Carl Icahn Wants More Stocks in Apple after its 30% Jump
Carl 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
