Icahn tells Apple CEO to buy back more stock
Published: August 13, 2013 01:27PM
Updated: August 13, 2013 01:27PM
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Carl Icahn, billionaire investor and chairman of Icahn Enterprises Holdings LP, stands outside of the Nasdaq MarketSite in New York, U.S., on Tuesday, March 27, 2012. Icahn announced his intention last month to offer $30 a share and give CVR Energy Inc. holders a right to as much as an additional $7 a share, a proposal that values the company at at least $2.6 billion, according to Bloomberg calculations. Photographer: Scott Eells/Bloomberg *** Local Caption *** Carl Icahn

NEW YORK • Billionaire investor Carl Icahn says Apple should buy back more stock.

Icahn said on Twitter Tuesday that he spoke with Apple Inc. CEO Tim Cook and told him the computer company’s stock buyback needs to be boosted immediately. Icahn characterized the talk as a nice conversation and said he and Cook plan to speak again soon.

Apple shares jumped nearly 5 percent to $489.41 on the news.

Icahn tweeted that he has a large position in Apple and believes the company’s stock is “extremely undervalued.”

Apple said in April that it would expand its stock buyback program to $60 billion.

The buyback, coupled with an increased dividend, is part of the company’s plan to return $100 billion in cash to shareholders by the end of 2015.