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(Bloomberg) -- Becoming the first $1 trillion market-cap company is becoming harder for Apple Inc. to achieve, despite its shares being close to a record high. The reason is its stock-buyback program. With fewer shares outstanding, the iPhone maker’s market is about $690 billion today, down from a peak of about $775 billion in February 2015. After repurchasing almost $12 billion of stock last quarter, the company said on its January earnings call that it would tell investors in the spring how much more it plans to buy back.
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