Don't be suckered in. Jobs laid out the game plan to Cook like Vito Corleone to Michael Corleone. Announce a buy back, Let stock sink. We will have only a 700mm share float in 12 months, Then to the moon Alice. These guys are not dumb!
Why do you assume they would need to fund it via their cash reserves? They will have 15-20 bil of new cash coming in every quarter which is more than enough for a prolonged buyback period. So long as the total buyback commitment is equivalent to 10-15% of the float the market will adjust accordingly. It would almost guarantee a buyer for every sale for the next 6 months to a year. But who would be selling at these prices? Think about it. The stock will be up 30-40% within that span.
The big question is -- do they wait til AAPL hits the magic "420" gap fil price or do they announce it at the next SH meeting next month?