Icahn: Cook still studying buyback proposal

|By:, SA News Editor

Carl Icahn tells CNBC he recently had a "good conversation" with Tim Cook, and that the Apple (AAPL -0.6%) CEO is still studying Icahn's $150B buyback proposal.

Apple has moved higher on the report, but still remains down on the day.

Three weeks ago, Icahn disclosed his Apple stake had risen to 4.7M shares (worth $2.4B), and said he would "test the waters" regarding a proxy fight  if his calls for a bigger buyback were ignored. The following week, Cook stated any changes to Apple's capital allocation plan would be announced early next year.

Apple currently has $146.8B in cash/investments on its balance sheet, but only $35.5B of that is in the U.S. Thanks to a debt offering made earlier this year to help finance its existing back efforts, long-term debt stands at $16.9B.