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Carl Icahn Tweets Again, Apple Stock Buyback Imminent

By: GuruFocus
Posted: 8/22/2013 4:41:00 PM
Referenced Stocks: AAPL

Carl Icahn personally broke the news that he took a major stake in Apple ( AAPL ) last week using his new Twitter account. Today, he updated his followers about his push for a large share buyback, tweeting:

"Spoke to Tim. Planning dinner in September. Tim believes in buyback and is doing one. What will be discussed is magnitude."

Apple's share price increased about 0.78% since Icahn's tweet, and is up 0.09% overall today.

Icahn last spoke of his involvement with Apple on August 13. He posted two messages into the Twittersphere that day:

"We currently have a large position in APPLE. We believe the company to be extremely undervalued. Spoke to Tim Cook today. More to come."

"Had a nice conversation with Tim Cook today. Discussed my opinion that a larger buyback should be done now. We plan to speak again shortly."

In the third quarter, ended June 29, 2013, Apple returned $18.8 billion in cash to its shareholders through dividends and share repurchases, after ending the first quarter with a gargantuan cash balance of $145 billion. Apple just recently made history with the size of its share buyback, authorizing $60 billion through year-end 2015. Read more about Icahn and Apple here .

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