Activist investor Carl Icahn said he bought more shares of Apple Inc. on Wednesday as the company’s stock price slid.
“At these levels, we’re buying quite a bit of stock,” Icahn told cable television network CNBC. He added that his investment firm “bought quite a bit today” as Apple shares traded in a range of US$465-467 per share.
Icahn did not say how many additional shares of Apple he bought on Wednesday when Apple shares fell 5.4 per cent to US$467.71. The drop extended a 2.3 per cent decline during the previous session after the company unveiled new iPhone models.
“Apple is one of my best right now,” Icahn told CNBC.
Icahn tweeted on August 13 that his investment firm had amassed a “large position” in Apple and that the company was “extremely undervalued.” The surprise revelation lifted Apple’s stock almost 5 per cent higher that day to close at a seven-month high of US$489.57 on the Nasdaq.
Icahn told Reuters on Aug. 13 that he believed Apple could trade at US$700 a share if Chief Executive Tim Cook pushed for a larger stock buyback. He reiterated on Wednesday that a “big buyback” would be a “major plus” for the company.
Icahn also said his investment firm is up 30 per cent so far this year.
Several weeks ago, when Icahn disclosed he had taken a large position in Apple, a source familiar with the situation said the stake was valued at about US$1 billion.