Reuters: Hot Stocks: UPDATE 1-Icahn has large Apple stake, wants larger buybacks

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UPDATE 1-Icahn has large Apple stake, wants larger buybacks Aug 13th 2013, 19:12 Tue Aug 13, 2013 3:12pm EDT (Adds Apple statement, details on shareholder returns, stock price) SAN FRANCISCO Aug 13 (Reuters) - Activist investor Carl Icahn said on Tuesday he has built a "large position" in Apple Inc and had a "nice conversation" with CEO Tim Cook about a larger stock buyback. The billionaire with a reputation for pushing aggressive corporate change said on Twitter he planned to talk more with Cook, who has presided over a sharp fall in the share price over the past year. Icahn called the iPhone maker "extremely undervalued." "Had a nice conversation with Tim Cook today. Discussed my opinion that a larger buyback should be done now," Icahn tweeted. "We plan to speak again shortly." The company was not immediately available for comment. The world's largest technology company this year bowed to increasing pressure from shareholders, sharply increasing its return of cash. It also averted a dispute with Greenlight Capital's David Einhorn, who sued the company to try to block a controversial proposal regarding voting on preferred shares. Apple eventually withdrew the proposal. In April, the company said it plans to return $100 billion to shareholders by the end of 2015 - double the amount set aside previously. It got there in part by raising its dividend 15 percent and increasing its share buyback program six-fold to $60 billion, in one of the largest programs of its kind. Apple shares were up 4.4 percent at $484.87 on Tuesday afternoon on the Nasdaq. They have fallen 33 percent since peaking in September 2012. (Reporting by Edwin Chan; editing by Carol Bishorpic and Matthew Lewis) Link this Share this Digg this Email Reprints

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