September 11, 2013 / 8:49 PM / 6 years ago

Icahn says bought more Apple stock as shares fell: CNBC

Investor Carl Icahn speaks at the Wall Street Journal Deals & Deal Makers conference, held at the New York Stock Exchange, in this June 27, 2007 file photo. REUTERS/Chip East

NEW YORK (Reuters) - Activist investor Carl Icahn said he bought more shares of Apple Inc. (AAPL.O) 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 August 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 August 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.

Reporting by Sam Forgione; Editing by Diane Craft and Leslie Gevirtz

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