real-time news and commentary for investors
Tuesday, Aug 13
Bloomberg: Icahn has $1B+ Apple stake, sees shares topping $600
- Bloomberg reports Carl Icahn's just-disclosed Apple (AAPL +4.7%) stake is north of $1B (implies a ~0.25% stake ... for now), and that he expects shares to top $600.
- During a CNBC talk, Icahn expressed confidence about Apple's future in the post-Steve Jobs era. Oracle CEO and close Jobs friend Larry Ellison offered a different take yesterday.
- ZeroHedge observes only $40.6B of Apple's $146.6B cash balance was domestic at the end of the June quarter, and that $18B was spent on buybacks in the quarter. If Apple heeds Icahn's call to further ramp its buyback activity, a new debt offering might be in order. $17B in debt was raised at very low rates (they've since risen) in April.
- Shares have closed near $490 on volume nearly 3x Apple's daily average.