CUPERTINO (dpa-AFX) - Activist investor Carl Icahn on Tuesday tweeted that he currently holds a 'large' stock position in Apple Inc. (AAPL). The announcement sent Apple's stock up about five percent in the regular trading.
'We currently have a large position in APPLE. We believe the company to be extremely undervalued. Spoke to Tim Cook today. More to come,' Icahn tweeted on his Twitter account.
Icahn also opined a 'larger buyback should be done now' with Apple Chief Tim Cook. Icahn added that he plans to speak to Cook again shortly.
Meanwhile, Icahn did not reveal how many shares he has bought in the iphone maker. The current rules require investors to disclose their stakes in public companies within 10 days of acquiring a 5 percent or larger stake.
'We appreciate the interest and investment of all our shareholders. Tim had a very positive conversation with Mr. Icahn today,' Apple in a statement said on Tuesday.
Apple executives have been under pressure after its stock took a hit from the peak $705 last September. The stock is still currently down about 30 percent from its all-time high. Apple began a $10 billion stock buyback program last year and improved the plan to $60 billion.
Meanwhile, the stock has started gaining some momentum in last couple of months on rumors of new products launches from the tech giant that is aimed to milk the coming holiday season.
AAPL closed Tuesday at $489.57, up $22.21 or 4.75%, on the Nasdaq. In after hours, the stock further gained $1.43 or 0.29%.
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