Activist investor Carl Icahn picked up another $500 million of Apple Inc shares on Thursday to take his investment in the iPhone maker to $3.6 billion, while ratcheting up his months-long campaign to pry open the company's cash hoard.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 filed with the Securities and Exchange Commission on Thursday, Icahn urged shareholders to vote "yea" to his proposal for a new $50 billion buyback, and laid out familiar arguments as to why Apple should share more of its $146 billion cash hoard.Apple's strong market position in smartphones and tablets does not justify the company's official stance that it needed to maintain reserves to compete in a fast-evolving consumer electronics industry, Icahn said.
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 14396099.
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