updated 01:18 pm EST, Mon November 11, 2013
Investor quiet on progress of stock buyback agenda
Rich investor Carl Icahn has again spoken with Apple CEO Tim Cook, CNBC reports. Icahn tells the network that he had a "good conversation" with Cook in the past few days, and that both sides agree Apple stock is undervalued. The parties are also allegedly continuing to explore the possibility of an expanded share buyback program.
Icahn, who owns some $2.5 billion in Apple shares, has been pushing aggressively for an "immediate" $150 billion stock buyback program. Apple is already in the midst of a $60 billion buyback program, partly financed by debt, and due to conclude by the end of 2015. The two sides have allegedly squared off about how much control Apple executives should have over the company's cash reserves; Icahn has said he will consider using a proxy vote to force an expanded buyback if he can garner enough support from shareholders.