Neil Hughes
Billionaire investor Carl Icahn will meet with Apple Chief Executive Tim Cook in New York City on Monday to discuss Icahn potentially adding to his stake in Apple, according to a new report.
Details on the alleged meeting plans were revealed on Thursday by CNBC, which said the two will also "discuss the company's prospects." Icahn is believed to currently hold about $2 billion worth of AAPL stock.
Icahn has publicly pushed for Apple to buy back more shares in itself. Via his official Twitter account, he revealed that he would meet with Cook for dinner sometime in September.
Icahn has said he believes that shares of AAPL are "extremely undervalued" at their current price. His support of the company helped to push Apple past $500 per share last week, though the stock price fell back below that threshold in subsequent weeks.
Apple spent $16 billion last quarter alone on repurchasing 36 million in shares. The original schedule had called for the company to buy 10 million in shares in the third quarter, but Apple apparently decided to push harder and buy at an average share price of $444.44 — more than $250 off from the company's high of $702.10 reached last September.
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25 Comments
What is meant by "His support of the company..."? Support? How?
This guy looks like he wants to buy all my old gold
So if Apple did buy 36,000,000 shares for $444 they are up over $1.5 Billion at today's stock price.
I wonder if its legal for Apple to day trade their buybacks? Sell at $500 and rebuy when it dips?
I don't think that's the way to think about it when the company buys back its own stock. A company can't own itself, not even partially. They can't use shares they bought back to vote for board proposals that management supports.
When they buy stock back those shares are no longer outstanding and are best thought of as gone forever. Now of course Apple can always sell stock to the public by issuing new shares.
He is 77. Why cant he just take rest and be in home in peace?
Investors are fucking parasites, they do nothing except count money and moan when values dip. **** them all.