Hedge Fund Guru Icahn Agrees with Apple's Aggressive Buyback
Carl Icahn, an American hedge fund guru and investor, owner of $4 billion in Apple stock, has been pushing for the company to increase its buyback program for some time now.
Initially suggesting Apple repurchase $150 billion in shares, his request has scaled back to $50 billion recently. But today he pulled his request after acknowledging that Apple is basically already on pace to repurchase shares close to this magnitude within the year anyway.
According to the proxy advisory firm Institutional Shareholder Services, or ISS, Apple is on pace to repurchase at least $32 billion in shares in fiscal 2014. ISS argued in a request that Apple shareholders vote against Icahn's proposal for a larger buyback that $32 billion is just $18 billion short of Icahn's proposal. Icahn says he agrees with ISS and has pulled his proposal.Source: DailyFinance