Apple shares get boost on Icahn dinner with CEO Cook

Posted on – Shares of Apple Inc. increased about 2 percent on Tuesday on information that billionaire activist-investor Carl Icahn had supper with Apple chief exec Tim Cook on Monday and “pressed hard” for a buyback.

Apple shares get boost on Icahn dinner with CEO Cook

“Had a cordial supper with Tim last evening. We pressed hard for a 150 billion buyback. We decided to proceed discussion in about 3 weeks,” Icahn tweeted on Tuesday.

In August, Icahn informed Reuters that “Apple has the ability to do a $150 billion buyback currently by obtaining funds at 3 percent.

He also said at the moment, “If Apple does this currently and profits increase at just 10 percent, the stock – also maintaining the same several presently – should profession at $700 a share.”

Tuesday, shares of Apple increased 1.85 percent to profession over $485 a share.

A resource acquainted with the issue, that decreased to be called because Icahn hasn’t already revealed his holdings in Apple, said the investor’s risk was well worth about $1 billion, a portion of the company’s market price of greater than $400 billion.

Cook didn’t mention the supper in any tweets on Tuesday.

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