After Apple's move to repurchase $14 billion in shares, the activist investor says it makes no sense to continue on with his buyback proposal.
Institutional Shareholder Services tells clients that the activist investor's buyback proposal is unnecessary in light of recent stock repurchases and dividend payouts.
JP Morgan's Mark Moskowitz would rather see Apple pour more of its cash into new products and services.
With an upcoming shareholder meeting where investors will be asked to vote on share repurchases, the tech giant announces a major buyback.
The billionaire investor tweets that Apple's board is doing a "great disservice to shareholders."
The investor files a "precatory proposal" to Apple calling for shareholders to vote on the terms of its buyback program.
The effect of that buyback could be dramatic, Icahn says in letter to CEO Tim Cook: in three years, Apple's share price could swell to $1,250.
Apple has a $60 billion share buyback program to use cash and increase its share price, but shareholder Carl Icahn said he'll discuss increasing it with Tim Cook.
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The move is viewed as part of Samsung's plan to placate shareholders that have grown increasingly concerned about its declining smartphone business.