Apple Recap: Buybacks, Blahnik, and More Patent Suits
Shares of Apple (NASDAQ:AAPL) are struggling to maintain the gains they etched out on the stock charts last week. The iPhone maker’s stock ended Tuesday down $6.67, or 1.31 percent, at $501.07. Here’s a cheat sheet to today’s top Apple stories:
How Will an Even Bigger Buyback Plan Impact Apple?
After receiving heat from hedge fund manager David Einhorn earlier this year, Apple announced the biggest capital return program in market history. The move marked a bottom for shares and placed more cash in the pockets of shareholders. However, there is another push for the world’s largest tech company to do more.
Last week, billionaire investor Carl Icahn posted on Twitter that his fund holds a “large position” in Apple. He believes the company is “extremely undervalued,” and had a “nice conversation” with chief executive officer Tim Cook about launching a larger buyback immediately. The activist investor did not disclose the amount of his investment, but the amount is believed to be around $1.5 billion… (Read more.)