Scalper1 News
Activist investor Carl Icahn has abandoned his bid to force Apple (AAPL) to adopt a more aggressive stock buyback program. The founder and majority shareholder of Icahn Enterprises said Monday that he is dropping his demands on Apple, citing the company’s recent stock repurchases and the recommendation of an influential proxy adviser. Apple CEO Tim Cook told The Wall Street Journal last week that he wanted to be “aggressive” and “opportunistic” in stock buybacks, saying the company had repurchased $14 billion in shares in the two weeks after reporting financial results that disappointed Wall Street. With those purchases, Cook said Apple had bought back more than $40 billion of its shares over the past 12 months. On Sunday, proxy advisory firm Institutional Shareholder Services recommended that Apple shareholders reject a proposal by Icahn that the company buy back an additional $50 billion of its stock. ISS said the proposal… Scalper1 News
Scalper1 News