NEW YORK (TheStreet) -- Apple (AAPL) announced it repurchased $14 billion worth of shares in the previous two weeks, and that made TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, very happy.
Cramer, whose portfolio has AAPL as a holding, said the buyback "is exactly what is necessary." He pointed out that Apple was the best-performing stock of the ones he follows in the S&P 500 during the recent selloff. The strength was most likely helped along by Apple's opportunistic buying, where it used the emotional weakness seen in the stock price to scoop up more shares at a discount.
Cramer also said the company has been buying back stock much more aggressively from what had been viewed as a somewhat lackadaisical purchasing plan. He said this move proves CEO Tim Cook is not oblivious to Apple's share price.
The buyback will save the company a lot of money in dividend payments since the shares it purchased will be retired. The buyback also works well in Apple's favor because the company financed the debt at very low interest rates.
"This was perfect. Bravo, Tim Cook," he enthused.
-- Written by Bret Kenwell in Petoskey, Mich.