This article was originally
published by GuruFocus
By Sarfaraz A. Khan, Research
Assistant: Gohar Yousuf
March 14, 2014
The shares of the world’s biggest
technology company Apple Inc. (AAPL) are down 6% this
year due to the disappointing guidance for the current quarter. Nonetheless,
Apple is still confident about its future, and so is Carl Icahn (Trades, Portfolio)
who now owns 1% of the company.
Its previous earnings alone
caused a 7.25% drop in share prices on Jan. 27 as the shareholders were
disappointed by the company’s lackluster guidance for the current quarter.
Subsequently, Apple purchased around $14 billion of its stock which gave some
confidence to investors. Apple’s shares however, have still not fully recovered
and are still down 3.35% post-earnings.
With the recent buyback, Apple
has now purchased a record $40 billion shares in just around 12 months amid pressure
from Carl Icahn (Trades, Portfolio). The new buyback was one of the
main reasons why Icahn dropped his $50 billion buyback proposal. The activist
investor has purchased additional shares of the smartphone maker. According to
data provided byGuruFocus, Icahn now owns $4.73
billion worth of shares, or 1% of the company.
Biggest
Tech Company
As mentioned earlier, Apple is
the biggest technology company on the planet in terms of market capitalization.
On the other hand, in terms of enterprise value, Google (GOOG)
is ahead of Apple.
Apple’s current market cap is $470.76 billion,
whereas Google has a market cap of $404 billion. Considering that Apple has
around $141 billion in net cash while Google has … read full article at
GuruFocus
