updated 03:46 pm EDT, Wed August 14, 2013
Stock still riding partly on Icahn announcement
Apple's stock price rose over the $500 mark during Wednesday trading on news of yet another investment firm taking an interest in the company. Omega Advisors' Lee Cooperman says that he agrees with yesterday's statements by Carl Icahn, and that his firm has adopted a modest stake in Apple. Apple stock has sat under $500 for much of the last year, falling from a height of over $705 and at one point dipping down to just $385.10. It closed on Wednesday at $498.50, a gain of $8.93.
Icahn called Apple "extremely undervalued," and urged CEO Tim Cook to engage in a more aggressive share buyback plan. It's thought that Icahn's Apple investment could be worth over $1 billion, although public figures are only due to be released later this week. It's uncertain if Omega's investment will make it into SEC-mandated disclosures, since the holding has to be worth at least $100 million.