On the subject of what Apple could do with its cash, here's some new analysis from Barclays:

Based on our detailed analysis around borrowing, we believe Apple has the potential to double its level of capital returns if the company makes complete use of its balance sheet. First, we believe Apple could sustainably boost its dividend to more than$14.75, which would put the dividend at a 3.5% yield based on current price. We believe this yield would be attractive considering it would take Apple's yield above that of Cisco and other bellwethers. Second, we believe Apple has the capacity to increase its buyback program at the same time by $30 billion over three years (up from the existing $10- billion share repurchase program).

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