Billionaire activist investor Carl Icahn said he saw no reason to keep demanding that Apple Inc increase its stock buyback plans, citing the company's recent stock repurchases as well as an influential proxy adviser's call against his proposal.In a letter to Apple shareholders on Monday, Icahn wrote that he had decided to ditch his nonbinding proposal, "especially when the company is already so close to fulfilling our requested repurchase target."Apple shares were up 1.8 percent at $529.20 in morning trading.Icahn for months has been asking Apple to boost its plans for a stock buyback program, proposing it give back $50 billion more. On Sunday, Institutional Shareholder Services Inc recommended that shareholders vote against Icahn's proposal, saying such a motion would "micromanage" how the company uses capital.
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 1.75% or $9.1/share to $528.78. 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 6287618.
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