Icahn Scoops Up Bargain Priced AAPL This Week
If you can afford it, buy it. At least that seems to be the message from billionaire investor Carl Icahn this week.
The bargain-savvy investor went in for the kill on Wednesday, reportedly buying shares of Apple during its epic beat-down on Wall Street. At one point, AAPL was down $30 per share (or 6%) the day after Apple disappointed investors by introducing a "cheap" iPhone 5C that apparently wasn't cheap enough.
On Thursday, Icahn told CNBC's "Closing Bell" that he snapped up "quite a bit" of Apple stock on Wednesday. He called the decision an easy one to make.
As MMi reported last month, Icahn already holds a massive investment in the company. By some accounts, Icahn - who is worth $20 billion - has taken a position of at least $1 billion in Apple.
"This is a no-brainer to go buy stock in a company that can go borrow" at a low rate, Icahn recently observed according to the Wall Street Journal. "Buy the company here and even without earnings growth, we think it ought to be worth $625."
Shares of AAPL closed at $472.69 on Thursday.
Source: USA Today