UPDATE 1-Icahn says bought more Apple stock as shares fell -CNBC
NEW YORK, Sept 11 (Reuters) - Activist investor Carl Icahn said he bought more shares of Apple Inc. on Wednesday as the company's stock price slid.
"At these levels, we're buying quite a bit of stock," Icahn told cable television network CNBC. He added that his investment firm "bought quite a bit today" as Apple shares traded in a range of $465-467 per share.
Icahn did not say how many additional shares of Apple he bought on Wednesday when Apple shares fell 5.4 percent to $467.71. The drop extended a 2.3 percent decline during the previous session after the company unveiled new iPhone models.
"Apple is one of my best right now," Icahn told CNBC.
Icahn tweeted on Aug. 13 that his investment firm had amassed a "large position" in Apple and that the company was "extremely undervalued." The surprise revelation lifted Apple's stock almost 5 percent higher that day to close at a seven-month high of $489.57 on the Nasdaq.
Icahn told Reuters on Aug. 13 that he believed Apple could trade at $700 a share if Chief Executive Tim Cook pushed for a larger stock buyback. He reiterated on Wednesday that a "big buyback" would be a "major plus" for the company.
Icahn also said his investment firm is up 30 percent so far this year.
Several weeks ago, when Icahn disclosed he had taken a large position in Apple, a source familiar with the situation said the stake was valued at about $1 billion.
- Divided, Scots prepare to vote on fate of the United Kingdom |
- Dollar soars to six-year peak on yen after Fed, Tokyo stocks cheer
- Australian PM says police raids follow threat of beheading
- Apple to unveil new iPads, operating system on Oct. 21: report
- IMF warns of risks from 'excessive' financial market bets