“Carl Icahn, the never-shy hedge fund titan, today waded into another hotly contested debate: whether Apple is on the way up or still headed down,” Abram Brown reports for Forbes.
“Icahn revealed that he controls a large position in the Cupertino, Calif.-based company and considers the stock to be ‘extremely undervalued,'” Brown reports. “In addition, Icahn says he spoke with Apple CEO Tim Cook today, and true to form, he wasted no time in sharing his thoughts with Cook. ‘Discussed my opinion that a larger buyback should be done now,’ Icahn writes in a new Twitter message, the latest medium used by the activist investor in his continued efforts to shakeup corporate America. ‘We plan to speak again shortly.'”
Brown reports, “Shares of Apple immediately spiked following Icahn’s comments [+$23.49, +5.03%, to $490.85 @ 3:48PM EDT]… Apple must now contend with Icahn, one of the most feared activist investors–and certainly one of the most successful. He accumulated a $20 billion fortune, making him the world’s 26th richest person, by aggressively pushing companies to change their strategies. And he’s certainly no stranger to the world of technology… he also owns shares in a key Apple partner: Nuance, the speech-recognition company powering the voice of Apple, Siri.”
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
Read more in the full article here.
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Apple stock goes vertical: The Carl Icahn effect – August 13, 2013