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Tag - Carl Icahn
The Wall Street Journal has now released the full 34-minute interview given by Apple CEO Tim Cook on its web site. In the conversation, Cook discusses Apple products, not-yet-available Apple products like the Apple Watch, the thinking behind Apple Pay, and activist investor Carl Icahn, among other issues. While little that was genuinely new was revealed, Cook again shared his thinking on the interface of television and made some fresh comments on things competitors and allies are doing.
Apple's stock on Thursday hit a new all-time closing high, reaching $104.83 per share at the closing bell. While many are waiting to see if the company can close the week at that level or higher, others -- including activist investor Carl Icahn and CEO Tim Cook -- believe the stock remains undervalued. AAPL also set a new intra-day high of $105.05 during trading, and is up slightly from its close at this writing in after-hours trading. Stronger-than-expected iPhone numbers and the coming holiday season has helped fuel the rise.
(Updated with Apple response) Following up on yesterday's Twitter post, Carl Icahn has published an open letter to Apple CEO Tim Cook, urging him to ask the Board of Directors to "accelerate and increase the magnitude of share repurchases" through a tender offer. He argues that Apple shares are trading at half of their actual value, pointing to personal estimates for Apple's growth in fiscal 2016 and 2017 should value Apple at $203 today. In real-world trading, Apple stocks are currently worth over $101.50.
Activist investor Carl Icahn has taken to Twitter to hint at an "interesting" open letter addressed to Apple CEO Tim Cook. "Tmrw we'll be sending an open letter to @tim_cook. Believe it will be interesting," one post reads. In another, he comments about his firm's large stake in Apple and recent share performance. "Just over 1yr ago we tweeted our large position in $AAPL & belief the company extremely undervalued. Since then, stock is up 50.6 percent."
Investor Carl Icahn is dropping efforts to get Apple to pay for an extended share buyback program, which would've cost the company an extra $50 billion in 2014, according to a newly-published open letter. "We [Icahn's investment firm] see no reason to persist with our non-binding proposal, especially when the company is already so close to fulfilling our requested repurchase target," Icahn writes. The quote makes reference to Apple's recent $14 billion buyback, which took advantage of an 8 percent drop in Apple's share value following first-quarter results.
Proxy advisory firm Institutional Shareholder Services has released a new report, recommending Apple shareholders vote against investor Carl Icahn's proposal for an extended share buyback, which would cost the company an extra $50 billion in 2014. "Shareholders may wish to support the current proposal, at least in part, to signal to the board their sense of urgency about the lack of resolution on this issue of excess cash," the report reads. "At the same time, however, the board has taken clear and strong measures in the past two years - including establishing (and then increasing) a significant dividend, authorizing (and then increasing) a sizable share buyback, and creating a cadence of annual communication to investors about additional measures it will take."
Activist investor Carl Icahn has bought another $500 million in Apple stock, according to an official Twitter post. "Just bought $500 mln more $AAPL shares. My buying seems to be going neck-and-neck with Apple's buyback program, but hope they win that race," he writes. Just last week he purchased another $500 million; in total, he now has over $4 billion in Apple holdings.
Investor Carl Icahn has added another $500 million to his stake in Apple shares, bringing the total to $3.6 billion, according to a Twitter post. The announcement follows just a day after Icahn revealed an earlier $500 million surge which put him over the $3 billion mark. "If [the Apple] board doesn't see AAPL's 'no brainer value we sure do," Icahn's latest statement adds.
Carl Icahn's investment firm has acquired another $500 million in Apple stock during the past two weeks, and now holds over $3 billion in Apple shares, according to a Twitter post by the investor. In other posts, he calls investing in Apple a "no brainer" at its current share value, and continues to push for an expanded share buyback program. Icahn claims that Apple is "doing great disservice to shareholders," and promises another letter on the topic in the near future.
(Updated with Twitter comment on buyback cap) Investor Carl Icahn filed a shareholder proposal for an Apple stock buyback on November 26th, a new TIME interview reveals. Icahn has been trying to pressure Apple into expanding its current buyback from $60 billion to $150 billion, and having it take effect immediately, rather than run through 2015. In response to the interview, Apple has issued a statement. "As part of our regular review process, we are once again actively seeking our shareholders' input on our program, and as we said in October, the management team and our board are engaged in an ongoing discussion about it which is thoughtful and deliberate," a spokesperson says.