Carl Icahn Abandons Push for Apple to Boost Stock Buyback
Billionaire Carl Icahn has abandoned his effort to encourage Apple to increase its stock repurchasing program, according to a new letter addressed to Apple shareholders. Icahn had aggressively pushed for an increased stock buyback of up to $150 billion, going so far as to recommend a proxy vote for shareholders to support his agenda.
In explaining his reversal, Icahn points to a recent decision by Apple to repurchase $14 billion on a dip in the company's stock price following its most recent earnings announcement. Well-known proxy advisory firm Institutional Shareholder Services (ISS) this week also sided with Apple and recommended against Icahn's scaled-back $50 billion stock buyback plan presented to shareholders.
That being said, we also agree with ISS's observation, taking into account that the company recently repurchased in "two weeks alone" $14 billion worth in shares, that "for fiscal 2014, it appears on track to repurchase at least $32 billion in shares." Our proposal, as ISS points out, "thus effectively only asks the board to spend another $18 billion on repurchases in the current year."
As Tim Cook describes them, these recent actions taken by the company to repurchase shares have been both "opportunistic" and "aggressive" and we are supportive. In light of these actions, and ISS's recommendation, we see no reason to persist with our non-binding proposal, especially when the company is already so close to fulfilling our requested repurchase target.
Icahn went on to say that he is excited about Apple's future, which will see the company introduce products in new categories this year. Rumors strongly suggest Apple is working on a watch/fitness band with sensors to potentially measure steps, calories, heart rate, glucose levels and more. Apple has assembled a "dream team" to work on this iWatch product, hiring a number of the best and brightest scientists from the medical device and health sensor field.
Apple's 2014 annual meeting of shareholders is scheduled for February 28, 2014.
Apple is aiming to hold its first fall event on Wednesday, September 7, reports Bloomberg's Mark Gurman. The event will focus on the iPhone 14 models and the Apple Watch Series 8.
The standard iPhone 14 models are expected to get few changes, but the iPhone 14 Pro models will include updated camera technology, the removal of the notch in favor of a pill-shaped and hole-punch cutout, an A16...
Apple today released iOS and iPadOS 15.6.1, minor updates to the iOS and iPadOS 15 operating systems initially released in September 2021. iOS 15.6.1 and iPadOS 15.6.1 come a month after Apple released iOS 15.6 and iPadOS 15.6 with new Live Sports features and bug fixes.
The iOS 15.6.1 and iPadOS 15.6.1 updates can be downloaded for free and the software is available on all eligible devices...
Apple's rumored 10th-generation iPad is currently in production and will feature "major" design changes, according to a report from Taiwanese website DigiTimes.
A mockup of the potential 10th-generation iPad design by Renders By Shailesh The report did not provide any specific details about the 10th-generation iPad's new design, but rumors suggest the device will feature a larger 10.5-inch...
Apple's second-generation AirPods Pro are finally nearing launch, with a release expected later this year. If you are considering upgrading to the new AirPods Pro once they are released, keep reading for a list of five new features to expect.
In addition to all-new features, the second-generation AirPods Pro will likely adopt some features added to the standard AirPods last year.
It's crazy to think about, but next month will mark five years since Apple announced the Apple Watch Series 3. Despite being a severely antiquated smartwatch, the Series 3 has remained at the bottom of Apple's lineup for $199.
Suppose you're still holding on to your Apple Watch Series 3. In that case, this article will list all the major new features and changes you'll get if you decide to...
Apple today seeded the sixth betas of upcoming iOS 16 and iPadOS 16 updates to developers for testing purposes, with the updates coming a week after Apple released the fifth developer betas.
Registered developers can download the iOS and iPadOS 16 profiles from the Apple Developer Center, and once installed, the betas will be available over the air.
iOS 16 introduces a revamped Lock...