Thursday, 21 August 2014
Last updated 8 hours ago
Dec 5 2013 | 11:31am ET
Carl Icahn has cut the size of the stock buyback he'd like Apple Inc. to begin as he seeks shareholder support for the proposal.
Icahn late last month submitted a non-binding shareholder proposal for Apple's annual meeting next year. It calls for the company to repurchase $50 billion in shares on top of its current $60 billion buyback program.
Icahn had previously pushed for an immediate $150 billion buyback to return some of Apple's massive cash horde to investors. The new proposal would give Apple until September to complete the purchases.
"Apple is not a bank," Icahn told Time magazine, which has put him on its cover this week.
Icahn could drop his proposal if he reaches an agreement with Apple beforehand, and said he is continuing his discussion with Apple CEO Tim Cook.
"We've discussed a lot of things, and he asked a lot of questions, and really listened," Icahn said. In spite of Cook's refusal so far to give in to his demands, Icahn continued to lavish praise on him, telling Time, "Tim Cook is doing a good job with the business. I think he's good whether he does what I want or not."
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note