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Monday, February 10, 2014

Icahn drops Apple buyback demand, (NASDAQ: AAPL)

Carl Icahn said he sees no reason to persist with his proposal that Apple Inc purchase back $50 billion of its shares, given the recent share repurchases by the iPhone maker. Icahn said in a letter to Apple shareholders posted on his website that he was pleased that Apple CEO Tim Cook and the board have exhibited an "opportunistic" and "aggressive" approach to share repurchases. ()Apple said last week it repurchased $14 billion of its stock in the two weeks since it reported disappointing first-quarter results.Icahn's statement comes a day after proxy advisory firm ISS said it recommended that Apple shareholders vote against the activist investor's share buyback proposal.

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 1.47% or $7.641/share to $527.32. In the past year, the shares have traded as low as $385.10 and as high as $575.14. On average, 12392000 shares of AAPL exchange hands on a given day and today's volume is recorded at 3281123.