How Exposed is AAPL?

The longstanding rumor is that earnings will disappoint.  The more recent rumor is that the company will return huge amounts of money to shareholders, in the form of dividends, buybacks, etc — which has kept the stock on the rise all day and into the after-hours.

I have no special insight or inside knowledge about its earnings, unit sales, or plans to return our money to us (a bribe, to continue owning its stock?)  But, if it does disappoint and the stock takes a hit, just how exposed is it?

Short answer, a lot.


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