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Old Feb 10, 2014, 10:46 AM   #1
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Carl Icahn Abandons Push for Apple to Boost Stock Buyback




Billionaire Carl Icahn has abandoned his effort to encourage Apple to increase its stock repurchasing program, according to a new letter addressed to Apple shareholders. Icahn had aggressively pushed for an increased stock buyback of up to $150 billion, going so far as to recommend a proxy vote for shareholders to support his agenda.

In explaining his reversal, Icahn points to a recent decision by Apple to repurchase $14 billion on a dip in the company's stock price following its most recent earnings announcement. Well-known proxy advisory firm Institutional Shareholder Services (ISS) this week also sided with Apple and recommended against Icahn's scaled-back $50 billion stock buyback plan presented to shareholders.
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That being said, we also agree with ISS's observation, taking into account that the company recently repurchased in "two weeks alone" $14 billion worth in shares, that "for fiscal 2014, it appears on track to repurchase at least $32 billion in shares." Our proposal, as ISS points out, "thus effectively only asks the board to spend another $18 billion on repurchases in the current year."

As Tim Cook describes them, these recent actions taken by the company to repurchase shares have been both "opportunistic" and "aggressive" and we are supportive. In light of these actions, and ISS's recommendation, we see no reason to persist with our non-binding proposal, especially when the company is already so close to fulfilling our requested repurchase target.
Icahn went on to say that he is excited about Apple's future, which will see the company introduce products in new categories this year. Rumors strongly suggest Apple is working on a watch/fitness band with sensors to potentially measure steps, calories, heart rate, glucose levels and more. Apple has assembled a "dream team" to work on this iWatch product, hiring a number of the best and brightest scientists from the medical device and health sensor field.

Apple's 2014 annual meeting of shareholders is scheduled for February 28, 2014.


Article Link: Carl Icahn Abandons Push for Apple to Boost Stock Buyback
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Old Feb 10, 2014, 10:47 AM   #2
tmaxxtigger
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Yay, different picture, although it's only a slight improvement!!
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Old Feb 10, 2014, 10:48 AM   #3
Alumeenium
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No one wants or needs a goofy watch

try dictating a text to your girlfriend, while you're at dinner with your wife

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Old Feb 10, 2014, 10:48 AM   #4
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"now if I make a statement saying the opposite, I will STILL get in the news..."

and thanks for the less creepy photo
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Old Feb 10, 2014, 10:49 AM   #5
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Good riddance, champ!
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Last edited by musika; Feb 10, 2014 at 11:03 AM. Reason: Edited a couple of times because I'm an idiot.
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Old Feb 10, 2014, 10:51 AM   #6
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I miss the 40 Year Old Virgin lookalike picture
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Old Feb 10, 2014, 10:53 AM   #7
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Picture caption:

"So be it. If you will not be turned to the dark side, then you shall DIE!" (photoshop in some lightning from fingers)
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Old Feb 10, 2014, 10:54 AM   #8
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What, this picture?

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Old Feb 10, 2014, 10:54 AM   #9
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Well played Tim.
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Old Feb 10, 2014, 10:54 AM   #10
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This is literally all I think of when I hear about Carl Icahn.
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Old Feb 10, 2014, 10:55 AM   #11
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Quote:
Originally Posted by musika View Post
That's a sudden change in direction for him.
Not really he was flipped THE BIRD (A finger, the middle) from Apple's $14 Billion share buyback recently announced as completed. Good Riddance!
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Old Feb 10, 2014, 10:55 AM   #12
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He gave up? He doesn't strike me the guy to give up easily. Something went down.
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Old Feb 10, 2014, 10:56 AM   #13
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And so the vulture moves on for now...
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Old Feb 10, 2014, 10:59 AM   #14
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Originally Posted by musika View Post
That's a sudden change in direction for him.
I don't see it as a change at all. I see it as he is basically getting what he wanted all along. If Apple does buyback $32B in 2014 why would he need to keep pushing for a continued buyback?

Ask for 50, settle for 32. Call it a win. This is not to say Apple's buyback has anything to do with Icahn. It could have simply been their plan all along. Nevertheless, he still gets what he wanted.
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Old Feb 10, 2014, 10:59 AM   #15
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Yay, different picture, although it's only a slight improvement!!
Yay is right. I have been beggin MR or a different picture. Thankfully someone finally listened to someone else (i doubt it was me) and got a new picture.
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Old Feb 10, 2014, 10:59 AM   #16
ChrisCW11
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Investigation pending???

I mean he makes some grand statement, invests millions into Apple, and then a few weeks later changes his stance...this seems like an obvious scheme to me.
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Old Feb 10, 2014, 11:04 AM   #17
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Originally Posted by ChrisCW11 View Post
I mean he makes some grand statement, invests millions into Apple, and then a few weeks later changes his stance...this seems like an obvious scheme to me.
Can you give us some specifics about what this obvious scheme might be? And please, leave out the dubious Hollywood script.

(BTW, he invested BILLIONS, not just millions.)
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Old Feb 10, 2014, 11:06 AM   #18
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Originally Posted by jav6454 View Post
He gave up? He doesn't strike me the guy to give up easily. Something went down.
He won. Apple did a huge buyback. And Apple has singled that they will do more buybacks. How much more would it benefit him to push on this issue again?
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Old Feb 10, 2014, 11:09 AM   #19
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Good. Looks like Apple lives to fight another day, these investor types are never good news.
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Old Feb 10, 2014, 11:16 AM   #20
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Originally Posted by FirstNTenderbit View Post
I don't see it as a change at all. I see it as he is basically getting what he wanted all along.
He wanted the stock to fall $50 and gain back +$25.

Cause that's what he's getting with this $14b stock buyback of the past week.
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Old Feb 10, 2014, 11:23 AM   #21
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Originally Posted by Gudi View Post
He wanted the stock to fall $50 and gain back +$25.

Cause that's what he's getting with this $14b stock buyback of the past week.
The buyback is not over.
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Old Feb 10, 2014, 11:26 AM   #22
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Apple announced stock buyback program in 2012
http://www.apple.com/pr/library/2012...e-Program.html

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Originally Posted by TallManNY View Post
He won. Apple did a huge buyback. And Apple has singled that they will do more buybacks. How much more would it benefit him to push on this issue again?
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Old Feb 10, 2014, 11:34 AM   #23
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Originally Posted by TallManNY View Post
He won. Apple did a huge buyback. And Apple has singled that they will do more buybacks. How much more would it benefit him to push on this issue again?
His buyback was [much] bigger than the one Apple is doing. So I fail to see where he 'won'.
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Old Feb 10, 2014, 11:37 AM   #24
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Bloodsucking vampire!
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Old Feb 10, 2014, 11:38 AM   #25
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Originally Posted by Alumeenium View Post
No one wants or needs a goofy watch

try dictating a text to your girlfriend, while you're at dinner with your wife

You're right, no one does want it. That's probably because no one outside of apple knows anything about it yet.
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