Activist investor Carl Icahn buys stake in Apple, pushes for greater share buyback

Activist investor Carl Icahn disclosed Tuesday that he had purchased a stake in Apple (NASDAQ:AAPL), a company whose stock he thinks is undervalued. Icahn first made the disclosures on Twitter, and said he had a "nice conversation" with Apple CEO Tim Cook. Apple said the talk was a "very positive conversation."  Citing an unnamed source, Bloomberg reported that Icahn bought $1 billion worth of Apple stock and wants Apple to set aside $150 billion for a share buyback. In April, Apple announced a plan for a total of $100 billion in dividends and buybacks. According to the Wall Street Journal, Icahn's stake is worth about $1.5 billion, and he thinks Apple's stock could be worth about $625 per share. Apple's stock closed trading Tuesday at $489.57, after rising 5 percent on the news of Icahn's investment. Article (sub. req.)

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