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01-28-2014, 11:19 PM #1
Carl Icahn Invests another $500 Million in Apple after Stock Value Tumbles
With the share price of Apple dropping more than $40 recently following a disappointing earnings report, billionaire Carl Icahn announced that he has bought another $500 million stake in the company. Icahn took to his official Twitter account to announce his purchase and unsurprisingly he also pushed his desire for Apple to increase its share buyback program. He wrote the following regarding the matter:
My buying seems to be going neck-and-neck with Apple's buyback program, but hope they win that race.
Icahn, the activist investor who has a reputation for using his considerable sway with publicly traded companies, believes Apple should spend the entirety of its $158.8 billion in cash on its own shares. However, he has made a more moderate proposal to shareholders, asking by proxy vote that Apple invest $50 billion immediately. Apple has advised that shareholders vote against the proposal at its upcoming annual investor meeting, saying that its board is already “thoughtfully considering options for returning additional cash to shareholders.”
For those of you who didn’t know, shares of Apple recently tumbled after the company reported its December quarter earnings on Monday. Though it was a record quarter for the company, investors had anticipated more growth and were particularly bothered by lower-than-expected iPhone sales of 51 million units.
Source: Carl Icahn (Twitter) via AppleInsider
01-29-2014, 12:02 AM #2
So tired if this guy! Wish he would just leave already!!
01-29-2014, 12:50 AM #3
I'm tired. Maybe this response made no sense
01-29-2014, 05:02 AM #4
Can someone please explain how will apple benefit by buying its shares back ( I'm not being sarcastic )
01-29-2014, 05:07 AM #5
If you got that kind of money in this economy you might as well put it to good use
01-29-2014, 05:23 AM #6
Would be nice to give that 500 million to people who really need it: the unemployed, the hungry on the streets, et cetera instead of some already well-off corporate monstrosity.
01-29-2014, 06:16 AM #7
I am not this guys biggest fan. At the same time he is a capitalist and is riding the wave. Unfortunately capitalist do not go into business to feed the poor. In a perfect world that would be ideal..maybe someday.
01-29-2014, 08:06 AM #8
If me, I' m not buying AAPL but I will buy NOK....
01-29-2014, 10:32 AM #9
Either the biggest fanboy ever, or he knows something the rest of the world doesn't, as billionaire investors often do.
Just a few general quick ones off the top of my head, the individual businesses may have other reasons.
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01-29-2014, 12:25 PM #10
01-29-2014, 03:03 PM #11
01-29-2014, 05:27 PM #12