We currently have a large position in APPLE. We believe the company to be extremely undervalued. Spoke to Tim Cook today. More to come.
— Carl Icahn (@Carl_C_Icahn) August 13, 2013
Billionaire investor, who gained increasing fame in recent months due to his attempted take over of Dell, has announced via Twitter that his firm has taken a “large position” in Apple:
Had a nice conversation with Tim Cook today. Discussed my opinion that a larger buyback should be done now. We plan to speak again shortly.
— Carl Icahn (@Carl_C_Icahn) August 13, 2013
Icahn further added that he had a “nice conversation” today with Apple CEO Tim Cook. Icahn suggested even larger buy-back plans for Apple. Earlier this year, Apple launched a major multi-billion-dollar stock buy-back program.
Responding to the news, AAPL investors helped the stock sore to a new 6 month high of over $488 per share. Apple has also responded to the news:
We appreciate the interest and investment of all our shareholders. Tim had a very positive conversation with Mr. Icahn today.
Additional notable tweets from around the web:
Icahn's stake in Apple said to be more than $1 billion, with Icahn projecting shares will rise above $600, via @BloombergNews
— Sarah Frier (@sarahfrier) August 13, 2013
.@Carl_C_Icahn to CNBC: Large buyback is no a brainer for Apple; would enhance stock value tremendously. $AAPL
— CNBC (@CNBC) August 13, 2013
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Must be nice to be Icahn…
1. Get insider trading information from CEO, put money into company.
2. Announce you’ve put money into said company. Watch others immediately do same.
3. PROFIT!
One of two things:
Icahn will fire Tim Cook (which needs to be done)
Icahn will be under investigation with Tim for insider trading by the SEC
Or maybe both….
Somehow I don’t think Icahn will innovate any better than Tim Cook does though.