Dallas, Texas 08/15/2013 (Financialstrend) – Activist capitalist Carl Icahn stated that he has gathered up a “big position” in Apple Inc. (NASDAQ:AAPL) and thinks that the scrip could be worth around $700 per share if the company’s CE Tim Cook pushed for a superior stock redemption. The shocker disclosure from the billionaire activist resulted into a stir on Wall Street and hit the company’s scrip around 5 per cent higher to mark its closure at a 7 month peak of $489.57 on the Nasdaq.
Carl tweeted that he had a “nice discussion” with Tim and they proposed to speak again shortly. The company confirmed the discussion happened, but did not state if it tempted management’s outlook of buybacks.
“We presently boast a large place in Apple. We think the firm to be extremely underrated,” Carl stated in one of two tweets regarding the company.
Carl, who during the existing year (2013) launched a beating on Michael Dell’s $25 billion attempt to turn Dell Inc private, did not state how many Apple scrips he possesses.
A source acquainted with the issue, who refused to be named as Carl has not revealed his holdings in the company, stated that the investor’s equity holding was worth around $1 billion, a fraction of the firm’s market price of over $400 billion.
US regulations necessitate investors to reveal stakes of 5 per cent or larger in a period of 10 days of hitting that threshold.
In the month of April, the well known tech giant bowed to Wall Street stress and stated that it would return $100 billion to stockholders by the end of the year 2015 — double the sum reserves previously.
Apple hits $500 per share after Icahn tweets love for firm
Apple’s scrip lastly hit $500 for the initial time since the month of January following news that billionaire Icahn made investment in the firm.
The company’s scrip has been on a declining trend since the commencement of 2013