Einhorn's cash issue is put to rest, Apple buys time for iTV/projector, iWatch, and other innovative products, and shareholders are happy again because the stock will leap.
Forget buy backs and preferred.
At less than 8x earnings excluding cash, Apple is a value name as you can't grow to infinity forever.
BOD needs to do the right things to stop the bleeding and fortunately, Apple is in a cash-rich place where it can afford to make strategic/wise acquisitions/decisions AND significantly raise the dividend in the meantime.
Cook is against issuing free give-away 2nd class of shares, Preferred Perpetual Shares, to existing stockholders. He didn't say he was against Apple buying back more of its shares or increasing the dividend on existing shares. Such could be announced at the stockholders meeting in 2 weeks. In any case, more important is the new Apple products coming this Spring and Summer.