Times of Oman2
Price in RO
24ct / gm
22ct / gm
Forex Rates vs R01
Back to Homepage
Icahn says will meet Apple's Cook, talk share buyback
August 23, 2013 , 12 : 25 pm GST
SAVE THIS ARTICLE
Apple Inc. CEO Tim Cook takes the stage after the introduction of the iPhone 5 during Apple Inc.'s iPhone media event in San Francisco, California in this September 12, 2012 file photograph.Photo - REUTERS/Beck Diefenbach/Files
Activist investor Carl Icahn said Thursday he would meet Apple chief executive Tim Cook in September and discuss the "magnitude" of a share repurchase plan.
Icahn made his announcement in a tweet, just over a week after he indicated he had taken a stake in the US tech giant, which he called "extremely undervalued."
"Spoke to Tim. Planning dinner in September. Tim believes in buyback and is doing one. What will be discussed is magnitude," his Twitter message said.
Icahn indicated last week he would press Apple to increase its stock buyback, in which the company purchases its own shares in a bid to boost its value.
Earlier this year, Apple yielded to pressure from the hedge fund Greenlight Capital, agreeing to return some $100 billion to shareholders over the next two years, including $60 billion in share repurchases.
Icahn told The Wall Street Journal last week that Apple could boost its share value by borrowing money and buying back shares.
"Buy the company here and even without earnings growth, we think it ought to be worth $625," he told the newspaper last week.
Apple shares, which topped $700 last September and then slumped below $400, picked up after a sluggish session to gain 01.2 percent to and close at $502.96.
Last week's news from Icahn pushed Apple's share price up nearly five percent.
Apple is widely expected to unveil a new iPhone in September, and some reports say the company will introduce a lower-cost version of the iconic smartphone.
A recent IDC survey showed Apple's share of the global smartphone market slipped to 13.2 percent in the second quarter, from 16.6 percent a year ago, while Android's share rose to 79.3 percent.
Icahn has a long history of taking positions in companies that give him the leverage to force changes in management or rewards to shareholders, or both.
Rate this Article
Rates : 0, Average : 0
Post a Comment
Did you like this section? Leave a comment!
Your Name :
Your Email Address :
Your Comment :
Enter Image Text:
No Comments Posted
Latest in this section
Facebook adds new feature for finding ‘Nearby Friends’
Weibo valued at $3.46 billion after bottom-end IPO pricing
The fall of the tech giants: What if Facebook collapses?
Heartbleed bug may hit millions of Android-powered smartphones
U.S. government says hackers trying to exploit 'Heartbleed' bug
TOP RATED ARTICLES
Baying Blues - Muscat government hospitals grappling with lack of parking areas
Faisal Mohammed Naim
Faith for Duty - onboard HMS Somerset F82
Admiral Robin K. Dhowan elected navy chief after deadly submarine fire
Real Madrid beats Barcelona by 2-1 in the Copa Del’ Rey (Kings Cup) final
Times News Service
Reports of e-cigarette injury jump amid rising popularity, U.S. data show
More in News
More than just a moustache - Adolf Hitler vs Charlie Chaplin
Urban gardens greening Berlin rooftops, airfield
Italian violinist strikes a chord with street children
Tips for writing a good article
How to choose your writing form and communicate your creative thoughts
Natasja Engholm - Special to Times of Oman
More in Features
Target the companies that pollute most
Assaad W Razzouk
Turkey must take the lead role to end conflict in Syria
Attempts to remake Eden are dangerous
Efforts on to wash off Japan’s war crimes
Middle East, Muslim world losing battle of hearts, minds
Aijaz Zaka Syed
More in Columns
Get Top news by E-mail.
Copyright © 2012 Muscat Press & Publishing House SAOC. All rights reserved. Times of Oman is not responsible for the content of external internet sites.
For reprint rights contact:
TOO Online Editorial