Icahn buys another $500mn of Apple's falling shares
Billionaire investor Carl Icahn has reportedly bought 500 million dollars more shares even as the tech giant's stock sank low.
Icahn blasted Apple's board for its 'imperial' ways last week, yet he stood by the tech giant and announced his acquisition on Twitter.
According to the New York Post, Apple also thrashed market expectations, when it announced that it expected to report revenue of 42 billion dollars and 44 billion dollars for the current quarter, compared to the estimate of 46 billion dollars.
Apple's shares dropped down to 43.55 dollars, or 7.9 percent, to 506.95 dollars at the closing on Tuesday.
The report said that Apple's disappointing iPhone sales in the October-through-December quarter also led to drop in stocks.
The stock drop also had analysts predicting that Icahn will grow even bolder in his calls for Apple to boost its share-repurchase program to 110 billion dollars from 60 billion dollars, the report added.
(Posted on 30-01-2014)