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CUPERTINO, Calif. — Apple’s piggy bank, stuffed with $51 billion in cash and investments, is earning a lower return than a typical savings account. Some investors say chief executive Steve Jobs should put that money to better use.
Apple got a 0.75 percent return on the investments in the past fiscal year, according to a regulatory filing. The gain pales next to the roughly 10 percent investors would have earned from the Standard & Poor’s 500 and the Dow Jones industrial average over that time. Apple’s stock itself also was a much better investment, rising 60 percent. Jobs said last month that the company is holding money for one or more “strategic opportunities,” rather than a dividend or stock buyback.
