While we donâ€™t know what they ate, Icahn is believed to have "pushed hard" for Jobsâ€™ 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.