As Apple Shares Fall, Icahn Plucks More

Wall Street investors were shaken by Apple Inc.’s latest quarterly results. But not Carl C. Icahn.

The activist investor took to his favorite broadcasting tool, Twitter, on Tuesday to disclose that he had purchased an additional $500 million in shares in the iPhone maker. (Last week, he said he owned about $3.6 billion worth of Apple stock, meaning that his current stake as of Tuesday could be worth more than $4 billion.)

But let’s let Mr. Icahn speak for himself.

Just bought $500 mln more $AAPL shares. My buying seems to be going neck-and-neck with Apple’s buyback program, but hope they win that race.

— Carl Icahn (@Carl_C_Icahn) 28 Jan 14

Shares in Apple had already fallen more than 7 percent by then on Tuesday morning. And the stock fell more after Mr. Icahn’s post.

As his Twitter message suggests, Mr. Icahn has not quite let go of his belief that Apple should increase its stock buyback program.

So why step in now? For the veteran investor, Apple’s latest results just look like a buying opportunity. Here’s what CNBC’s Scott Wapner says he was told by Mr. Icahn:

Of $AAPL, @Carl_C_Icahn says over the years he’s made a great deal of money buying on these dips esp when reason for dip is misinterpreted.

— Scott Wapner (@ScottWapnerCNBC) 28 Jan 14

@Carl_C_Icahn tells me there was a major positive in $AAPL’s message yesterday – new products in new categories coming within the year.

— Scott Wapner (@ScottWapnerCNBC) 28 Jan 14