Shares of Apple (NASDAQ:AAPL) are up today, while most of the rest of the market is down, on news that Greenlight Capital founder David Einhorn is asking Apple shareholders to vote against the company's proposed elimination of its ability to issue preferred stock. Einhorn would rather that Apple did issue preferred stock, which could return some of the company's enormous cash pile on its balance sheet to shareholders in a way that isn't alas depleting as a one-time dividend, and could boost the share price. In this video, Motley Fool tech and telecom analyst Andrew Tonner tells us why he sees Einhorn's plan as unlikely, but also why the plan underscores some of the biggest reasons that Apple is a buy today.
Andrew Tonner owns shares of Apple. The Motley Fool recommends Apple and Google. The Motley Fool owns shares of Apple and Google. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.