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Wednesday, 02 October 2013 12:56

Apple shares go up after dinner

Written by Nick Farrell



Buyback rumoured 

Shares of the troubled toymaker Apple rose on the news that chief executive Tim Cook had dinner with billionaire activist investor Carl Icahn.

While we don’t know what they ate, Icahn is believed to have "pushed hard" for Jobs’ Mob to buy back its shares while they are suitably cheap. He thinks Apple should buy back more than $150 billion worth its shares. This will boost the value of the shares without Apple having to do anything reckless like invent a new innovative product.

The pair agreed to talk about it in about two or three weeks. Apple has the ability to do a $150 billion buyback now by borrowing funds at 3 percent. If Apple does this now and earnings increase at only 10 percent, the stock it should trade at $700 a share.

Apple shares currently trade over $485 a share.

Nick Farrell

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