Analyst Toni Sacconaghi, of Sanford C. Bernstein, wrote an open letter to Apple's board stating it's time the company return cash to its shareholders.
"I ultimately hope that, you know, our letter will be a rallying cry for major shareholders because ultimately the board and the company are responsible to them," he said.
Watch the video for the full conversation with Sacconaghi.
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Bernstein currently makes a market in (AAPL)
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Accounts advised by Bernstein own more than 1% of the outstanding common stock of (AAPL)
(AAPL) is or has been in the past 12 months been clients of Bernstein
Bernstein expects or intends to seek compensation for invetment banking services from (AAPL) in the next three months.
—Reuters contributed to this story (see article here).