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Apple Stock Surges After Icahn's Disclosure

Aug 14, 2013
Jing Chen

From the help of activist investor and hedge fund manager Carl Icahn, shares of technology giant Apple broke above $500 on Wednesday for the first time in nearly eight months.

Icahn, the chairman of Icahn Enterprises, went on Twitter Tuesday to disclose his large stake in Apple.  Icahn bought $1 billion worth of stock and wants Apple to allocate $150 billion for a repurchase, according to a Bloomberg report.

Known for being an outspoken investor, Icahn also revealed on the social media platform that he had a “nice conversation” with Apple CEO Tim Cook and said that the iPhone maker is “extremely undervalued.”

eVestment previously reported that hedge fund manager David Enhorn, whose New York-based firm Greenlight Capital is long on Apple shares, filed a lawsuit against the company earlier this year claiming that the technology company has a “cash problem” which could be fixed by increasing stockholder returns.

Icahn returned outside money for his firm in 2011 to focus on investing his own funds.

 

 

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