What stands out the most is that Icahn’s position is now said to top $3 billion. Amazingly, with a $500 billion market cap, that does not even make Icahn a top 10 shareholder.
Icahn tweeted on Wednesday that Apple is effectively a “no brainer.” He said that he accumulated another $500 million worth of Apple shares in the past two weeks, and that position has crossed above $3 billion as of Tuesday.
Where Icahn is being vocal is that he said Apple is doing a disservice by not handily increasing its stock buyback plan. Icahn also indicated that an open letter would soon follow.
Apple shares were up 1.35% at $556.50 Wednesday morning, but trading volume of 5.4 million shares just after 11:00 a.ma EST is not much to brag about, considering that an average day’s volume is about 11.5 million shares.
Apple has traded in a range of $385.10 to $575.14 in the past year, and the consensus price target is roughly $597.50.
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