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Breaking News from CNBC's Scott Wapner: Lee Cooperman to CNBC: Agree with Icahn that Apple is Cheap

Wednesday, 14 Aug 2013 | 12:13 PM ET

WHEN: TODAY, WEDNESDAY,AUGUST 14TH

WHERE: CNBC'S "SQUAWK ON THE STREET"

Following is the unofficial transcript of breaking news from CNBC's Scott Wapner. All references must be sourced to CNBC.

SCOTT WAPNER: WELL KELLY MUCH IS BEING MADE OF CARL ICAHN'S BIG NEW POSITION IN APPLE BUT FROM THE FILINGS WE'VE LEARNED THAT LEE COOPERMAN HAS TAKEN A NEW POSITION. HE IS BACK IN APPLE.I JUST GOT OFF THE PHONE WITH HIM AND HE TOLD ME THE FOLLOWING: HE AGREES WITH CARL ICAHN THAT APPLE IS CHEAP SAID THEY HAVE A NEW MODEST POSITION, SAID GOT BACK IN IN THE LOW 400S. LEE COOPERMAN THINKING THAT THE NEW IPHONE IS GOING TO CREATE SOME BUZZ. WHEN TALKING ABOUT THE ENTIRE SPACE HE SAYS HE STILL THINKS THAT QUALCOMM IS STILL THE BEST PLAY IN THAT OVERALL SPACE. BUT CLEARLY MAKING IT KNOWN THAT HE AGREES WITH CARL ICAHN THAT APPLE IS CHEAP IN HIS WORDS. THEY GOT BACK IN IN THE LOW 400S AND THINK THE NEW IPHONE WHICH IS EXPECTED ON SEPTEMBER 10TH IS GOING TO CREATE SOME BUZZ AND YOU KNOW APPLE WAS RIGHT ON THE CUSP OF 500. WE WILL SEE WHAT HAPPENS HERE.


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