Says Apple shares are trading at half their actual value
(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.
Investor may be angling for more payouts
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."
Apple's own expanded buyback 'so close' to fulfilling goals, investor says
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.
Report could sway critical vote happening later this month
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."
Investor's stake surpasses $4 billion
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.
New letter calls on shareholders to support expanded share buyback
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.
Investor continues to push for stock buyback program
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.
Admits 'Steve Jobs probably wouldn't have talked to me'
(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.
Investor tries to put rumors to rest
Wealthy investor Carl Icahn says he has no plans to push for Apple to buy out Nuance, according to a new Reuters report. Icahn spoke on the topic Monday, at the Reuters Global Investment Outlook Summit. "That is something I would never micromanage and never even think of telling [Apple CEO] Tim Cook," he said. "It has zero to do with the fact that I'm involved with Apple."
Letter to Cook confirms $2.5 billion in share holdings
Investor Carl Icahn has publicly released a letter he originally sent to Apple CEO Tim Cook in late October. The letter -- issued to shareholders overnight -- confirms that Icahn now owns roughly $2.5 billion in Apple stock, and continues pushing for expanding the company's share buyback program from $60 billion to $150 billion, while having it take effect immediately instead of running through 2015. Icahn claims that his plan could ultimately raise Apple's share price to as high as $1,250, which would make it more valuable than Google.
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.
Option reserved in case Apple executives decline proposal
A shareholder proxy vote is an option if Apple executives don't go along with a $150 billion share buyback proposal, says Carl Icahn in a new CNBC interview. The investor -- who has met with Apple CEO Tim Cook on the matter, and sent an open letter -- states that he isn't "going away," and will continue pursuing an expanded buyback. Asked if he's interested in using a proxy vote, he says that "We'll test the waters and see if the shareholders want us to do it and want us to win."
Investor ups stake to $2.5 billion
As promised yesterday, influential investor Carl Icahn has published the contents of a letter sent to Apple CEO Tim Cook. The letter asks Apple to pursue an "immediate" $150 billion share buyback program, expanding on the $60 billion program the company is already engaged in. The latter is due to finish by the end of 2015, and has required Apple to go into debt despite tens of billions in cash reserves.
Contents to be shown tomorrow
Wealthy investor Carl Icahn has issued a letter to Apple CEO Tim Cook, a Twitter post confirms. Icahn states that the contents of the letter will be revealed tomorrow at a new website, the Shareholders' Square Table. A CNBC source says that letter continues Icahn's campaign for a larger share buyback program.
Investor praises Apple management
Investor Warren Buffett has dismissed fellow billionaire Carl Icahn's recent calls for Apple to expand its stock buyback. In an interview with CNBC, the Berkshire Hathaway chairman and CEO praised Apple's management and seemingly rejected Icahn's argument that the company should more than double its current buyback program to at least $150 billion.
Pair were joined by CFO Peter Oppenheimer
Yesterday's meeting with Apple CEO Tim Cook was actually "a little testy," says investor Carl Icahn in a new CNBC interview. In a Twitter post today, Icahn had claimed that the meeting was "cordial." The pair are now said to have been joined by Apple CFO Peter Oppenheimer, and disputed whether or not shareholders should get involved in how Apple executives spend cash.
Talks to continue later this month
Carl Icahn pushed for an expanded, $150 billion Apple share buyback during his dinner with Tim Cook yesterday, according to a Twitter post by the influential investor. "Had a cordial dinner with Tim last night," Icahn wrote. "We pushed hard for a 150 billion buyback. We decided to continue dialogue in about three weeks."
Magnates to talk expanded Apple share buybacks
Apple CEO Tim Cook and influential investor Carl Icahn have set a September 30th date in New York City for their long-planned meeting, according to CNBC. The pair are expected to talk primarily about Icahn's push for an expanded buyback of Apple stocks. The company is already in the middle of a buyback plan that will cost it $60 billion by the end of 2015.
Dell buyout worth $24.9B to proceed, complete by Fiscal Q3 2014
Dell will become a private company in the future, based on the preliminary tally of votes from a special meeting of stockholders. The approval, once confirmed, means that Michael Dell and private equity firm Silver Lake has succeeded in taking control from the company, following investor Carl Icahn backing down with his offer.
Icahn pushes for greater profits
Investor Carl Icahn and Apple CEO Tim Cook will meet next month for a business dinner, according to the former's official Twitter feed. "Spoke to Tim. Planning dinner in September. Tim believes in buyback and is doing one. What will be discussed is magnitude," he writes. Icahn met with Cook earlier this month, putting forward the idea that Apple should expand its buyback program. The company is already in the middle of spending $60 billion on buybacks through 2015.
Investors like idea of bigger buyback, possibly imminent iPhone release
Apple's stock closed above $500 on Friday, continuing a recent rally that began after investor Carl Icahn revealed both an interest in having Apple buy back more of its own stock as well as his holding of a "very large" position in the company, which he said was "undervalued." His comments, alongside further legal wins, upcoming product releases and other general good news for the company, has seen the stock rise from $393.78 per share in late June to close at $502.33 today. It is continuing its gains in after-hours trading.
Holdings said to be recent, worth over $1 billion
All of Apple's investors with stakes worth $100 million more will be revealed later this week, notes AppleInsider. The expected report is a consequence of SEC regulations, requiring large investors to disclose major holdings roughly a month and a half after a quarter ends. This quarter, though, one of the investors could be Carl Icahn, who yesterday announced that his firm has a "large position" in Apple stock.
Calls company 'extremely undervalued'
Billionaire investor Carl Icahn spoke with Apple CEO Tim Cook today, urging him to increase the company's share buybacks, reports note. The news first emerged from Icahn himself via Twitter; there he revealed not only the conversation, but that his firm has a "large position" in Apple, whose stock he feels is "extremely undervalued." Apple later confirmed the talk in a statement to the Wall Street Journal, but without mentioning Icahn's buyback agenda. Icahn says he plans to speak with Cook again "shortly."
Dish snaps up Blockbuster for 320m
Dish said Wednesday that it had won an auction to buy Blockbuster. The satellite TV provider said it had offered $320 million, about $228 million of which was in cash, to beat out competitors like investor Carl Icahn and SK Telecom. Bids had gotten as high as $310.6 million, from Icahn, before Dish landed the final price.
Dish and Icahn part of bidding for Blockbuster
The bidding to buy out Blockbuster now includes Dish Network and well-known activist investor Carl Icahn, insiders claimed Friday. The two are both supposedly making just the minimum bid, around $290 million, to qualify for the auction before it starts in earnest on Monday. The WSJ in scraping information was warned that new bidders could come into play or make unions with each other.