This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Icahn's $10 Billion Tweet

NEW YORK ( TheStreet) -- Carl Icahn briefly added over $10 billion in market value to Apple (AAPL - Get Report) shares after the billionaire activist said on Twitter he has made an investment in the company and views the iPhone maker as "extremely undervalued."

Icahn also noted on Twitter that he spoke to Apple CEO Tim Cook earlier on Tuesday and expects to continue to push for the company to distribute its cash stockpile to investors.

The activist said he spoke with Cook about an increased share buyback. Icahn also said he plans to be in continued communication with Apple.

Apple shares were rising over 4% to $488.30, their highest level since February on the Icahn's Tweet, which came at about 2:21 p.m. ET.

Icahn's Apple comments also come just over a month after he created a Twitter account .

Discussion about Apple is a departure for Icahn, after he has spent the majority of his time on the social network trying to push a competing takeover bid for embattled PC-maker Dell (DELL).

In the second quarter, Apple returned over $18 billion to shareholders through dividends and buybacks, after it issued the biggest debt offering in U.S. corporate history.

Apple raised its quarterly dividend to $3.05 per share, an increase of 15% over its previous level. The company's increased shareholder return was largely a result of a somewhat contentious proposal floated by David Einhorn of hedge fund Greenlight Capital.

Einhorn proposed a preferred stock issuance, or what he called iPrefs, in a move that was dismissed by the company. Ultimately, after a court battle and highly publicized conference calls, Apple did increase its return of cash to investors, in a move that Einhorn said he supported.

The hedge funder, however, was not on Twitter to comment on Apple on Tuesday. His last Tweet came in mid-July after bowing out of a poker tournament.

-- Written by Antoine Gara and Chris Ciaccia in New York

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 1.64%
FB $117.43 -0.96%
GOOG $692.36 -0.84%
TSLA $232.32 -3.92%
YHOO $36.01 -1.42%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs