NEW YORK (
(AAPL - Get Report)
shares jumped 4% to $486.41 after Carl Icahn announced he has a big stake in the company, calling it "extremely undervalued."
The activist investor noted on
that his firm has a large position in the technology giant. Icahn also noted that he spoke to Apple CEO Tim Cook earlier Tuesday.
Icahn noted that a larger buyback should be done at Apple, and that Icahn and Cook would speak again shortly.
that Icahn's stake in the Cupertino, Calif.-based Apple is worth more than $1 billion.
the company increased its buyback authorization program, adding $50 billion to its buyback program for a total of $100 billion, the largest in U.S. history.
Apple also raised its quarterly dividend to $3.05 per share, an increase of 15% over its previous level.
Written by Chris Ciaccia in New York