Apple Defends Capital Return Program in Response to Icahn

Apple is responding to billionaire investor Carl Icahn's open letter to CEO Tim Cook, in which he calls for the company to increase its share buy-back program. In the letter, Icahn urges Apple to embark on a tender offer of its own shares, calling the company 'dramatically undervalued.' Icahn said his valuation analysis of Apple indicates that its shares should trade at $203 a share, nearly double their current price. Apple representative Kristin Huguet told us, 'Since 2013 we've been aggressively executing the largest capital return program in corporate history. As we've said before, we will review the program annually and take into account the input from all of our shareholders.'