Apple shares jump after Carl Icahn teases 'interesting' letter for Tim Cook

Activist investor spent much of last year pushing for a  $150 billion buyback- but eventually surrendered

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The Independent Online

Shares in Apple edged higher on Wednesday after Carl Icahn promised to send an "interesting" letter to chief executive Tim Cook.

Apple shares were up 2 per cent at $100.73 in late afternoon trading in New York after Icahn teased the letter on Twitter.

The billionaire activist investor also noted his fund sent an open letter to the Cupertino giant a year ago and the stock has risen 50 per cent since.

Icahn disclosed a $1 billion stake in Apple in August last year and argued the stock was "extremely" undervalued. He pressured Apple to increase its stock buyback to $150 billion over a dinner meeting with Cook at his New York apartment.

The so-called corporate raider eventually gave up on his huge buyback proposal after several high profile Apple investor indicated they would vote against his plan, which he described as a "no-brainer".

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