Carl Icahn Abandons Push for Apple to Boost Stock Buyback

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

  1. macrumors bot

    MacRumors

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    #1
    [​IMG]


    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. macrumors member

    Joined:
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    #2
    Yay, different picture, although it's only a slight improvement!!
     
  3. macrumors regular

    Joined:
    May 15, 2013
    #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. macrumors 68000

    BJMRamage

    Joined:
    Oct 2, 2007
    #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

    macrumors 65816

    musika

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    Location:
    New York
    #5
    Good riddance, champ!
     
  6. macrumors 65816

    Joined:
    Apr 22, 2008
    #6
    I miss the 40 Year Old Virgin lookalike picture :(
     
  7. macrumors 68020

    Joined:
    Nov 15, 2007
    #7
    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. macrumors newbie

    Joined:
    Oct 31, 2013
    #8
    What, this picture?

    [​IMG]
     
  9. macrumors G5

    Rogifan

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    Nov 14, 2011
    #9
    Well played Tim. :)
     
  10. macrumors 6502a

    Lostanddamned

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    London, UK
    #10
    This is literally all I think of when I hear about Carl Icahn.
     

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  11. macrumors 68030

    Supa_Fly

    Joined:
    May 30, 2002
    Location:
    Toronto, Ontario, Canada
    #11
    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. macrumors G5

    jav6454

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    #12
    He gave up? He doesn't strike me the guy to give up easily. Something went down.
     
  13. macrumors 68040

    ValSalva

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    Burpelson AFB
    #13
    And so the vulture moves on for now...
     
  14. macrumors 6502

    FirstNTenderbit

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    Atlanta
    #14
    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. macrumors 68000

    Cuban Missles

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    #15
    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. macrumors 6502

    Joined:
    Jul 21, 2011
    #16
    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. macrumors 6502a

    giantfan1224

    Joined:
    Mar 9, 2012
    #17
    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. macrumors 68030

    TallManNY

    Joined:
    Nov 5, 2007
    #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. macrumors 65816

    designgeek

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    "Town"
    #19
    Good. Looks like Apple lives to fight another day, these investor types are never good news.
     
  20. macrumors 65816

    Gudi

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    Berlin
    #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. macrumors 6502a

    giantfan1224

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    #21
    The buyback is not over.
     
  22. macrumors G5

    Consultant

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    #22
  23. macrumors G5

    jav6454

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    #23
    His buyback was [much] bigger than the one Apple is doing. So I fail to see where he 'won'.
     
  24. macrumors 6502a

    Joined:
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    #24
    Bloodsucking vampire!
     
  25. macrumors 601

    dannyyankou

    Joined:
    Mar 2, 2012
    #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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