Scalper1 News
Activist investor Carl Icahn on Thursday urged Apple (AAPL) to step up its share repurchases, claiming that the company is “dramatically undervalued” and should be trading at double its closing price from Wednesday. In an open letter to Apple CEO Tim Cook, Icahn said that Apple stock should be valued at 203 a share based on its growth prospects for the iPhone 6 series smartphones, refreshed iPad lineup, Apple Watch and other products. In morning trading on the stock market today, Apple was up nearly 1%, just below 102. Icahn did not give a specific figure for how much Apple should spend on its stock buyback plan. He spent most of his roughly 5,000-word letter detailing Apple’s growth potential by product category and praising Cook’s stewardship. Icahn says that he owns about 53 million Apple shares, which he intends to hold during any new Apple tender offer. Icahn… Scalper1 News
Scalper1 News