Icahn Discloses Large Position In Apple, Says More To Come

Carl Icahn (NYSE: IEP) took to Twitter today to disclose a new position in Apple (NASDAQ: AAPL). He said that he spoke to CEO Tim Cook today and that there is more to come on the story.

We currently have a large position in APPLE. We believe the company to be extremely undervalued. Spoke to Tim Cook today. More to come.

— Carl Icahn (@Carl_C_Icahn) August 13, 2013

Icahn tweeted again a few minutes later discussing in more detail his conversation with Cook. He said that he is pushing for an even larger share buyback.

Had a nice conversation with Tim Cook today. Discussed my opinion that a larger buyback should be done now. We plan to speak again shortly.

— Carl Icahn (@Carl_C_Icahn) August 13, 2013

Twitter As An Outlet

Yesterday, Icahn Enterprises disclosed that Mr. Icahn's twitter will be an official outlet for non-public material information. This is the first such news release. The move raised suspicions that Icahn's next pick was coming soon.

Shares Higher

Apple shares spiked higher on the news to extend the day's gains to over 3 percent. Shares traded as high as $484.65 before settling around $480 per share.