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Thursday, January 23, 2014

Icahn takes another $500 million bite out of Apple, (NASDAQ: AAPL)

Activist investor Carl Icahn picked up another $500 million of Apple Inc shares on Thursday, taking the billionaire's total investment in the iPhone maker to $3.6 billion.Icahn, who repeatedly has called Apple a "no brainer" even as he wages a campaign to get it to return more cash to shareholders, tweeted his latest move just a day after revealing a position of over $3 billion in the company.In a lengthy letter to shareholders, a copy of which was filed with the Securities and Exchange Commission on Thursday, Icahn laid out familiar arguments as to why Apple should share more of its $146 billion cash hoard.He said the stock's price-to-earnings multiple stood 71 percent below the S&P 500's and said the shares could be worth $840 if that gap was closed.

Apple Inc. (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. Shares of AAPL traded higher by 0.85% or $4.67/share to $556.18. In the past year, the shares have traded as low as $385.10 and as high as $575.14. On average, 11371500 shares of AAPL exchange hands on a given day and today's volume is recorded at 14355744.