Apple gains as Carl Icahn scurries away

“Apple Inc. extended gains after investor Carl Icahn said he is no longer pushing the tech company for a sizeable stock buyback,” Sue Chang and Saumya Vaishampayan report for MarketWatch.

“Apple gained 1.8% as Icahn retreated from his earlier push to have the company buy back $50 billion more of its shares. Icahn said in a letter to Apple shareholders that he is dropping his proposal in light of the $14 billion in stock Apple has repurchased since late January,” Chang and Vaishampayan report. “Icahn’s latest declaration comes after a proxy advisory firm Institutional Shareholder Services Inc. sided with Apple and rejected the investor’s demands, according to The Wall Street Journal.”

Full article here.

MacDailyNews Take: Where’d Carl go? Apple must have flipped on the kitchen light.

Related articles:
Carl Icahn sees ‘no reason to persist’ with Apple buyback proposal – February 10, 2014
New York City Comptroller to urge Apple investors to vote against Icahn’s buyback proposal – February 10, 2014
Proxy advisor: Apple shareholders should reject Carl Icahn’s buyback proposal – February 7, 2014
CalPERS criticizes ‘Johnny come lately’ Icahn’s push for additional Apple buybacks – December 12, 2013
Carl Icahn ups Apple stake to $3.6 billion, reiterates calls for larger stock buyback – January 24, 2014

33 Comments

  1. Scurries away? That’s retarded MDN. He is still long the stock and I’m thankful for that. Maybe the momentum will continue into the shareholders meeting? Let’s hope so…

    1. MDN and most of its readers are just jealous of Carl Icahn’s success. They insult the man and call him all sorts of childish names. At the end of the day he is still an extremely wealthy and successful man unlike the people who insult him.

      1. He is still a dirt bag who jumps in pushes for a company to liquidate there cash into his pockets then jumps ship before the bad decision pull down the company and its remaining shareholders. Glad Apples Management is holding it’s ground.
        It is very seldom you will see someone who is both rich and giving, they get rich by hoarding as much as they can for themselves.

      2. Nope. I don’t think any of us have any problem at all with wealthy people who have obtained wealth by contributing or creating something. Icahn, however, is no Warren Buffett, nor is he a Richard Branson. He is a parasite on the endeavours of others.

    2. Anyone who still uses “retarded” as an pejorative cannot be taken seriously on any level.

      Why do you think making fun of people with disabilities or using their disability in a derogatory fashion is acceptable?

      Take the pledge:

      “I pledge and support the elimination of the derogatory use of the r-word from everyday speech and promote the acceptance and inclusion of people with intellectual disabilities.”

      http://www.r-word.org/r-word-pledge.aspx

      1. You speak of retarded in a medical context. Retarded also means “delays or keep from moving forward” so it is not exclusively owned by special needs or handicapped people, especially since they have disowned the term for themselves. So it’s perfectly permissible under those conditions. I think I am sufficiently sensitive to the issue since we adopted our special needs granddaughter.

        “Retardation is the act or result of delaying; the extent to which anything is retarded or delayed; that which retards or delays. To make slow; delay the development or progress of (an action, process, etc.); hinder or impede. “

          1. What about moron, idiot and imbecile? “The M Word,” “The I Word” and “The Second I Word.” Getting pretty confusing, Jessica…why don’t you stick that pledge up you “A Word.”

        1. What about moron, imbecile and idiot? The M Word, The I Word and The Second I Word…getting pretty confusing already, Jessica. Shove your pledge up your “A Word.”

      1. Standard M.O. on most websites for someone with an opposing view. Because yah know everyone who disagrees with YOU (meaning anyone in particular) and your mighty ID and impressive brain must be a total retard, idiot, moron, fool, etc.. Different points of view need never apply once a mind is made up.
        /S

    1. Agreed! I think Tim and company made proper moves like starting to pay dividends and doing some buyback. However, they did not give away the trove that as SJ knew, could come in handy one day. All those who think the stockholders are investors continue to be fundamentally wrong. Most of the people currently holding Apple stock are speculators, nothing more. The only real investors are those who bought stock at first issue and whose money in fact went directly into the company. I know, i know, the company has increased the number of shares in circulation and that money also went directly into the company. However, my fundamental point still holds. Most current holders of the stock are speculators, not investors.

      1. “Most current holders of the stock are speculators, not investors.”

        Really. Facts and proof, please, jimg. What is the source of your data? Something tells me it might be something south of your belt line and north of your knees.

        I take umbrage at your unproven “fact” for the simple reason that my wife and I have purchased and currently hold almost 6000 shares of AAPL since 1988. Through ups, downs, and sideways’s, we’ve kept the faith with this company for a quarter of a century . . . and we’ve done very well for our $80K original investment, all told.

        Denigrating long-term investors like us with your sweeping, bullish*t, unprovable statement shows how embarrassingly envious you are of those who have funded–and continue to fund–the greatest company on earth. Have YOU, jimg? Is your money where your big mouth is?

  2. Apple appears to be concentrating stock buybacks every time the stock price is relatively low, most recently in the lower 500’s. There’s two benefits of this strategy – Apple gets a good deal by buying in low, and it helps reinforces and bottom out AAPL’s price, counter balancing Wall Street’s shorting.

    Icahn, of course, wanted the full buyback as quickly as possible, so the stock will bubble and he can cash out before the burst. Cook’s strategy is much more inline with Apple’s long term interest.

  3. What a gutless lump of garbage… Just another slimy greenmail chump trying to get something got nothing….

    Thank you Tim and the rest of the Apple team for making this parasite vanish.

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