Let me put some numbers out to help explain my complaints about the buyback. My view is that of a long term shareholder - NOT anywhere close to a day trader and postulates that I hold 1,000 shares.
Approach 1 - The Buyback - Apple spends $10,000,000,000 to buyback shares. So far there is little, if any, sustainable increase in share price. Apple has 10,000,000,000 fewer $$, somewhere around 17,000,000 fewer shares on the open market, I still own my 1,000 shares and their value is whatever the market gyrations make it out to be. Those gyrations include new product rumors, lack of new product complaints, EPS rumors, Tim Cook is failing, he is succeeding, splits, etc..... As a long term shareholder I've gained zip.
Approach 2 - The Large Dividend - Apple takes that same $10,000,000,000 and issues an extraordinary dividend. That $10,000,000,000 divided by 923,000,000 shares generates a dividend payment of $10.60 per share. For my 1,000 shares I now have $10,600 in my pocket - that is a real ROI and not subject to the whims of the market gyrations. Add to that the announced dividend payout of $ 3.20 and my ROI has increased to around $13,600
As all shareholders are part owners of Apple Inc. and we expect attractive returns and do not want to see the enormous earnings that our corporation has generated being wasted in the buyback program that that has not demonstrated any sustainable gain for us. My belief is that day traders / other very short term shareholders are the only ones gaining - not what we should encourage.