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BREAKING: Icahn Says No Reason to Push Buyback Proposal

Zemanta Related Posts ThumbnailCarl Icahn said this morning that he will not push his proposal for a $50 billion share buyback at the Apple (NASDAQ: AAPL) shareholder meeting.

He said this morning that he’s pleased with Apple’s opportunistic buyback strategy, referring to its recent announcement it had repurchased a large amount of shares following the company’s earnings dip.

Proxy advisory firm ISS also went on record opposing Icahn’s proposal this weekend saying, “(The Apple board) has returned the bulk of its U.S.-generated cash to shareholders via aggressive stock buybacks and dividends payouts.”

Apple recently dipped to the $500 mark following an earnings report that sparked profit taking among investors. The stock has since rose $22 but Apple repurchased soon after the dip.

Disclosure: At the time of this writing, Tim Parker was long Apple.

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