Carl Icahn Wants More Stocks in Apple after its 30% JumpCarl Icahn wants more stocks in Apple Inc., after the stock in the American computer designer company has soared close to 30 percent year to date.
It’s unclear if hedge fund manager Carl Icahn follows statistical probability theory with stocks, but he’s looking to defy gravity in his latest Apple Inc. computer rant.
After the stock of Apple Inc. has soared close to 30 percent year to date, outperforming the broader stock market benchmarks (which it greatly influences) and beating peers like a drum, Carl Icahn wants more just as algorithmic traders have noted the stock might have risen a little too far, a little too fast.
Carl Icahn published a letter to Apple CEO Tim Cook that essentially ordered Cook to purchase additional Apple stock. This is a common hedge fund tactic to boost the stock price over a short period of time. When a company purchases its own shares it communicates confidence to the market and soaks up limited stock supply, which typically boosts prices.Source: ValueWalk