Cook hails record sales, 'unbelievable' year

Apple sees significant change in its fortunes from criticism, Icahn's pressure 12 months ago

Apple CEO Tim Cook took a figurative victory lap at his company's annual shareholder meeting, one day after he announced details about the new smartwatch Apple plans to start selling next month.

A year ago, some investors were voicing frustration over Apple's lagging stock and activist Carl Icahn was pressing Cook to return more cash to shareholders. But no complaints were heard on Tuesday. Apple shares are up 65 percent from a year ago, the company has a market value of more than $700 billion - making it the most valuable US company in history - and will soon bump AT&T to join the benchmark Dow Jones industrial average.