10 Updates

Carl Icahn snaps up another $500M of Apple stock

Jan 23 2014, 11:07pm CST | by

Billionaire Icahn invests another $500 million in Apple, arguing the stock remains a bargain SAN FRANCISCO (AP) — Outspoken billionaire Carl Icahn has tossed another bushel of Apple...

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26 weeks ago

Carl Icahn snaps up another $500M of Apple stock

Jan 23 2014, 11:07pm CST | by

Billionaire Icahn invests another $500 million in Apple, arguing the stock remains a bargain

SAN FRANCISCO (AP) — Outspoken billionaire Carl Icahn has tossed another bushel of Apple stock into his investment portfolio and suggested some new products as he tries to persuade the iPhone maker to do more to lift its market value.

In an attempt to give his arguments more credence, Icahn disclosed that he invested another $500 million in Apple Inc. in a series of purchases made Thursday.

With the latest shopping spree, Icahn has spent $1 billion on Apple stock during the past weeks to raise his total holdings in the Cupertino, Calif., company to $3.6 billion since he began buying the shares five months ago when they were still trading below $450.

Apple's stock rose $4.67 to close at $556.18 on Thursday. Despite the recent gains, the shares remain about 20 percent below their peak reached 16 months ago.

Icahn, a longtime activist investor, has been lobbying Apple's board to boost the stock by funneling more of the company's $147 billion in cash toward share repurchases. Meeting Icahn's demands would require Apple to spend more on its stock than it planned, something the board so far has been unwilling to do.

The impasse has set the stage for a Feb. 28 showdown at Apple's annual meeting, where shareholders will vote on a non-binding proposal recommending that the board follow Icahn's advice. Apple is urging its shareholders to vote against the proposal, saying it is already reviewing ways to return more cash to shareholders.

Icahn tried to sway Apple shareholders to his side Thursday with the release of an open letter that represented his most detailed explanation so far about why he believes the company is worth substantially more than its current market value of about $500 billion.

Besides elaborating on the reasons why he believes it's a "no-brainer" for Apple to buy more of its own stock, Icahn took the unusual step of pointing out new markets where he believes the company could easily make even more money than it already does with its line of iPhones, iPads, iPods and Mac computers.

Icahn made it clear he wants to see an Apple television set, a device that has been a subject of company speculation for the past three years. Steve Jobs, Apple's late CEO and co-founder, suggested Apple was working on a TV set in interviews with his biographer before he died in October 2011.

In the letter, Icahn suggested that Apple should make a $1,600 television set with an "ultra" high-definition screen designed to show so-called "4K' programming that will be coming from Internet video service Netflix Inc. and other sources later this year. Icahn thinks Apple could sell at least 25 million of the ultra-HD sets backed by its brand and software, generating about $40 billion in revenue.

Icahn also touted the possibility of Apple making a smartwatch, an idea that company CEO Tim Cook has hinted at in public appearances. Icahn also thinks the company is ideally positioned to roll out a system for handling digital payments.

The letter also jabbed at a sore point at Apple by referring to the perceived lack of innovation at the company since Jobs died. Icahn described recent upgrades to the iPhone and iPad as "evolutionary (not revolutionary)."

Apple didn't immediately respond to requests for comment.

As has been the case through most of his public campaign, Icahn praised Cook in his letter for doing an "excellent job."

Icahn's main beef has been with Apple's board, which consists of Cook and seven other members. In an interview with the Fox Business network, Icahn said it's "almost criminal" for the board to resist increasing the company's stock buyback program and questioned the directors' intelligence about financial matters.

Icahn wants Apple to spend $50 billion buying back its stock by the end of its fiscal year ending in September. The company began the year with $37 billion left to invest in a $60 billion buyback program that doesn't expire until September 2015.

Source: AP Business

 
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10

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KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakyat was told ...
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7 weeks ago

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KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dewan Raky ...
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Update
7

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MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri Hishamm ...
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Update
6

7 weeks ago

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Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

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PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selat ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

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KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in c ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Datuk ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

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JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

EurAsia Cup presented by DRB-HICOM - Day One
PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan B ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Dama ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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