. Retained Earnings

Apple Inc (NMS: AAPL)

Exchange rate used is that of the Year End reported date

As Reported Annual Retained Earnings

Report Date

09/27/201
4

09/28/201
3

09/29/201
2

Currency

USD

USD

USD

Audit Status

Not
Qualified

Not
Qualified

Not
Qualified

Consolidated

Yes

Yes

Yes

Scale

Thousand
s

Thousand
s

Thousand
s

Previous retained earnings

10425600
0

10128900
0

62841000

Dividends & dividend equivalent rights declared

11215000

10676000

2523000

Repurchased of common stock

45000000

22950000

Common stock issued under stock plans, net of shares

withheld for employee taxes

444000

762000

Common stock issued, net of shares withheld for employee

taxes

399000

Retained earnings

87152000

10425600
0

10128900
0

Retrieved from Mergent Online: http://dbproxy.udallas.edu:2070/companyfinancials.php?

pagetype=asreported&compnumber=12161&period=Annuals&dataarea=RE&range=3&c
urrency=AsRep&scale=AsRep&Submit=Refresh

31 | P A G E

D. Apple Inc. Cash Flow

Apple Inc (NMS: AAPL)

Exchange rate used is that of the Year End reported date

As Reported Annual Cash Flow

Report Date

09/27/201
4

09/28/201
3

09/29/201
2

Currency

USD

USD

USD

Audit Status

Not
Qualified

Not
Qualified

Not
Qualified

Consolidated

Yes

Yes

Yes

Scale

Thousand
s

Thousand
s

Thousand
s

Cash & cash equivalents, beginning of the year

14259000

10746000

9815000

Net income (loss)

39510000

37037000

41733000

Depreciation & amortization

7946000

6757000

3277000

Share-based compensation expense

2863000

2253000

1740000

Deferred income tax expense (benefit)

2347000

1141000

4405000

Accounts receivable, net

-4232000

-2172000

-5551000

Inventories

-76000

-973000

-15000

Vendor non-trade receivables

-2220000

223000

-1414000

Other current & non-current assets

167000

1080000

-3162000

Accounts payable

5938000

2340000

4467000

Deferred revenue

1460000

1459000

2824000
32 | P A G E

Other current & non-current liabilities

6010000

4521000

2552000

Net cash flows from operating activities

59713000

53666000

50856000

Purchases of marketable securities

21712800
0

14848900
0

15123200
0

Proceeds from maturities of marketable securities

18810000

20317000

13035000

Proceeds from sales of marketable securities

18930100
0

10413000
0

99770000

Payments made in connection with business acquisitions, net

-3765000

-496000

-350000

Payment for acquisition of property, plant & equipment

-9571000

-8165000

-8295000

Payment for acquisition of intangible assets

-242000

-911000

-1107000

Other cash flow from investing activities

16000

-160000

-48000

Net cash flows from investing activities

-22579000

-33774000

-48227000

Proceeds from issuance of common stock

730000

530000

665000

Excess tax benefits from equity awards

739000

701000

1351000

Taxes paid related to net share settlement of equity awards

-1158000

-1082000

-1226000

Dividends & dividend equivalent rights declared

-10564000

-2488000

Dividends & dividend equivalent paid

-11126000

Repurchases of common stock

-45000000

-22860000

Proceeds from issuance of long-term debt, net

11960000

16896000

Proceeds from issuance of commercial paper, net

6306000

Net cash flows from financing activities

-37549000

-16379000

-1698000

Increase (decrease) in cash & cash equivalents

-415000

3513000

931000

Cash & cash equivalents, end of the year

13844000

14259000

10746000

Cash paid (received) for income taxes, net

10026000

9128000

7682000

Cash paid during the year for interest

339000

Retrieved from Mergent Online: http://dbproxy.udallas.edu:2070/companyfinancials.php?

pagetype=asreported&compnumber=12161&period=Annuals&dataarea=CF&range=3&c
urrency=AsRep&scale=AsRep&Submit=Refresh

33 | P A G E

E. Apple Inc. Stock

Date

Open

High

Low

Close

Avg Vol

Adj Close*

13-Oct-14

101.
33

101.
78

95.1
8

97.6
7

71,633,2
00

97.67

6-Oct-14

99.9
5

102.
38

98.3
1

100.
73

55,998,0
00

100.73

29-Sep-14

98.6
5

101.
54

98.0
4

99.6
2

49,449,7
00

99.62

22-Sep-14

101.
8

102.
94

97.7
2

100.
75

67,661,3
00

100.75

15-Sep-14

102.
81

103.
05

98.8
9

100.
96

59,357,9
00

100.96

8-Sep-14

99.3

103.
08

96.1
4

101.
66

92,311,9
00

101.66

2-Sep-14

103.
06

103.
74

97.7
9

98.9
7

80,668,1
00

98.97

25-Aug-14

101.
79

102.
9

100.
7

102.
5

46,609,7
00

102.5

18-Aug-14

98.4
9

101.
47

97.9
8

101.
32

49,396,7
00

101.32

11-Aug-14

95.2
7

98.1
9

94.8
4

97.9
8

35,872,6
00

97.98

4-Aug-14

96.3
7

96.5
8

93.2
8

94.7
4

44,605,0
00

94.74

28-Jul-14

97.8
2

99.4
4

94.8
1

96.1
3

47,365,0
00

95.65

21-Jul-14

94.9
9

97.8
8

93.7
2

97.6
7

55,278,4
00

97.19

14-Jul-14

95.8
6

97.1

92.5
7

94.4
3

49,815,1
00

93.96

7-Jul-14

94.1
4

96.8

93.5
2

95.2
2

46,366,0
00

94.75

30-Jun-14

92.1

94.1

92.0
9

94.0
3

34,792,2
00

93.56

23-Jun-14

91.3
2

92

89.6
5

91.9
8

43,251,4
00

91.52

16-Jun-14

91.5
1

92.7
5

90.9

90.9
1

47,045,4
00

90.46

9-Jun-14

92.7

95.0
5

90.8
8

91.2
8

58,629,4
00

90.83
34 | P A G E

2-Jun-14

633.
96

651.
26

622.
5

645.
57

82,564,3
00

91.77

27-May-14

615.
88

644.
17

615.
63

633

100,302,
600

89.98

19-May-14

597.
85

614.
73

597.
33

614.
13

59,121,0
00

87.3

12-May-14

587.
49

597.
53

585.
4

597.
51

52,322,6
00

84.94

5-May-14

590.
14

604.
41

580.
33

585.
54

73,319,5
00

83.23

28-Apr-14

572.
8

599.
43

572.
55

592.
58

94,953,3
00

83.77

21-Apr-14

525.
34

571.
99

523.
96

571.
94

96,511,9
00

80.85

14-Apr-14

521.
9

527.
76

511.
33

524.
94

60,704,0
00

74.21

7-Apr-14

528.
02

532.
24

517.
14

519.
61

62,563,9
00

73.45

31-Mar-14

539.
23

543.
48

530.
58

531.
82

49,372,2
00

75.18

24-Mar-14

538.
42

549

534.
25

536.
86

68,017,8
00

75.89

17-Mar-14

527.
7

536.
24

525.
2

532.
87

60,819,6
00

75.33

10-Mar-14

528.
36

539.
66

523

524.
69

57,603,8
00

74.17

3-Mar-14

523.
42

534.
75

522.
81

530.
44

55,210,1
00

74.98

24-Feb-14

523.
15

532.
75

515.
6

526.
24

73,546,4
00

74.39

18-Feb-14

546

551.
19

524.
6

525.
25

72,416,4
00

74.25

10-Feb-14

518.
66

545.
98

518

543.
99

75,811,9
00

76.9

3-Feb-14

502.
61

522.
93

499.
3

519.
68

86,726,7
00

73.46

27-Jan-14

550.
07

554.
8

493.
55

500.
6

163,325,
500

70.34

21-Jan-14

540.
99

557.
29

540.
42

546.
07

96,319,1
00

76.73

13-Jan-14

529.
91

560.
2

529.
88

540.
67

87,935,5
00

75.97
35 | P A G E

6-Jan-14

537.
45

546.
86

531.
11

532.
94

78,623,7
00

74.89

30-Dec-13

557.
46

561.
28

540.
43

540.
98

68,991,6
00

76.02

23-Dec-13

568

571.
88

559.
5

560.
09

68,672,1
00

78.7

16-Dec-13

555.
02

562.
64

538.
8

549.
02

91,754,0
00

77.15

9-Dec-13

560.
9

570.
97

553.
67

554.
43

77,679,7
00

77.91

2-Dec-13

558

575.
14

550.
82

560.
02

104,662,
700

78.69

25-Nov-13

521.
02

558.
33

521

556.
07

82,016,9
00

78.14

18-Nov-13

524.
99

527.
19

513.
67

519.
8

56,677,6
00

73.04

11-Nov-13

519.
99

529.
28

514.
41

524.
99

61,464,4
00

73.77

4-Nov-13

521.
1

528.
89

512.
38

520.
56

63,757,6
00

73.15

28-Oct-13

529.
04

539.
25

514.
54

520.
03

104,549,
900

72.65

21-Oct-13

511.
77

533.
23

508.
03

525.
96

98,422,5
00

73.48

14-Oct-13

489.
83

509.
26

489.
35

508.
89

68,860,4
00

71.09

7-Oct-13

486.
56

493.
84

478.
28

492.
81

72,563,8
00

68.85

30-Sep-13

477.
25

492.
35

474.
41

483.
03

74,242,2
00

67.48

23-Sep-13

496.
1

496.
91

480.
72

482.
75

95,433,5
00

67.44

16-Sep-13

461

478.
55

447.
22

467.
41

125,189,
600

65.3

9-Sep-13

505

507.
92

464.
7

464.
9

134,273,
300

64.95

3-Sep-13

493.
1

502.
24

487.
35

498.
22

79,553,4
00

69.6

26-Aug-13

500.
75

510.
2

486

487.
22

78,735,8
00

68.07

19-Aug-13

504.
34

513.
74

498.
2

501.
02

83,601,2
00

69.99
36 | P A G E

12-Aug-13

456.
86

504.
25

456.
63

502.
33

142,767,
300

70.18

5-Aug-13

464.
69

471.
89

453.
65

454.
45

73,760,6
00

63.49

29-Jul-13

440.
8

462.
85

440.
2

462.
54

68,073,6
00

64.19

22-Jul-13

429.
46

444.
59

418.
71

440.
99

79,938,7
00

61.2

15-Jul-13

425.
01

434.
87

424.
17

424.
95

57,252,3
00

58.98

12-Jul-13

427.
65

429.
79

423.
41

426.
51

69,890,8
00

59.19

8-Jul-13

420.
11

429.
79

410.
38

426.
51

73,617,0
00

59.19

1-Jul-13

402.
69

423.
29

401.
22

417.
42

85,992,0
00

57.93

24-Jun-13

407.
4

408.
66

388.
87

396.
53

103,919,
700

55.03

17-Jun-13

431.
44

435.
7

408.
1

413.
5

80,190,4
00

57.39

10-Jun-13

444.
73

449.
08

428.
5

430.
05

77,959,5
00

59.69

3-Jun-13

450.
73

454.
43

432.
77

441.
81

88,857,0
00

61.32

28-May-13

449.
9

457.
1

439.
4

449.
73

90,909,0
00

62.42

20-May-13

431.
91

448.
35

430.
1

445.
15

98,991,3
00

61.78

13-May-13

451.
51

457.
9

418.
9

433.
26

126,839,
400

60.13

6-May-13

455.
71

465.
75

450.
48

452.
97

109,316,
600

62.87

29-Apr-13

420.
45

453.
23

420

449.
98

131,095,
100

62.04

22-Apr-13

392.
64

418.
77

391.
27

417.
2

160,637,
200

57.52

15-Apr-13

427

427.
89

385.
1

390.
53

142,196,
000

53.84

8-Apr-13

424.
85

437.
99

422.
49

429.
8

77,517,4
00

59.26

1-Apr-13

441.
9

443.
7

419.
68

423.
2

101,230,
500

58.35
37 | P A G E

25-Mar-13

464.
69

469.
95

441.
62

442.
66

98,094,1
00

61.03

18-Mar-13

441.
45

462.
1

441.
2

461.
91

110,999,
700

63.69

11-Mar-13

429.
75

444.
23

425.
14

443.
66

114,676,
600

61.17

4-Mar-13

427.
8

435.
43

419

431.
72

127,069,
700

59.52

25-Feb-13

453.
85

455.
12

429.
98

430.
47

116,819,
600

59.35

19-Feb-13

461.
1

462.
73

442.
82

450.
81

105,620,
200

62.16

11-Feb-13

476.
5

484.
94

459.
92

460.
16

117,438,
500

63.44

4-Feb-13

453.
91

478.
81

442

474.
98

149,095,
500

65.49

28-Jan-13

437.
83

462.
6

435.
86

453.
62

131,632,
400

62.18

22-Jan-13

504.
56

514.
99

435

439.
88

249,495,
900

60.3

14-Jan-13

502.
68

510.
75

483.
38

500

161,419,
300

68.54

7-Jan-13

522

531.
89

515.
2

520.
3

115,106,
000

71.32

31-Dec-12

510.
53

555

509

527

135,456,
800

72.24

24-Dec-12

520.
35

524.
25

504.
66

509.
59

80,474,2
00

69.85

17-Dec-12

508.
93

534.
9

501.
23

519.
33

145,530,
900

71.19

10-Dec-12

525

549.
56

505.
58

509.
79

167,240,
600

69.88

3-Dec-12

593.
65

594.
59

518.
63

533.
25

196,511,
900

73.1

26-Nov-12

575.
9

594.
25

572.
26

585.
28

129,539,
600

80.23

19-Nov-12

540.
71

572

539.
88

571.
5

131,993,
700

78.34

12-Nov-12

554.
15

554.
5

505.
75

527.
68

179,136,
300

72.33

5-Nov-12

583.
52

590.
74

533.
72

547.
06

184,188,
000

74.99
38 | P A G E

31-Oct-12

594.
88

603

574.
75

576.
8

122,556,
200

78.71

22-Oct-12

612.
42

635.
38

591

604

174,358,
100

82.42

15-Oct-12

632.
35

652.
79

609.
62

609.
84

129,601,
000

83.21

8-Oct-12

646.
88

647.
56

623.
55

629.
71

149,652,
100

85.93

1-Oct-12

671.
16

676.
75

650.
65

652.
59

128,030,
000

89.05

24-Sep-12

686.
86

695.
12

660.
35

667.
1

143,213,
000

91.03

17-Sep-12

699.
35

705.
07

693.
62

700.
09

100,328,
300

95.53

10-Sep-12

680.
45

696.
98

656

691.
28

145,152,
400

94.33

4-Sep-12

665.
76

682.
48

664.
5

680.
44

89,070,6
00

92.85

27-Aug-12

679.
99

680.
87

657.
25

665.
24

76,912,6
00

90.77

20-Aug-12

650.
01

674.
88

648.
11

663.
22

142,444,
800

90.5

13-Aug-12

623.
39

648.
19

623.
25

648.
11

78,681,9
00

88.44

6-Aug-12

617.
29

625

615.
26

621.
7

62,691,8
00

84.83

30-Jul-12

590.
92

617.
98

587.
82

615.
7

95,152,5
00

83.65

23-Jul-12

594.
4

609.
68

570

585.
16

137,049,
500

79.51

16-Jul-12

605.
12

615.
35

603.
15

604.
3

84,095,9
00

82.11

9-Jul-12

605.
3

619.
87

592.
68

604.
97

105,007,
700

82.2

2-Jul-12

584.
73

614.
34

583.
6

605.
88

96,569,9
00

82.32

25-Jun-12

577.
3

584

565.
61

584

74,412,6
00

79.35

18-Jun-12

570.
96

590

570.
37

582.
1

88,579,1
00

79.09

11-Jun-12

587.
72

588.
5

566.
7

574.
13

100,052,
600

78.01
39 | P A G E

4-Jun-12

561.
5

580.
58

548.
5

580.
32

103,697,
400

78.85

29-May-12

570.
9

581.
5

560.
52

560.
99

120,162,
500

76.22

21-May-12

534.
5

576.
5

534.
05

562.
29

136,780,
500

76.4

14-May-12

562.
57

567.
51

522.
18

530.
38

141,968,
500

72.06

7-May-12

561.
5

575.
88

558.
73

566.
71

108,541,
000

77

30-Apr-12

597.
8

598.
4

565.
17

565.
25

123,253,
700

76.8

23-Apr-12

570.
61

618

555

603

194,562,
300

81.93

16-Apr-12

610.
06

620.
25

570.
42

572.
98

244,827,
500

77.85

9-Apr-12

626.
13

644

603.
51

605.
23

182,892,
900

82.23

5-Apr-12

626.
98

634.
66

623.
4

633.
68

160,324,
500

86.1

2-Apr-12

601.
83

634.
66

600.
38

633.
68

99,182,2
00

86.1

26-Mar-12

599.
79

621.
45

595.
26

599.
55

159,880,
400

81.46

19-Mar-12

598.
37

609.
65

589.
05

596.
05

170,814,
900

80.98

12-Mar-12

548.
98

600.
01

547

585.
57

225,109,
300

79.56

5-Mar-12

545.
42

547.
74

516.
22

545.
17

167,663,
000

74.07

27-Feb-12

521.
31

548.
21

516.
28

545.
18

160,748,
100

74.07

21-Feb-12

506.
88

522.
9

504.
12

522.
41

129,499,
800

70.98

13-Feb-12

499.
53

526.
29

486.
63

502.
12

198,204,
500

68.22

6-Feb-12

458.
38

497.
62

458.
2

493.
42

124,452,
100

67.04

30-Jan-12

445.
71

460

445.
39

459.
68

75,723,3
00

62.46

23-Jan-12

422.
67

454.
45

419.
55

447.
28

121,785,
400

60.77
40 | P A G E

17-Jan-12

424.
2

431.
37

419.
75

420.
3

74,712,5
00

57.11

9-Jan-12

425.
5

427.
75

418.
66

419.
81

65,295,7
00

57.04

3-Jan-12

409.
4

422.
75

409

422.
4

71,987,8
00

57.39

27-Dec-11

403.
1

409.
09

400.
51

405

55,586,1
00

55.03

19-Dec-11

382.
47

403.
59

380.
48

403.
33

65,372,5
00

54.8

12-Dec-11

391.
68

395.
4

377.
68

381.
02

86,228,1
00

51.77

5-Dec-11

393.
49

396.
41

386.
76

393.
62

80,945,2
00

53.48

28-Nov-11

372.
35

393.
63

370.
2

389.
7

94,722,1
00

52.95

21-Nov-11

370.
4

377.
93

363.
32

363.
57

96,252,1
00

49.4

14-Nov-11

383.
52

391.
14

374.
88

374.
94

103,238,
200

50.94

7-Nov-11

399.
91

408

380.
26

384.
62

131,397,
000

52.26

31-Oct-11

402.
42

409.
33

393.
22

400.
24

99,412,8
00

54.38

24-Oct-11

396.
18

409

393.
15

404.
95

110,318,
800

55.02

17-Oct-11

421.
74

426.
7

390.
75

392.
87

192,111,
000

53.38

10-Oct-11

379.
09

422

378.
21

422

133,502,
000

57.34

3-Oct-11

380.
37

384.
78

354.
24

369.
8

201,864,
300

50.24

26-Sep-11

399.
86

409.
25

381.
18

381.
32

153,686,
900

51.81

19-Sep-11

397

422.
86

395.
2

404.
3

186,017,
400

54.93

12-Sep-11

373

400.
5

371.
9

400.
5

127,972,
400

54.42

6-Sep-11

367.
37

388.
61

366.
48

377.
48

115,077,
900

51.29

29-Aug-11

388.
18

392.
08

371.
83

374.
05

106,422,
100

50.82
41 | P A G E

22-Aug-11

364.
51

383.
8

355.
09

383.
58

166,562,
000

52.12

15-Aug-11

379.
63

384.
97

356

356.
03

151,433,
900

48.37

8-Aug-11

361.
69

379.
64

353.
02

376.
99

218,800,
900

51.22

1-Aug-11

397.
78

399.
5

362.
57

373.
62

203,044,
100

50.76

25-Jul-11

390.
35

404.
5

384

390.
48

147,616,
500

53.05

18-Jul-11

365.
43

396.
27

365.
28

393.
3

168,820,
100

53.44

11-Jul-11

356.
34

365

348.
62

364.
92

110,046,
100

49.58

5-Jul-11

343

360

342.
5

359.
71

105,561,
000

48.87

27-Jun-11

327.
59

343.
5

327.
25

343.
26

87,246,3
00

46.64

20-Jun-11

317.
36

333.
15

310.
5

326.
35

126,208,
800

44.34

13-Jun-11

327.
2

333.
25

318.
33

320.
26

109,442,
400

43.51

6-Jun-11

345.
7

347.
05

325.
51

325.
9

101,724,
700

44.28

31-May-11

341.
1

352.
13

341

343.
44

101,529,
400

46.66

23-May-11

329.
97

338.
56

329.
42

337.
41

71,295,5
00

45.84

16-May-11

339.
2

342.
41

330.
73

335.
22

91,801,2
00

45.55

9-May-11

347.
86

350

340.
35

340.
5

73,547,7
00

46.26

2-May-11

349.
74

351.
83

345.
5

346.
66

88,070,7
00

47.1

25-Apr-11

350.
34

354.
99

345.
52

350.
13

116,443,
100

47.57

18-Apr-11

326.
1

355.
13

320.
16

350.
7

155,234,
600

47.65

11-Apr-11

334.
06

336.
14

326.
8

327.
46

96,310,6
00

44.49

4-Apr-11

344.
31

344.
6

333.
95

335.
06

104,816,
800

45.52
42 | P A G E

28-Mar-11

353.
15

354.
32

343.
3

344.
56

84,217,1
00

46.82

21-Mar-11

335.
99

352.
06

335.
26

351.
54

98,097,1
00

47.76

14-Mar-11

353.
18

356.
48

326.
26

330.
67

186,584,
300

44.93

7-Mar-11

361.
4

361.
67

344.
9

351.
99

116,718,
200

47.82

28-Feb-11

351.
24

360.
29

347.
68

360

120,792,
800

48.91

22-Feb-11

342.
15

348.
43

337.
72

348.
16

151,520,
600

47.3

14-Feb-11

356.
79

364.
9

349.
52

350.
56

121,119,
400

47.63

7-Feb-11

347.
89

360

347.
64

356.
85

132,246,
500

48.48

31-Jan-11

335.
8

346.
7

334.
3

346.
5

88,923,6
00

47.08

24-Jan-11

326.
87

345.
6

326.
72

336.
1

125,275,
500

45.67

18-Jan-11

329.
52

348.
6

326

326.
72

283,487,
500

44.39

10-Jan-11

338.
83

348.
48

337.
17

348.
48

90,043,9
00

47.35

3-Jan-11

325.
64

336.
35

324.
84

336.
12

81,104,9
00

45.67

31-Dec-10

322.
95

323.
48

321.
31

322.
56

48,377,0
00

43.83

27-Dec-10

322.
85

326.
66

321.
31

322.
56

107,582,
100

43.83

20-Dec-10

321.
6

325.
72

318.
23

323.
6

70,690,2
00

43.97

13-Dec-10

324.
37

325.
06

319

320.
61

95,854,7
00

43.56

6-Dec-10

318.
64

323.
99

317.
11

320.
56

85,926,6
00

43.55

29-Nov-10

315.
5

319

310.
87

317.
44

110,716,
200

43.13

22-Nov-10

306.
68

317.
7

305.
87

315

97,739,6
00

42.8

15-Nov-10

308.
46

310.
54

297.
76

306.
73

121,002,
000

41.68
43 | P A G E

8-Nov-10

317.
2

321.
3

303.
63

308.
03

110,333,
000

41.85

1-Nov-10

302.
22

320.
18

302.
2

317.
13

118,495,
400

43.09

25-Oct-10

309.
09

311.
6

300.
87

300.
98

108,297,
800

40.89

18-Oct-10

318.
47

319

300.
02

307.
47

198,582,
800

41.78

11-Oct-10

294.
74

315

292.
49

314.
74

148,694,
000

42.76

4-Oct-10

281.
6

294.
5

277.
77

294.
07

133,747,
000

39.96

27-Sep-10

293.
98

294.
73

275

282.
52

155,452,
700

38.39

20-Sep-10

276.
08

293.
53

275.
85

292.
32

167,382,
300

39.72

13-Sep-10

265.
82

277.
96

265.
52

275.
37

125,643,
900

37.41

7-Sep-10

256.
64

266.
52

256.
25

263.
41

105,951,
600

35.79

30-Aug-10

240.
76

258.
78

240.
35

258.
77

121,866,
500

35.16

23-Aug-10

251.
79

252

235.
56

241.
62

131,418,
500

32.83

16-Aug-10

247.
58

254.
67

246.
62

249.
64

94,585,1
00

33.92

9-Aug-10

261.
48

262.
15

246.
12

249.
1

113,244,
600

33.85

2-Aug-10

260.
44

264.
28

257.
63

260.
09

100,003,
900

35.34

26-Jul-10

260

265.
99

254.
9

257.
25

130,866,
200

34.95

19-Jul-10

249.
88

265.
15

239.
6

259.
94

223,190,
300

35.32

12-Jul-10

258.
53

261.
85

246.
43

249.
9

221,528,
700

33.95

6-Jul-10

251

262.
9

246.
16

259.
62

152,578,
600

35.27

28-Jun-10

266.
93

269.
75

243.
2

246.
94

208,724,
100

33.55

21-Jun-10

277.
69

279.
01

265.
81

266.
7

176,321,
400

36.24
44 | P A G E

14-Jun-10

255.
96

275

254.
01

274.
07

181,459,
400

37.24

7-Jun-10

258.
29

259.
15

242.
2

253.
51

203,222,
800

34.44

1-Jun-10

259.
69

265.
94

254.
63

255.
96

185,839,
500

34.78

24-May-10

247.
28

259.
4

237.
16

256.
88

206,739,
800

34.9

17-May-10

254.
7

258.
55

231.
35

242.
32

253,902,
300

32.92

10-May-10

250.
25

265

248.
53

253.
82

192,333,
400

34.49

3-May-10

263.
84

267.
88

199.
25

235.
86

251,157,
200

32.05

26-Apr-10

271.
88

272.
46

256.
41

261.
09

152,405,
900

35.47

19-Apr-10

247.
03

272.
18

241.
77

270.
83

193,901,
100

36.8

12-Apr-10

242.
2

251.
14

241.
11

247.
4

108,532,
200

33.61

5-Apr-10

234.
98

241.
92

234.
77

241.
79

133,359,
900

32.85

29-Mar-10

233

238.
73

231.
62

235.
97

131,366,
200

32.06

22-Mar-10

220.
47

231.
95

220.
15

230.
9

141,989,
500

31.37

15-Mar-10

225.
38

226.
45

220.
25

222.
25

114,646,
100

30.2

8-Mar-10

220.
01

227.
73

217.
89

226.
6

138,419,
500

30.79

1-Mar-10

205.
75

219.
7

205.
45

218.
95

137,717,
700

29.75

22-Feb-10

202.
34

205.
17

195.
71

204.
62

129,940,
500

27.8

16-Feb-10

201.
94

204.
31

200.
86

201.
67

113,651,
800

27.4

8-Feb-10

195.
69

201.
64

194

200.
38

134,366,
600

27.23

1-Feb-10

192.
37

200.
2

190.
85

195.
46

183,575,
200

26.56

25-Jan-10

202.
51

213.
71

190.
25

192.
06

353,741,
600

26.1
45 | P A G E

19-Jan-10

208.
33

215.
55

197.
16

197.
75

177,005,
100

26.87

11-Jan-10

212.
8

213

204.
1

205.
93

134,477,
100

27.98

4-Jan-10

213.
43

215.
59

209.
05

211.
98

128,626,
800

28.8

(Retrieved from: Yahoo Finance)

F. HP Stock
Date

Open

High

Low

Close

Avg Vol

Adj Close*

13-Oct-14

33.22

34.48

31.62

34.16

18,367,90
0

34.16

6-Oct-14

37.1

37.53

33.48

33.5

24,770,90
0

33.5

29-Sep-14

35.05

35.65

33.93

35.2

10,410,20
0

35.2

22-Sep-14

37.19

37.19

35.03

35.37

9,473,400

35.37

15-Sep-14

36.54

37.38

36.01

36.79

8,649,700

36.79

8-Sep-14

37.25

37.47

36.5

36.56

8,237,200

36.56

2-Sep-14

38

38.25

37.17

37.58

8,492,700

37.42

25-Aug-14

36.99

38.2

36.78

38

9,555,200

37.84

18-Aug-14

35.51

37.4

34.87

36.84

18,209,30
0

36.68

11-Aug-14

35.43

35.75

34.86

35.07

7,788,400

34.92

4-Aug-14

35.28

35.45

34.45

35.17

6,063,700

35.02

28-Jul-14

35.4

36.21

34.47

35.19

10,260,90
0

35.04

21-Jul-14

34.78

35.57

34.39

35.43

7,538,600

35.28

14-Jul-14

34.2

35.12

34

34.81

12,371,00
0

34.66

7-Jul-14

33.91

34.18

33.24

33.97

6,971,900

33.83

30-Jun-14

33.89

34.42

33.64

34

7,384,600

33.86

23-Jun-14

34.38

34.57

33.45

33.91

8,782,000

33.77

16-Jun-14

35.06

35.07

34.21

34.22

8,054,000

34.07

9-Jun-14

33.69

35.2

33.14

35.16

10,388,30
0

35.01

2-Jun-14

33.37

33.99

33.05

33.84

7,231,800

33.54

27-May-14

33.5

33.83

32.8

33.5

13,184,30
0

33.2

19-May-14

32.55

34.09

31.21

33.72

20,477,00

33.42
46 | P A G E

0
12-May-14

32.4

33.34

32.19

32.52

7,073,500

32.23

5-May-14

32.29

32.81

31.85

32.36

6,966,600

32.07

28-Apr-14

31.65

33.28

31.5

32.49

9,921,300

32.2

21-Apr-14

32.04

32.44

31.43

31.58

11,672,40
0

31.3

14-Apr-14

32.6

33.29

31.45

31.93

14,949,30
0

31.64

7-Apr-14

32.9

33.9

31.94

32.45

16,548,40
0

32.16

31-Mar-14

32.29

33.66

32.25

32.64

13,719,40
0

32.35

24-Mar-14

32.02

33.12

31.6

32.04

14,258,70
0

31.75

17-Mar-14

29.25

32.41

29.23

31.95

19,397,50
0

31.66

10-Mar-14

30.05

30.26

28.75

29.07

8,647,200

28.81

3-Mar-14

29.26

30.48

28.82

30.34

9,744,100

29.92

24-Feb-14

29.66

30.36

29.45

29.88

11,380,20
0

29.47

18-Feb-14

30

30.71

29.1

29.79

20,669,10
0

29.38

10-Feb-14

29.01

30.12

28.64

30.02

9,031,800

29.61

3-Feb-14

29.06

29.29

27.89

29.07

9,749,100

28.67

27-Jan-14

28.53

29.42

28.38

29

12,855,50
0

28.6

21-Jan-14

29.8

30.13

28.39

28.49

12,311,40
0

28.1

13-Jan-14

27.71

30.05

27.7

29.8

17,812,90
0

29.39

6-Jan-14

28.3

28.55

27.27

27.7

14,426,20
0

27.32

30-Dec-13

28.24

28.5

27.45

28.34

10,741,80
0

27.95

23-Dec-13

27.99

28.7

27.75

28.19

7,262,900

27.8

16-Dec-13

26.74

28.23

26.65

27.79

16,626,40
0

27.41

9-Dec-13

27.61

27.68

26.29

26.77

14,235,30
0

26.4

2-Dec-13

27.24

28.7

27.03

27.7

21,120,30
0

27.18

47 | P A G E

25-Nov-13

25.33

27.68

25.09

27.35

25,939,50
0

26.83

18-Nov-13

25.32

25.38

24.77

25.26

12,866,80
0

24.78

11-Nov-13

25.9

26.59

24.84

25.21

15,432,70
0

24.73

4-Nov-13

25.94

26.28

25.15

25.94

14,160,20
0

25.45

28-Oct-13

23.99

26.15

23.64

25.92

16,651,00
0

25.43

21-Oct-13

23.52

24.39

23.45

24

10,465,10
0

23.55

14-Oct-13

22.62

23.63

22.4

23.48

13,205,60
0

23.04

7-Oct-13

21

23.51

20.25

22.8

27,971,40
0

22.37

30-Sep-13

20.94

21.62

20.8

21.26

12,598,00
0

20.86

23-Sep-13

21.21

21.59

20.96

21.17

12,968,30
0

20.77

16-Sep-13

22.29

22.34

21.22

21.22

17,702,30
0

20.82

9-Sep-13

22.33

22.45

21.7

22.07

14,389,70
0

21.65

3-Sep-13

22.49

22.7

22.01

22.42

14,254,40
0

21.85

26-Aug-13

22.36

22.69

21.92

22.34

15,172,20
0

21.78

19-Aug-13

26.3

26.53

21.81

22.4

27,592,90
0

21.84

12-Aug-13

26.67

27.58

25.83

26.42

13,456,80
0

25.75

5-Aug-13

26.75

27.15

26.23

26.77

9,732,300

26.1

29-Jul-13

25.96

27.78

25.57

27

15,981,50
0

26.32

22-Jul-13

25.25

26.28

25.15

25.99

11,020,80
0

25.33

15-Jul-13

26.33

26.52

25.06

25.14

14,263,50
0

24.51

12-Jul-13

26.39

26.5

26.1

26.19

11,333,80
0

25.53

8-Jul-13

25.71

26.71

25.11

26.19

13,226,10

25.53
48 | P A G E

0
1-Jul-13

24.95

25.75

24.76

25.58

10,141,30
0

24.94

24-Jun-13

23.94

24.92

23.19

24.8

15,263,10
0

24.17

17-Jun-13

24.88

25.87

24.11

24.15

16,701,30
0

23.54

10-Jun-13

24.66

25.49

24.09

24.74

14,463,50
0

24.12

3-Jun-13

24.46

25.2

23.71

24.81

16,302,70
0

24.04

28-May-13

24.4

25.47

24.21

24.42

22,053,50
0

23.67

20-May-13

21.24

24.95

21.03

24.21

34,871,60
0

23.46

13-May-13

21.45

21.71

20.77

21.27

15,983,50
0

20.61

6-May-13

20.66

21.68

20.44

21.54

12,419,10
0

20.87

29-Apr-13

20.04

20.95

19.92

20.63

13,284,90
0

19.99

22-Apr-13

19.69

20.35

19.31

19.97

23,668,70
0

19.35

15-Apr-13

20.77

21.15

19.07

19.56

18,527,30
0

18.96

8-Apr-13

22.05

22.45

20.61

20.9

22,989,20
0

20.25

1-Apr-13

23.73

24.05

21.79

21.97

28,668,60
0

21.29

25-Mar-13

23.08

23.93

22.91

23.84

26,314,80
0

23.1

18-Mar-13

22.25

23.58

22.2

23.04

34,612,90
0

22.33

11-Mar-13

20.81

22.18

20.77

22.18

20,460,50
0

21.49

4-Mar-13

20.07

21.33

19.79

21

21,728,80
0

20.22

25-Feb-13

19.21

20.36

19.03

20.15

31,492,00
0

19.4

19-Feb-13

16.85

19.83

16.57

19.2

51,577,90
0

18.49

11-Feb-13

16.86

17.22

16.68

16.79

13,423,90

16.17
49 | P A G E

0
4-Feb-13

16.31

17.06

16.03

16.87

18,838,00
0

16.25

28-Jan-13

17.02

17.17

16.16

16.46

20,910,10
0

15.85

22-Jan-13

17.2

17.44

16.83

16.99

20,112,70
0

16.36

14-Jan-13

16.45

17.45

16.37

17.11

40,103,10
0

16.48

7-Jan-13

15.19

16.73

14.84

16.16

32,374,90
0

15.56

31-Dec-12

13.65

15.72

13.6

15.14

35,774,50
0

14.58

24-Dec-12

14.29

14.33

13.63

13.68

14,709,70
0

13.17

17-Dec-12

14.72

14.83

14.04

14.34

27,281,40
0

13.81

10-Dec-12

13.85

14.81

13.71

14.75

33,790,30
0

14.2

3-Dec-12

13.17

14.2

12.82

13.94

34,783,70
0

13.3

26-Nov-12

12.4

13.09

12.22

12.99

29,157,70
0

12.39

19-Nov-12

12.97

13.4

11.35

12.44

69,599,40
0

11.87

12-Nov-12

13.65

13.72

12.36

12.85

25,963,30
0

12.26

5-Nov-12

13.68

14.48

13.6

13.61

20,898,20
0

12.98

31-Oct-12

14.18

14.23

13.68

13.76

25,649,20
0

13.13

22-Oct-12

14.41

14.72

13.94

14.09

19,114,50
0

13.44

15-Oct-12

14.44

14.85

14.25

14.48

22,341,60
0

13.81

8-Oct-12

14.57

14.82

14.02

14.41

32,552,90
0

13.75

1-Oct-12

17.2

17.62

14.24

14.73

62,684,80
0

14.05

24-Sep-12

17.46

17.46

16.23

17.06

26,558,60
0

16.27

17-Sep-12

18.24

18.46

17.45

17.59

18,500,00

16.78
50 | P A G E

0
10-Sep-12

17.39

18.56

17.34

18.17

22,382,10
0

17.33

4-Sep-12

16.82

17.75

16.81

17.42

19,484,40
0

16.49

27-Aug-12

17.65

17.74

16.77

16.88

24,087,10
0

15.98

20-Aug-12

19.55

20.26

17.5

17.58

34,413,60
0

16.64

13-Aug-12

19.69

20.07

19.18

19.52

15,078,40
0

18.48

6-Aug-12

18.29

19.75

18.23

19.7

23,668,30
0

18.65

30-Jul-12

18.45

18.64

17.41

18.26

21,513,20
0

17.29

23-Jul-12

18.38

18.69

17.73

18.57

18,117,90
0

17.58

16-Jul-12

18.87

19.5

18.5

18.61

18,782,50
0

17.62

9-Jul-12

19.53

19.83

18.77

18.98

21,574,80
0

17.97

2-Jul-12

20.11

20.43

19.45

19.57

12,311,50
0

18.53

25-Jun-12

20.18

20.27

19.12

20.11

18,032,20
0

19.04

18-Jun-12

21.5

21.61

20.22

20.37

19,224,70
0

19.28

11-Jun-12

22.36

22.43

21.34

21.64

13,096,20
0

20.49

4-Jun-12

21.29

22.75

20.87

22.31

15,779,60
0

20.99

29-May-12

22.38

22.88

21.2

21.25

24,223,80
0

20

21-May-12

21.42

22.66

20.57

22.33

33,665,30
0

21.01

14-May-12

23

23.18

21.28

21.46

18,287,90
0

20.2

7-May-12

24.19

24.23

22.92

23.15

16,847,40
0

21.79

30-Apr-12

24.66

25.4

24.2

24.27

13,445,40
0

22.84

23-Apr-12

24.26

24.99

24.06

24.75

13,184,20

23.29
51 | P A G E

0
16-Apr-12

24.78

25.15

24.17

24.51

17,375,40
0

23.07

9-Apr-12

22.89

25.14

22.85

24.57

25,121,40
0

23.12

5-Apr-12

23.15

23.37

23.08

23.11

14,733,10
0

21.75

2-Apr-12

23.88

24.06

23.08

23.11

18,381,40
0

21.75

26-Mar-12

23.86

23.97

23.37

23.83

19,393,00
0

22.43

19-Mar-12

24.53

24.6

22.91

23.63

27,277,70
0

22.24

12-Mar-12

23.97

24.64

23.91

24.49

20,575,60
0

23.05

5-Mar-12

25.18

25.23

24.02

24.18

22,166,30
0

22.64

27-Feb-12

26.32

26.61

25.17

25.32

27,596,40
0

23.71

21-Feb-12

29.52

29.72

26.57

26.64

35,553,30
0

24.95

13-Feb-12

28.87

30

28.42

29.59

15,005,10
0

27.71

6-Feb-12

28.98

29.56

28.49

28.7

13,327,50
0

26.87

30-Jan-12

27.26

29.21

27.23

29.07

13,034,30
0

27.22

23-Jan-12

27.94

28.88

27.6

27.88

14,750,20
0

26.11

17-Jan-12

26.74

28.18

26.4

28.13

14,083,20
0

26.34

9-Jan-12

26.39

26.99

26.33

26.49

11,897,70
0

24.8

3-Jan-12

26.32

26.83

26.25

26.4

12,515,10
0

24.72

27-Dec-11

25.67

25.98

25.13

25.76

10,767,80
0

24.12

19-Dec-11

25.95

26.17

25.02

25.88

14,972,70
0

24.23

12-Dec-11

27.07

27.85

25.83

25.84

22,235,10
0

24.2

5-Dec-11

27.98

28.67

27.52

27.9

18,934,90

26.01
52 | P A G E

0
28-Nov-11

25.99

28.5

25.62

27.68

25,171,90
0

25.81

21-Nov-11

27.04

27.39

25.25

25.39

29,478,20
0

23.67

14-Nov-11

27.56

28.59

26.82

27.99

19,845,90
0

26.1

7-Nov-11

27.05

28.11

26.25

27.58

16,432,90
0

25.71

31-Oct-11

27.4

27.56

25.35

26.97

16,186,30
0

25.15

24-Oct-11

25.6

28.57

24.84

27.94

20,355,10
0

26.05

17-Oct-11

25.84

25.94

24.25

25.38

16,954,10
0

23.66

10-Oct-11

25.33

26.34

25.14

26.11

17,498,10
0

24.34

3-Oct-11

22.68

25.63

21.84

24.88

29,840,90
0

23.2

26-Sep-11

22.59

24.5

22.42

22.45

32,442,00
0

20.93

19-Sep-11

23.1

25.1

21.5

22.32

52,862,80
0

20.81

12-Sep-11

22.13

23.59

22.13

23.53

22,867,50
0

21.94

6-Sep-11

23.28

24.67

22.5

22.65

26,753,80
0

21.01

29-Aug-11

24.95

26.46

24.32

24.34

20,846,30
0

22.57

22-Aug-11

24.16

25.33

24.05

24.82

34,515,10
0

23.02

15-Aug-11

32.35

34

22.75

23.6

56,974,20
0

21.89

8-Aug-11

31.13

32.36

29.75

32.32

29,015,20
0

29.97

1-Aug-11

35.4

35.5

31.52

32.63

21,936,70
0

30.26

25-Jul-11

36.27

37.7

35.1

35.17

17,572,80
0

32.62

18-Jul-11

34.98

37.12

34.8

36.7

16,093,10
0

34.04

11-Jul-11

36

36

34.97

35.09

15,022,00

32.54
53 | P A G E

0
5-Jul-11

36.78

37

35.8

36.43

15,975,70
0

33.79

27-Jun-11

35.05

37.24

34.91

37.05

17,044,70
0

34.36

20-Jun-11

34.79

35.65

34.55

34.9

20,553,70
0

32.37

13-Jun-11

35.13

35.32

33.95

35

26,868,40
0

32.46

6-Jun-11

35.99

36.24

35.14

35.25

14,845,20
0

32.58

31-May-11

37.28

37.52

36

36.11

19,826,90
0

33.37

23-May-11

35.58

37.04

35.44

36.96

25,420,00
0

34.16

16-May-11

40.2

40.34

35.91

35.98

43,490,60
0

33.25

9-May-11

40.79

41.74

40.22

40.41

12,695,00
0

37.35

2-May-11

40.69

41.52

39.8

40.81

14,040,40
0

37.72

25-Apr-11

41.06

41.3

39.99

40.37

16,461,50
0

37.31

18-Apr-11

39.96

41.2

39.16

40.99

13,939,60
0

37.89

11-Apr-11

40.71

41.55

40.12

40.26

14,058,70
0

37.21

4-Apr-11

40.65

41.8

40.2

40.7

17,526,70
0

37.62

28-Mar-11

42.42

42.83

37.6

40.98

18,005,90
0

37.88

21-Mar-11

41.85

43.28

41.35

42.53

15,612,40
0

39.31

14-Mar-11

41.31

42.15

40.1

41.32

24,185,20
0

38.19

7-Mar-11

42.9

43.05

41.26

41.73

17,020,50
0

38.5

28-Feb-11

43.06

43.86

42.06

42.61

22,133,60
0

39.31

22-Feb-11

47.57

48.55

42.08

42.68

52,774,80
0

39.37

14-Feb-11

48.45

49.12

47.54

48.67

12,584,90

44.9
54 | P A G E

0
7-Feb-11

47.71

49.39

47.61

48.64

16,815,80
0

44.87

31-Jan-11

45.41

47.53

45.13

47.43

14,894,10
0

43.75

24-Jan-11

46.69

47.83

45.36

45.51

16,812,40
0

41.98

18-Jan-11

46.14

47.64

45.76

47.23

20,651,10
0

43.57

10-Jan-11

44.86

46.4

44.57

46.25

16,157,30
0

42.67

3-Jan-11

42.22

45.39

42.22

45.09

20,000,50
0

41.59

31-Dec-10

42.19

42.38

41.84

42.1

7,473,400

38.84

27-Dec-10

41.49

42.62

41.47

42.1

19,308,10
0

38.84

20-Dec-10

41.73

42.1

41.29

41.74

13,406,90
0

38.5

13-Dec-10

42.06

42.19

41

41.96

20,067,70
0

38.71

6-Dec-10

42.54

43.25

42.09

42.62

15,946,10
0

39.24

29-Nov-10

42.58

43.27

41.8

43.03

19,784,20
0

39.62

22-Nov-10

42.95

44.44

42.15

43.2

30,649,60
0

39.78

15-Nov-10

42.32

43.01

40.77

42.49

21,132,60
0

39.12

8-Nov-10

43.63

44.65

42.02

42.21

17,369,10
0

38.87

1-Nov-10

42.17

44.56

42.07

43.72

16,777,30
0

40.26

25-Oct-10

42.96

43.23

41.88

42.04

15,954,90
0

38.71

18-Oct-10

42.69

43.47

41.92

42.87

17,568,00
0

39.47

11-Oct-10

41.25

42.84

40.82

42.82

18,219,50
0

39.43

4-Oct-10

40.86

41.3

40.36

41.15

23,412,50
0

37.89

27-Sep-10

41.16

43.15

40.25

40.77

34,411,50
0

37.54
55 | P A G E

20-Sep-10

39.25

41.7

39

40.98

23,426,60
0

37.73

13-Sep-10

38.45

40.62

37.97

39.14

31,524,40
0

36.04

7-Sep-10

39.75

40.16

38.08

38.28

23,543,50
0

35.17

30-Aug-10

38.88

40.49

38.03

40.34

23,563,80
0

37.07

23-Aug-10

39.94

40

37.32

38

29,878,90
0

34.92

16-Aug-10

40.51

41.7

39.33

39.85

26,576,80
0

36.62

9-Aug-10

43.47

43.84

39.95

40.45

82,803,00
0

37.17

2-Aug-10

46.59

47.8

41.85

41.85

16,194,30
0

38.45

26-Jul-10

46.1

47.83

45.71

46.04

14,790,50
0

42.3

19-Jul-10

46.4

46.95

45.27

46.15

16,059,60
0

42.4

12-Jul-10

45.02

47.97

45.02

46.2

12,831,10
0

42.45

6-Jul-10

43.37

45.59

42.79

45.25

15,369,90
0

41.58

28-Jun-10

45.89

46.46

42.31

42.81

19,418,10
0

39.34

21-Jun-10

48.37

48.5

45.35

45.92

15,571,50
0

42.19

14-Jun-10

47.87

48.62

46.83

47.98

16,699,70
0

44.09

7-Jun-10

46.18

47.28

45.03

47.19

16,377,80
0

43.29

1-Jun-10

45.85

47.72

45.5

46.05

19,510,70
0

42.24

24-May-10

46.28

47.09

44.17

46.01

19,885,80
0

42.2

17-May-10

47.45

48.28

44.8

46.58

26,346,20
0

42.73

10-May-10

49.02

50.33

46.59

47.43

19,981,00
0

43.51

3-May-10

52.04

52.95

41.94

46.73

24,450,20
0

42.86
56 | P A G E

26-Apr-10

53.93

54.6

51.92

51.97

15,602,00
0

47.67

19-Apr-10

53.45

54.03

52.51

53.9

11,348,90
0

49.44

12-Apr-10

53.79

54.75

53.53

53.75

11,672,50
0

49.3

5-Apr-10

53.28

53.97

52.77

53.87

9,626,100

49.41

29-Mar-10

53.42

53.75

52.82

53.24

10,979,40
0

48.84

22-Mar-10

52.13

53.79

52.13

53.42

14,301,80
0

49

15-Mar-10

52.16

52.95

51.91

52.49

14,167,60
0

48.15

8-Mar-10

51.65

52.43

51.38

52.36

11,226,10
0

47.96

1-Mar-10

50.68

52.25

50.68

52.03

12,829,00
0

47.65

22-Feb-10

50.71

51

49.93

50.79

12,673,30
0

46.52

16-Feb-10

48.94

51

48.79

50.79

19,576,40
0

46.52

8-Feb-10

47.15

48.85

47.05

48.46

15,546,90
0

44.38

1-Feb-10

47.37

48.89

46.46

47.32

17,189,70
0

43.34

25-Jan-10

49.55

50.5

46.8

47.07

19,453,00
0

43.11

19-Jan-10

52.1

52.79

49.25

49.29

16,004,60
0

45.14

11-Jan-10

52.58

52.94

51.65

52.47

12,746,50
0

48.06

4-Jan-10

51.54

52.74

51.32

52.59

11,599,40
0

48.17

(Retrieved from: Yahoo Finance)

G. Competition Performance
Return Apple

Mean

Return HPQ

0.005633
133

Mean

Return S & P 500

0.000249

Mean

0.0021962
54
57 | P A G E

653
Standard Error

0.002490
935

Standard Error

0.002929
271

Standard Error

0.0012989
94

Median

0.006304
872

Median

0.000285
388

Median

0.0029655
61

Mode

Mode

Mode

Standard Deviation

0.039542
37

Standard
Deviation

0.046500
736

Standard
Deviation

0.0206208
85

Sample Variance

0.001563
599

Sample
Variance

0.002162
318

Sample
Variance

0.0004252
21

Kurtosis

0.343522
03

Kurtosis

4.902588
596

Kurtosis

1.6962488
09

Skewness

0.037366
09

Skewness

0.789675
053

Skewness

0.2640996
57

Range

0.261543
424

Range

0.413078
508

Range

0.1457748
84

Minimum

0.120221
768

Minimum

0.269602
936

Minimum

0.0718884
45

Maximum

0.141321
656

Maximum

0.143475
572

Maximum

0.0738864
39

Sum

1.419549
477

Sum

0.062912
462

Sum

0.5534559
01

Count

252

Count

252

Count

252

Confidence
Level(95.0%)

0.004905
798

Confidence
Level(95.0%)

0.005769
083

Confidence
Level(95.0%)

0.0025583
16

58 | P A G E

H.Beta Comparison
Date

Adj
Close*(Apple
)

Adj
Close*(HPQ)

Adj
Close*(S &
P500)

Return Apple

Return HPQ

Return S &
P 500

13-Oct-14

97.67

34.16

1,886.76

0.03037823
9

0.01970149

0.010161
951

6-Oct-14

100.73

33.5

1,906.13

0.01114234
1

-0.04829545

0.031388
79

29-Sep14

99.62

35.2

1,967.90

0.01121588
1

-0.00480633

0.007539
653

22-Sep14

100.75

35.37

1,982.85

0.00208003
2

-0.03859744

0.013703
741

15-Sep14

100.96

36.79

2,010.40

0.00688569
7

0.00629103

0.012520
523

8-Sep-14

101.66

36.56

1,985.54

0.02717995
4

-0.02298236

0.011042
431

2-Sep-14

98.97

37.42

2,007.71

0.03443902
4

-0.01109937

0.002166
35

25-Aug14

102.5

37.84

2,003.37

0.01164626
9

0.03162486

0.007528
666

18-Aug14

101.32

36.68

1,988.40

0.03408859

0.05040092

0.017053
185

11-Aug14

97.98

34.92

1,955.06

0.03419886

-0.00285551

0.012150
612

4-Aug-14

94.74

35.02

1,931.59

0.00951385
3

-0.00057078

0.003345
194

28-Jul-14

95.65

35.04

1,925.15

0.01584525
2

-0.00680272

0.026886
177

21-Jul-14

97.19

35.28

1,978.34

0.03437633

0.01788806

6.06606E
-05

14-Jul-14

93.96

34.66

1,978.22

0.00833773
1

0.02453444

0.005412
768

7-Jul-14

94.75

33.83

1,967.57

0.01271911

-0.000886

59 | P A G E

0.009000
524

30-Jun-14

93.56

33.86

1,985.44

0.02229021

0.00266509

0.012483
681

23-Jun-14

91.52

33.77

1,960.96

0.01171788
6

-0.0088054

0.000973
065

16-Jun-14

90.46

34.07

1,962.87

0.00407354
4

-0.02684947

0.013795
347

9-Jun-14

90.83

35.01

1,936.16

0.01024299
9

0.04382826

0.006812
213

2-Jun-14

91.77

33.54

1,949.44

0.01989331

0.01024096

0.013448
952

27-May14

89.98

33.2

1,923.57

0.03069874

-0.00658288

0.012122
934

19-May14

87.3

33.42

1,900.53

0.02778431
8

0.03692212

0.012072
252

12-May14

84.94

32.23

1,877.86

0.02054547
6

0.00498909

0.000330
054

5-May-14

83.23

32.07

1,878.48

0.00644622
2

-0.00403727

0.001414
036

28-Apr-14

83.77

32.2

1,881.14

0.03611626
5

0.02875399

0.009520
232

21-Apr-14

80.85

31.3

1,863.40

0.08947581
2

-0.01074589

0.000777
542

14-Apr-14

74.21

31.64

1,864.85

0.01034717
5

-0.01616915

0.027075
106

7-Apr-14

73.45

32.16

1,815.69

0.02301143
9

-0.00587326

0.026486
657

31-Mar-14

75.18

32.35

1,865.09

0.00935564
6

0.01889764

0.004021
275

24-Mar-14

75.89

31.75

1,857.62

0.00743395
7

0.0028427

0.004768
232

17-Mar-14

75.33

31.66

1,866.52

0.01563974
7

0.09892398

0.013790
444
60 | P A G E

10-Mar-14

74.17

28.81

1,841.13

0.01080288
1

-0.03709893

0.019653
469

3-Mar-14

74.98

29.92

1,878.04

0.00793117
4

0.01526977

0.009997
58

24-Feb-14

74.39

29.47

1,859.45

0.00188552
2

0.00306331

0.012634
445

18-Feb-14

74.25

29.38

1,836.25

0.03446033
8

-0.00776765

0.001294
442

10-Feb-14

76.9

29.61

1,838.63

0.04682820
6

0.03278689

0.023155
001

3-Feb-14

73.46

28.67

1,797.02

0.04435598
5

0.00244755

0.008094
963

27-Jan-14

70.34

28.6

1,782.59

0.08327903

0.01779359

0.004300
979

21-Jan-14

76.73

28.1

1,790.29

0.01000394
9

-0.04389248

0.026328
384

13-Jan-14

75.97

29.39

1,838.70

0.01442115
1

0.07576867

0.001991
999

6-Jan-14

74.89

27.32

1,842.37

0.01486450
9

-0.02254025

0.006006
432

30-Dec13

76.02

27.95

1,831.37

0.03405336
7

0.00539568

0.005446
943

23-Dec13

78.7

27.8

1,841.40

0.02009073
2

0.01422838

0.012693
035

16-Dec13

77.15

27.41

1,818.32

0.00975484
5

0.03825758

0.024220
986

9-Dec-13

77.91

26.4

1,775.32

0.00991231
4

-0.02869757

0.016492
252

2-Dec-13

78.69

27.18

1,805.09

0.00703864
9

0.0130451

0.000398
713

25-Nov13

78.14

26.83

1,805.81

0.06982475
4

0.08272801

0.000581
795

18-Nov-

73.04

24.78

1,804.76

0.00202184

0.003659
61 | P A G E

0.00989562
2

13

255

11-Nov13

73.77

24.73

1,798.18

0.00847573
5

-0.02829077

0.015570
905

4-Nov-13

73.15

25.45

1,770.61

0.00688231
2

0.00078647

0.005091
846

28-Oct-13

72.65

25.43

1,761.64

0.01129559
1

0.07983015

0.001062
639

21-Oct-13

73.48

23.55

1,759.77

0.03361935
6

0.02213542

0.008753
224

14-Oct-13

71.09

23.04

1,744.50

0.03253449
5

0.02995083

0.024248
473

7-Oct-13

68.85

22.37

1,703.20

0.02030231
2

0.07238734

0.007512
57

30-Sep13

67.48

20.86

1,690.50

0.00059312

0.00433317

0.000738
88

23-Sep13

67.44

20.77

1,691.75

0.03277182
2

-0.00240154

0.010620
442

16-Sep13

65.3

20.82

1,709.91

0.00538876
1

-0.03833718

0.012985
859

9-Sep-13

64.95

21.65

1,687.99

0.06681034
5

-0.00915332

0.019828
779

3-Sep-13

69.6

21.85

1,655.17

0.02247686
2

0.00321396

0.013594
861

26-Aug13

68.07

21.78

1,632.97

0.02743249

-0.00274725

0.018352
87

19-Aug13

69.99

21.84

1,663.50

0.00270732
4

-0.15184466

0.004632
118

12-Aug13

70.18

25.75

1,655.83

0.10537092
5

-0.01340996

0.021041
492

5-Aug-13

63.49

26.1

1,691.42

0.01090512
5

-0.00835866

0.010674
575

29-Jul-13

64.19

26.32

1,709.67

0.04885620
9

0.03908409

0.010652
322

22-Jul-13

61.2

25.33

1,691.65

0.03763987

0.03345573

62 | P A G E

0.000260
033

15-Jul-13

58.98

24.51

1,692.09

0.00354789
7

-0.039953

0.007082
532

12-Jul-13

59.19

25.53

1,680.19

8-Jul-13

59.19

25.53

1,680.19

0.02175038
8

0.02365678

0.029597
583

1-Jul-13

57.93

24.94

1,631.89

0.05269852
8

0.03185767

0.015943
671

24-Jun-13

55.03

24.17

1,606.28

0.04112214
7

0.02676296

0.008697
4

17-Jun-13

57.39

23.54

1,592.43

0.03853241
7

-0.02404643

0.021085
245

10-Jun-13

59.69

24.12

1,626.73

0.02658186
6

0.00332779

0.010131
558

3-Jun-13

61.32

24.04

1,643.38

0.01762255
7

0.0156316

0.007751
082

28-May13

62.42

23.67

1,630.74

0.01035934

0.00895141

0.011433
075

20-May13

61.78

23.46

1,649.60

0.02744054
5

0.13828239

0.010716
834

13-May13

60.13

20.61

1,667.47

0.04358199
5

-0.01245807

0.020670
87

6-May-13

62.87

20.87

1,633.70

0.01337846
6

0.04402201

0.011942
369

29-Apr-13

62.04

19.99

1,614.42

0.07858136
3

0.03307494

0.020338
255

22-Apr-13

57.52

19.35

1,582.24

0.06835066
9

0.02056962

0.017354
123

15-Apr-13

53.84

18.96

1,555.25

0.09146135
7

-0.0637037

0.021147
371

8-Apr-13

59.26

20.25

1,588.85

0.01559554
4

-0.04884922

0.022899
928

1-Apr-13

58.35

21.29

1,553.28

-0.07835498

63 | P A G E

0.04391283

0.010138
989

25-Mar-13

61.03

23.1

1,569.19

0.04176479
8

0.03448276

0.007900
365

18-Mar-13

63.69

22.33

1,556.89

0.04119666
5

0.03908795

0.002441
212

11-Mar-13

61.17

21.49

1,560.70

0.02772177
4

0.0628091

0.006137
263

4-Mar-13

59.52

20.22

1,551.18

0.00286436
4

0.04226804

0.021723
093

25-Feb-13

59.35

19.4

1,518.20

0.04520592

0.04921579

0.001715
492

19-Feb-13

62.16

18.49

1,515.60

0.02017654
5

0.14347557

0.002756
96

11-Feb-13

63.44

16.17

1,519.79

0.03130248
9

-0.00492308

0.001225
353

4-Feb-13

65.49

16.25

1,517.93

0.05323255
1

0.02523659

0.003145
714

28-Jan-13

62.18

15.85

1,513.17

0.03117744
6

-0.03117359

0.006793
261

22-Jan-13

60.3

16.36

1,502.96

0.12022176
8

-0.00728155

0.011426
803

14-Jan-13

68.54

16.48

1,485.98

0.03897924
8

0.05912596

0.009462
994

7-Jan-13

71.32

15.56

1,472.05

0.01273532
7

0.06721536

0.003805
056

31-Dec12

72.24

14.58

1,466.47

0.03421617
8

0.1070615

0.045663
598

24-Dec12

69.85

13.17

1,402.43

0.01882286
8

-0.04634323

0.019382
582

17-Dec12

71.19

13.81

1,430.15

0.01874642
2

-0.02746479

0.011722
011

10-Dec12

69.88

14.2

1,413.58

0.04404924
8

0.06766917

0.003166
275
64 | P A G E

3-Dec-12

73.1

13.3

1,418.07

-0.0888695

0.07344633

0.001334
576

26-Nov12

80.23

12.39

1,416.18

0.02412560
6

0.04380792

0.004988
823

19-Nov12

78.34

11.87

1,409.15

0.08309138
7

-0.03181077

0.036231
138

12-Nov12

72.33

12.26

1,359.88

0.03547139
6

-0.05546995

0.014472
588

5-Nov-12

74.99

12.98

1,379.85

0.04726210
1

-0.01142422

0.024289
351

31-Oct-12

78.71

13.13

1,414.20

0.04501334
6

-0.02306548

0.001600
635

22-Oct-12

82.42

13.44

1,411.94

0.00949405
1

-0.02679218

0.014827
064

15-Oct-12

83.21

13.81

1,433.19

0.03165367
2

0.00436364

0.003219
958

8-Oct-12

85.93

13.75

1,428.59

0.03503649
6

-0.02135231

0.022136
584

1-Oct-12

89.05

14.05

1,460.93

0.02175107
1

-0.13644745

0.014062
901

24-Sep12

91.03

16.27

1,440.67

0.04710562
1

-0.03039333

0.013341
095

17-Sep12

95.53

16.78

1,460.15

0.01272129
8

-0.03173687

0.003834
162

10-Sep12

94.33

17.33

1,465.77

0.01593968
8

0.05093996

0.019368
254

4-Sep-12

92.85

16.49

1,437.92

0.02291506

0.03191489

0.022280
994

27-Aug12

90.77

15.98

1,406.58

0.00298342
5

-0.03966346

0.003224
366

20-Aug12

90.5

16.64

1,411.13

0.02329262
8

-0.0995671

0.004957
128
65 | P A G E

13-Aug12

88.44

18.48

1,418.16

0.0425557

-0.00911528

0.008741
918

6-Aug-12

84.83

18.65

1,405.87

0.01410639
6

0.07865818

0.010697
417

30-Jul-12

83.65

17.29

1,390.99

0.05206892
2

-0.01649602

0.003622
012

23-Jul-12

79.51

17.58

1,385.97

0.03166484

-0.00227015

0.017106
248

16-Jul-12

82.11

17.62

1,362.66

0.00109489
1

-0.01947691

0.004333
79

9-Jul-12

82.2

17.97

1,356.78

0.00145772
6

-0.03022126

0.001550
182

2-Jul-12

82.32

18.53

1,354.68

0.03742911
2

-0.02678571

0.005491
279

25-Jun-12

79.35

19.04

1,362.16

0.00328739
4

-0.01244813

0.020329
283

18-Jun-12

79.09

19.28

1,335.02

0.01384437
9

-0.0590532

0.005823
479

11-Jun-12

78.01

20.49

1,342.84

0.01065313
9

-0.02382087

0.012959
582

4-Jun-12

78.85

20.99

1,325.66

0.03450537
9

0.0495

0.037260
18

29-May12

76.22

20

1,278.04

0.00235602
1

-0.04807235

0.030186
217

21-May12

76.4

21.01

1,317.82

0.06022758
8

0.04009901

0.017448
773

14-May12

72.06

20.2

1,295.22

0.06415584
4

-0.07296925

0.042980
959

7-May-12

77

21.79

1,353.39

0.00260416
7

-0.04597198

0.011474
691

30-Apr-12

76.8

22.84

1,369.10

0.06261442
7

-0.0193216

0.024412
838

23-Apr-12

81.93

23.29

1,403.36

0.05240847
8

0.00953619

0.018011
94
66 | P A G E

16-Apr-12

77.85

23.07

1,378.53

0.05326523
2

-0.00216263

0.006035
351

9-Apr-12

82.23

23.12

1,370.26

0.04494773
5

0.06298851

0.019898
718

5-Apr-12

86.1

21.75

1,398.08

2-Apr-12

86.1

21.75

1,398.08

0.05696047
1

-0.03031654

0.007376
799

26-Mar-12

81.46

22.43

1,408.47

0.00592738
9

0.00854317

0.008131
071

19-Mar-12

80.98

22.24

1,397.11

0.01784816
5

-0.035141

0.005027
881

12-Mar-12

79.56

23.05

1,404.17

0.07411907
7

0.01810954

0.024291
144

5-Mar-12

74.07

22.64

1,370.87

-0.04512864

0.000905
354

27-Feb-12

74.07

23.71

1,369.63

0.04353339

-0.0496994

0.002848
273

21-Feb-12

70.98

24.95

1,365.74

0.04045734
4

-0.09960303

0.003313
18

13-Feb-12

68.22

27.71

1,361.23

0.01760143
2

0.03126163

0.013845
856

6-Feb-12

67.04

26.87

1,342.64

0.07332692
9

-0.01285819

0.001680
422

30-Jan-12

62.46

27.22

1,344.90

0.02780977
5

0.04251245

0.021704
284

23-Jan-12

60.77

26.11

1,316.33

0.06408685

-0.00873197

0.000722
225

17-Jan-12

57.11

26.34

1,315.38

0.00122720
9

0.06209677

0.020394
232

9-Jan-12

57.04

24.8

1,289.09

0.00609862
3

0.00323625

0.008827
603

3-Jan-12

57.39

24.72

1,277.81

0.04288569
9

0.02487562

0.016070
293

27-Dec11

55.03

24.12

1,257.60

0.00419708

-0.00453983

0.006109
078
67 | P A G E

19-Dec11

54.8

24.23

1,265.33

0.05852810
5

0.00123967

0.037444
862

12-Dec11

51.77

24.2

1,219.66

0.03197457

-0.06958862

0.028306
472

5-Dec-11

53.48

26.01

1,255.19

0.01000944
3

0.00774893

0.008768
123

28-Nov11

52.95

25.81

1,244.28

0.07186234
8

0.0904098

0.073886
439

21-Nov11

49.4

23.67

1,158.67

0.03023164
5

-0.09310345

0.046872
044

14-Nov11

50.94

26.1

1,215.65

0.02525832
4

0.01516919

0.038137
437

7-Nov-11

52.26

25.71

1,263.85

0.03898492
1

0.0222664

0.008474
103

31-Oct-11

54.38

25.15

1,253.23

0.01163213
4

-0.03454894

0.024792
038

24-Oct-11

55.02

26.05

1,285.09

0.03072311
7

0.10101437

0.037827
579

17-Oct-11

53.38

23.66

1,238.25

0.06906173
7

-0.02793755

0.011163
011

10-Oct-11

57.34

24.34

1,224.58

0.14132165
6

0.04913793

0.059820
331

3-Oct-11

50.24

23.2

1,155.46

0.03030303

0.10845676

0.021247
636

26-Sep11

51.81

20.93

1,131.42

0.05679956
3

0.00576646

0.004408
543

19-Sep11

54.93

20.81

1,136.43

0.00937155
5

-0.0515041

0.065443
541

12-Sep11

54.42

21.94

1,216.01

0.06102554
1

0.04426464

0.053524
861

6-Sep-11

51.29

21.01

1,154.23

0.00924832
7

-0.0691183

0.016814
74

29-Aug11

50.82

22.57

1,173.97

0.02494244

-0.01954822

0.002404
68 | P A G E

827

22-Aug11

52.12

23.02

1,176.80

0.07752739
3

0.05162175

0.047413
064

15-Aug11

48.37

21.89

1,123.53

0.05564232
7

-0.26960294

0.046894
75

8-Aug-11

51.22

29.97

1,178.81

0.00906225
4

-0.00958361

0.017150
528

1-Aug-11

50.76

30.26

1,199.38

0.04316682
4

-0.07234825

0.071888
445

25-Jul-11

53.05

32.62

1,292.28

0.00729790
4

-0.04171563

0.039211
313

18-Jul-11

53.44

34.04

1,345.02

0.07785397
3

0.04609711

0.021942
954

11-Jul-11

49.58

32.54

1,316.14

0.01452834

-0.03699319

0.020583
42

5-Jul-11

48.87

33.79

1,343.80

0.04781303
6

-0.01658906

0.003082
849

27-Jun-11

46.64

34.36

1,339.67

0.05187189
9

0.06147668

0.056147
266

20-Jun-11

44.34

32.37

1,268.45

0.01907607
4

-0.00277264

0.002398
742

13-Jun-11

43.51

32.46

1,271.50

0.01738934
1

-0.00368324

0.000409
133

6-Jun-11

44.28

32.58

1,270.98

0.05100728
7

-0.02367396

0.022443
392

31-May11

46.66

33.37

1,300.16

0.01788830
7

-0.02312646

0.023243
934

23-May11

45.84

34.16

1,331.10

0.00636663

0.02736842

0.001627
577

16-May11

45.55

33.25

1,333.27

0.01534803
3

-0.10977242

0.003363
807

9-May-11

46.26

37.35

1,337.77

-0.00980912

69 | P A G E

0.01783439
5

0.001813
162

2-May-11

47.1

37.72

1,340.20

0.00988017
7

0.01098901

0.017167
665

25-Apr-11

47.57

37.31

1,363.61

0.00167890
9

-0.01530747

0.019612
975

18-Apr-11

47.65

37.89

1,337.38

0.07102719
7

0.01827466

0.013412
342

11-Apr-11

44.49

37.21

1,319.68

0.02262741
7

-0.01089846

0.006392
254

4-Apr-11

45.52

37.62

1,328.17

0.02776591
2

-0.00686378

0.003182
204

28-Mar-11

46.82

37.88

1,332.41

0.01968174
2

-0.03637751

0.014165
018

21-Mar-11

47.76

39.31

1,313.80

0.06298686
8

0.02932705

0.027040
126

14-Mar-11

44.93

38.19

1,279.21

0.06043496
4

-0.00805195

0.019221
333

7-Mar-11

47.82

38.5

1,304.28

0.02228583
1

-0.02060544

0.012769
178

28-Feb-11

48.91

39.31

1,321.15

0.03403805
5

-0.001524

0.000962
209

22-Feb-11

47.3

39.37

1,319.88

0.00692840
6

-0.12316258

0.017222
508

14-Feb-11

47.63

44.9

1,343.01

0.01753300
3

0.0006686

0.010427
717

7-Feb-11

48.48

44.87

1,329.15

0.02973661
9

0.0256

0.013944
937

31-Jan-11

47.08

43.75

1,310.87

0.03087365
9

0.04216293

0.027053
92

24-Jan-11

45.67

41.98

1,276.34

0.02883532
3

-0.036493

0.005462
267

18-Jan-11

44.39

43.57

1,283.35

-0.0625132

0.0210921

70 | P A G E

0.007647
459
10-Jan-11

47.35

42.67

1,293.24

0.03678563
6

0.02596778

0.017097
916

3-Jan-11

45.67

41.59

1,271.50

0.04198037
9

0.0708033

0.011020
642

31-Dec10

43.83

38.84

1,257.64

27-Dec10

43.83

38.84

1,257.64

0.00318398
9

0.00883117

0.000692
251

20-Dec10

43.97

38.5

1,256.77

0.00941230
5

-0.00542495

0.010338
369

13-Dec10

43.56

38.71

1,243.91

0.00022962
1

-0.01350663

0.002829
732

6-Dec-10

43.55

39.24

1,240.40

0.00973800
1

-0.00959112

0.012811
196

29-Nov10

43.13

39.62

1,224.71

0.00771028

-0.00402212

0.029687
237

22-Nov10

42.8

39.78

1,189.40

0.02687140
1

0.01687117

0.008610
271

15-Nov10

41.68

39.12

1,199.73

0.00406212
7

0.0064317

0.000433
619

8-Nov-10

41.85

38.87

1,199.21

0.02877697
8

-0.03452558

0.021731
86

1-Nov-10

43.09

40.26

1,225.85

0.05380288
6

0.04004133

0.035993
78

25-Oct-10

40.89

38.71

1,183.26

0.02130205
8

-0.01925513

0.000152
145

18-Oct-10

41.78

39.47

1,183.08

0.02291861
6

0.00101446

0.005857
897

11-Oct-10

42.76

39.43

1,176.19

0.07007007

0.04064397

0.009475
175

4-Oct-10

39.96

37.89

1,165.15

0.04089606
7

0.00932339

0.016497
418

27-Sep10

38.39

37.54

1,146.24

0.03348439
1

-0.00503578

0.002115
49
71 | P A G E

20-Sep10

39.72

37.73

1,148.67

0.06174819
6

0.04689234

0.020504
802

13-Sep10

37.41

36.04

1,125.59

0.04526404

0.02473699

0.014456
311

7-Sep-10

35.79

35.17

1,109.55

0.01791808
9

-0.05125438

0.004563
109

30-Aug10

35.16

37.07

1,104.51

0.07097167
2

0.0615693

0.037498
004

23-Aug10

32.83

34.92

1,064.59

0.03213443
4

-0.04642272

0.006625
05

16-Aug10

33.92

36.62

1,071.69

0.00206794
7

-0.01479688

0.007004
864

9-Aug-10

33.85

37.17

1,079.25

0.04216185
6

-0.03328999

0.037792
875

2-Aug-10

35.34

38.45

1,121.64

0.01115879
8

-0.09101655

0.018191
721

26-Jul-10

34.95

42.3

1,101.60

0.01047565
1

-0.00235849

0.000961
312

19-Jul-10

35.32

42.4

1,102.66

0.04035346
1

-0.00117786

0.035478
176

12-Jul-10

33.95

42.45

1,064.88

0.03742557
4

0.02092352

0.012134
031

6-Jul-10

35.27

41.58

1,077.96

0.05126676
6

0.0569395

0.054157
132

28-Jun-10

33.55

39.34

1,022.58

0.07422737
3

-0.06755155

0.050317
62

21-Jun-10

36.24

42.19

1,076.76

0.02685284
6

-0.04309367

0.036464
998

14-Jun-10

37.24

44.09

1,117.51

0.08130081
3

0.01848002

0.023735
801

7-Jun-10

34.44

43.29

1,091.60

0.00977573
3

0.02485795

0.025092
029

1-Jun-10

34.78

42.24

1,064.88

0.00343839
5

0.00094787

0.022516
775
72 | P A G E

24-May10

34.9

42.2

1,089.41

0.06014580
8

-0.01240346

0.001581
333

17-May10

32.92

42.73

1,087.69

0.04552044
1

-0.01792691

0.042256
622

10-May10

34.49

43.51

1,135.68

0.07613104
5

0.01516566

0.022324
644

3-May-10

32.05

42.86

1,110.88

0.09641950
9

-0.10090203

0.063883
575

26-Apr-10

35.47

47.67

1,186.69

0.03614130
4

-0.03580097

0.025129
798

19-Apr-10

36.8

49.44

1,217.28

0.09491222
9

0.00283976

0.021096
692

12-Apr-10

33.61

49.3

1,192.13

0.02313546
4

-0.00222627

0.001875
466

5-Apr-10

32.85

49.41

1,194.37

0.02464129
8

0.01167076

0.013810
373

29-Mar-10

32.06

48.84

1,178.10

0.02199553
7

-0.00326531

0.009866
363

22-Mar-10

31.37

49

1,166.59

0.03874172
2

0.01765317

0.005767
739

15-Mar-10

30.2

48.15

1,159.90

0.01916206
6

0.00396163

0.008617
466

8-Mar-10

30.79

47.96

1,149.99

0.03495798
3

0.00650577

0.009914
815

1-Mar-10

29.75

47.65

1,138.70

0.07014388
5

0.02429063

0.030973
572

22-Feb-10

27.8

46.52

1,104.49

0.01459854

0.004219
371

16-Feb-10

27.4

46.52

1,109.17

0.00624311
4

0.04821992

0.031296
78

8-Feb-10

27.23

44.38

1,075.51

0.02522590
4

0.02399631

0.008741
406

1-Feb-10

26.56

43.34

1,066.19

0.01762452
1

0.00533519

0.007151
704

25-Jan-10

26.1

43.11

1,073.87

0.02865649

-0.0449712

0.016386
73 | P A G E

385

19-Jan-10

26.87

45.14

1,091.76

0.03967119
4

-0.06075739

0.038969
041

11-Jan-10

27.98

48.06

1,136.03

0.02847222
2

-0.00228358

0.007816
73

4-Jan-10

28.8

48.17

1,144.98

(Retrieved from: Yahoo Finance)

74 | P A G E

75 | P A G E

References
(Forbes Magazine, n.d.) Retrieved from:
http://www.forbes.com/global2000/list/#page:1_sort:6_direction:desc_search:_filter:All
%20industries_filter:All%20countries_filter:All%20states
(Y Charts, n.d.) Retrieved from: http://ycharts.com/glossary/terms/debt_equity_ratio
(American Banking News, 2014) Retrieved from:
http://www.americanbankingnews.com/2014/09/29/morningstar-assigns-aa-credit-rating-toapple-aapl-2/
(Yahoo Finance, n.d.) Retrieved from:
https://finance.search.yahoo.com/search/;_ylc=X3oDMTI2bGg2c2NmBGtleXcDYXBwbGUgZ
Gl2aWRlbmRzBG1pZANtZWRpYXF1b3Rlc3NlYXJjaARzZWMDdWhiMgRzbGsDZmluYW5jZV
9zZWFyY2g-?p=apple%20dividends&type=2button&fr=uh3_finance_vert_gs
(Yahoo Finance, n.d.) Retrieved from: http://finance.yahoo.com/q/hp?s=
%5EGSPC&a=00&b=3&c=2010&d=09&e=17&f=2014&g=w
(Yahoo Finance, n.d.) Retrieved from: http://finance.yahoo.com/q/hp?
s=AAPL&a=11&b=12&c=2010&d=09&e=17&f=2014&g=w
(Mergent Online, n.d.)Retrieved from:
http://dbproxy.udallas.edu:2070/companyfinancials.php?
pagetype=asreported&compnumber=12161&period=Annuals&dataarea=CF&range=3&c
urrency=AsRep&scale=AsRep&Submit=Refresh
(Apple Inc. 10-K Form, 2014)
(The Motley Fool, 2014) Retrieved from:
http://www.fool.com/investing/general/2014/07/11/apple-inc-stock-how-much-has-debthelped-sharehold.aspx
(Wikinvest, 2014) Retrieved from:
http://www.wikinvest.com/stock/Apple_(AAPL)/Data/Long-Term_Debt
(Dilger, 2013) Retrieved from: http://appleinsider.com/articles/13/01/24/apple-to-spend-10billion-on-innovation-expansion-in-2013
(Yarow, 2014) Retrieved from: http://www.businessinsider.com/chart-the-clearest-sign-thatapple-revenue-is-about-to-explode-2014-7
(Weigand, 2013) Retrieved from: http://wallstcheatsheet.com/stocks/what-are-investors-todo-with-apple-and-its-terrible-technicals.html/?a=viewall

76 | P A G E

(Investopedia, n.d.)

77 | P A G E