Carl Icahn loves him some Apple stock. Just a week ago, in two separate Tweets, the activist investor announced that he had bought $1 billion more stock. Now he wants more. When Apple shares sank on disappointing earnings Tuesday, Icahn announced he grabbed another $500 million. Icahn’s Apple holdings will be about $4 billion after his new purchase, and it continues his policy of pushing the company to increase its share buyback program. Icahn tweeted, "My buying seems to be going neck-and-neck with Apple’s buyback program, but hope they win that race."
Apple needs a cheaper iPhone to keep pace with low-cost rivals, analysts said, after the company's smartphone sales fell short of lofty expectations in the holiday shopping season. Shares of the world's most valuable technology company opened down 8 percent on Tuesday, a day after Apple's weak revenue forecast for the current quarter renewed fears about Chinese smartphone demand and a tepid global market. At least 14 brokerages lowered their price targets on Apple, reflecting concerns that it was becoming harder to sell high-end phones as markets get saturated. Apple shares fell to $502.47 in early trading. A quarter of the stock's value had been gained in the last six months.
Read More:
Carl Icahn, Who Can't Stop Buying Apple Shares, Just Bought $500 Million More - ForbesTech
Apple shares open lower after muted iPhone sales - Reuters Business
