Why Apple (AAPL) Is Up Today

NEW YORK (TheStreet) -- Apple  (AAPL) continued its upward trend from Wednesday after Carl Icahn announced on Twitter on Thursday that he had purchased another $500 million of the stock to bring the total to more than $3.5 billion.

The stock rose 0.85% to $556.18, up $4.67 from its previous close of $551.51. It had a volume of 11.72 million, slightly above its average of 11.37 million. The stock had a high of $556.50 and a low of $544.81 for the day; it also has a one-year high of $575.14 and a one-year low of $385.10.

In a series of tweets, Icahn announced he had purchased $500 million in Apple stock to surpass the $3 billion mark. He called the decision a "no brainer" but still took a shot at Apple's directors, writing that the board "is doing great disservice to shareholders by not having markedly increased its buyback." Icahn has continually called for Apple to buy back an additional $150 billion of its own stock, but the company has yet to do so.

Apple announced in May that it planned to return $100 billion to shareholders over three years through stock buybacks and a quarterly dividend of $3.05 per share.

The Wall Street Journal also reported on Thursday that Apple would release iPhones with larger displays later this year. The report cites unnamed sources who reportedly said that Apple would release two versions, one with a screen larger than 4.5 inches measured diagonally and another with a display larger than 5 inches. To this point, Apple's largest phone has been the iPhone 5's 4-inch display.

TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:

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