Wall Street investors were shaken by Apple Inc.’s latest quarterly results. But not Carl C. Icahn.
The activist investor took to his favorite broadcasting tool, Twitter, on Tuesday to disclose that he had purchased an additional $500 million in shares in the iPhone maker. (Last week, he said he owned about $3.6 billion worth of Apple stock, meaning that his current stake as of Tuesday could be worth more than $4 billion.)
But let’s let Mr. Icahn speak for himself.
Shares in Apple had already fallen more than 7 percent by then on Tuesday morning. And the stock fell more after Mr. Icahn’s post.
As his Twitter message suggests, Mr. Icahn has not quite let go of his belief that Apple should increase its stock buyback program.
So why step in now? For the veteran investor, Apple’s latest results just look like a buying opportunity. Here’s what CNBC’s Scott Wapner says he was told by Mr. Icahn:
