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Billionaire Carl Icahn calls for $150B Apple stock repurchase
CUPERTINO, Calif., Oct. 24 () -- Billionaire investor Carl Icahn has called on U.S. technology giant Apple to initiate a $150 billion stock buyback he says will more than double stock prices."There is nothing short-term about my intentions here," Icahn says in a letter to Apple Chief Executive Officer Tim Cook that begins with the information that Icahn, since September,[url=http://www.wa7788.com/]Louboutin Sale[/url], had increased the size of his Apple holdings from 3,[url=http://www.ludotype.com/]supra skytop[/url],875,063 shares to 4,730,739 shares, a 22 percent increase.Icahn said he increased his share of Apple "reflecting our belief the market continues to dramatically undervalue the company,[url=http://www.omgfund.com]michael kors coupon[/url], even taking into account the recent market appreciation."In the letter posted by The Wall Street Journal, Icahn notes that the Apple board has already begun a $60 billion repurchasing program. In his letter, he says that amount "is simply not large enough given that Apple currently holds $147 billion of cash on its balance sheet and that it will generate $51 billion of EBIT [earnings before interest and tax] next year (Wall Street consensus forecast). "Icahn said an additional $150 billion stock repurchase would send share prices up from the current price of $525 per share to $1,[url=http://www.gmcmaroc.com/]cheap ghd straighteners[/url],250 within three years."When we met [in September], you agreed with us that the shares are undervalued. In our view, irrational undervaluation as dramatic as this is often a short term anomaly. The timing for a larger buyback is still ripe, but the opportunity will not last forever," Icahn wrote.