Carl Icahn Abandons Push for Apple to Boost Stock Buyback

Discussion in 'MacRumors.com News Discussion' started by MacRumors, Feb 10, 2014.

  1. MacRumors
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    MacRumors

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    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.

    [​IMG]
    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.
    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
     
  2. tmaxxtigger
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    #2
    Yay, different picture, although it's only a slight improvement!!
     
  3. Alumeenium
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    #3
    No one wants or needs a goofy watch

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

    :D
     
  4. BJMRamage
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    BJMRamage

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    #4
    "now if I make a statement saying the opposite, I will STILL get in the news..."

    and thanks for the less creepy photo
     
  5. musika, Feb 10, 2014
    Last edited: Feb 10, 2014

    musika
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    musika

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  6. Jsameds
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    macrumors 68000

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    I miss the 40 Year Old Virgin lookalike picture :(
     
  7. akm3
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    macrumors 68020

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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)
     
  8. appleken
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  9. Rogifan
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    Rogifan

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  10. Lostanddamned
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    Lostanddamned

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    This is literally all I think of when I hear about Carl Icahn.
     

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  11. Supa_Fly
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    Supa_Fly

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    Not really he was flipped THE BIRD (A finger, the middle) from Apple's $14 Billion share buyback recently announced as completed. Good Riddance!
     
  12. jav6454
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    jav6454

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    He gave up? He doesn't strike me the guy to give up easily. Something went down.
     
  13. ValSalva
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  14. FirstNTenderbit
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    FirstNTenderbit

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    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.
     
  15. Cuban Missles
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    Cuban Missles

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    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.
     
  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.
     
  17. giantfan1224
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    giantfan1224

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    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.)
     
  18. TallManNY
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    TallManNY

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    #18
    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?
     
  19. designgeek
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    designgeek

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    Good. Looks like Apple lives to fight another day, these investor types are never good news.
     
  20. Gudi
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    Gudi

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    #20
    He wanted the stock to fall –$50 and gain back +$25. :confused:

    Cause that's what he's getting with this $14b stock buyback of the past week.
     
  21. giantfan1224
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    giantfan1224

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    #21
    The buyback is not over.
     
  22. Consultant
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    Consultant

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  23. jav6454
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    jav6454

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    His buyback was [much] bigger than the one Apple is doing. So I fail to see where he 'won'.
     
  24. prism
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  25. dannyyankou
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    dannyyankou

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    #25
    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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