Name: Carl Icahn pressures Apple to buy back stock
Uploaded: 2014-10-09
Duration: 1 min 25 s
Description: Carl Icahn pressures Apple to buy back stock

Activist investor Carl Icahn wants Apple to do more with its pile of cash again in an open letter published Thursday Icahn maintains the company is undervalued and would do well buy back its own stock. The basic gist of this of course comes back to this idea of using up some of its extra cash. Icahn talks about the persistently excessive liquidity of $ 133 billion. Net cash on Apple's balance sheet. Icahn writes: The more shares repurchased now, the more each remaining shareholder will benefit from that earnings growth. It goes almost without saying, Icahn's investment firm would profit from an increase in Apple shares, of which it owns nearly one percent. This is shareholder democracy. He's got three votes that he thinks he has, versus one. If I were reading this and I were Tim Cook, I would say. Will you please give me a break? Which seems to be Apple's take as well. It's response reads in part, as we've said before, we will review the program annually and take into account the input from all of our shareholders. And the rest of the tech press isn't surprised to see Icahn pushing for a buyback. He did the same thing in December of last year, going so far as to attempt a shareholder proxy vote on the issue. Apple did buyback $ 14 billion in. Thousand shares at the beginning of the year and the icon eventually backed off the pressure. But short of the ," We'll think about it ," supplied to the media this time around Apple doesn't appear ready to give an official response.