Carl Icahn Just Bought More Shares Of Apple (AAPL)

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During an interview with CNBC,
Carl IcahnIEP
told the network that he purchased more shares of
AppleAAPL
today when it was trading in the $465 to $466 range. The stock closed down five percent at $467.71 and is currently up less than one percent in after hours trading. Icahn defended his choice to buy Apple by saying that he and his firm look for "no-brainer" stocks. To him, Apple is a no-brainer. He said it's one of the best companies to own right now. Icahn once again expressed his desire for a buyback, which he said would be a major plus for the stock. He also likes the products Apple produces but did not comment specifically on the iPhone 5S or iPhone 5C. In fact, when asked about Apple's decision to release a cheaper iPhone (and the fear that it could cannibalize sales of the more expensive model), Icahn said that it would be presumptuous for him to tell Apple how to behave. He said he does not tell companies how to run their businesses -- only how to run their finances. "I don't micromanage," he said. He added that he thinks that Apple CEO Tim Cook is doing a good job. But if a company CEO -- any CEO -- is not doing a good job, Icahn said that the Board should find a replacement. Despite the mysterious absence of a deal with China Mobile, Icahn is still convinced that Apple will get a lot of business from China. When asked about his own hedge fund's success, Icahn said that he mostly attributed it to the fact that he follows a model -- and that model is activism. He said he generally looks for companies with bad management that he can do something with (and hopefully change for the better). With regard to
HerbalifeHLF
, one of his most controversial holdings, Icahn said that Pershing Square's Bill Ackman has it "completely wrong." Icahn said that he could not believe the presentation that Ackman made against Herbalife. He called it "amateurish" and said that he spoke to a top SEC lawyer about it afterwards. The lawyer laughed and said it was a pile of junk. Icahn added that while Herbalife may charge too much for its products and may need to change its marketing campaign, the company is not going to be shut down. "Ackman has no idea what he's talking about," Icahn remarked. Finally, Icahn was asked if his interest in Twitter has anything to do with a buyout. Icahn said that the answer is no -- he has not considered buying Twitter and is not going to buy the company. He said he likes Twitter because it gives him the power to deliver information to a large number of people very quickly. Disclosure:
At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.Louis Bedigian is the Senior Tech Analyst and Features Writer of Benzinga. You can reach him at 248-636-1322 or louis(at)benzingapro(dot)com. Follow him @LouisBedigianBZ
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Posted In: NewsSuccess StoriesTechAppleBill AckmanCarl Icahnchina mobileCNBCHerbalifeIcahn EnterprisesiPhone 5CiPhone 5SPershing Squaretwitter
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