Proxy advisory firms back Apple over Icahn's $50B buyback plan


Apple (AAPL) has received a boost after proxy-advisory firms Institutional Shareholder Services and Egan-Jones counseled investors to follow Apple's recommendation and reject Carl Icahn's proposal that the company repurchase $50B in shares.

ISS cited Apple's buybacks and dividend payments as a reason for its opinion. Apple bought back $14B in stock in the fortnight after releasing its latest quarter earnings results, and it has repurchased $40B over the past year.

Shareholders are due to vote on Icahn's proposal at a meeting on February 28.

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Comments (3)
  • synchrogeddon
    , contributor
    Comments (392) | Send Message
     
    obviously stock will tank today, business as usual
    10 Feb 2014, 05:00 AM Reply Like
  • nooseah
    , contributor
    Comments (744) | Send Message
     
    Not exactly a vote of confidence in the future of the company from Icahn. Wants his cash out NOW. He always bought into this company for its cash balance, not because he believes in its future .... but the dumb money always took his involvement to be a positive sign. My apologies, I didn't mean to say 'dumb money' - I meant 'retail investors'.
    10 Feb 2014, 05:25 AM Reply Like
  • MKY
    , contributor
    Comments (57) | Send Message
     
    So, now what ? Mr. Icahn gets angry and dumps AAPL. Another Armageddon ?
    10 Feb 2014, 11:20 AM Reply Like
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