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Apple stock buybacks spiked to a new high as shares suffered a correction

Apple Inc. bought back more shares in the most recent quarter than it ever has in a three-month period, as the stock was suffering a correction and executives were preparing to pump a record $100 billion more into repurchases.

Apple AAPL, +2.32% revealed in an earnings report Tuesday afternoon that it had repurchased $22.76 billion in stock in its fiscal second quarter, more than twice the amount it had spent in the previous quarter and nearly $5 billion more than it had ever spent in a quarter previously.

The massive swing in repurchases arrived in the same quarter that Apple stock suffered its first correction in more than a year, which reflects share prices dropping by more than 10%.

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