Solar stocks soared in the market after Apple Inc. (NASDAQ:AAPL) announced it was investing $848 million in a solar farm in partnership with First Solar, Inc. (NASDAQ:FSLR). CNBC’s, Courtney Reagan, reports that the plant is to have a capacity of powering up to 60,000 homes with most of the output directed to the company’s new campus in Silicon Valley.
Apple Inc. (NASDAQ:AAPL) has been at the forefront in pushing for the use of renewable energy with most of its data centers being powered by solar energy. CEO, Tim Cook, appearing at a Goldman Sachs technology conference in San Francisco also had some exciting news to shareholders who have been calling the company to unlock value from its huge cash balance.
“[…] When it comes to cash Tim Cook saying look, cash that we don’t need we want to give back. We are not hoarders of cash; we’ve done dividends and buybacks. We think about this carefully, and we are currently thinking about it carefully; Listen on the April earnings call for the next announcement,” said Mrs. Reagan.
The announcement of the solar project saw Apple Inc. (NASDAQ:AAPL) stock market value closing on a high of $710.74 billion for the first time, mostly buoyed by strong iPhone sales. During the conference, Cook also touched on the performance of Apple Pay since its inception in October.
Despite facing resentment from merchants after launch, Apple Pay seems to be gaining traction with consumers as more stores continue to incorporate the service.
“He said when it comes to Apple Pay that it is going much faster and better than he would have hoped. That if we would have told him launching in October where he would be today sitting here in February, he wouldn’t have believed it. He said by December 2nd, two out of three dollars spent in stores with contactless payment was Apple Pay, 80% of Panera transactions are made using Apple Pay today,” said Mrs. Reagan.
Cook also reiterated his confidence that the ongoing partnership with International Business Machines Corp. (NYSE:IBM) in the enterprise will turn out big for both companies going forward. On Apple Watch, the CEO expects the wearable to change everyone’s life especially as a fitness gadget.
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