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Apple should tell Icahn to ‘stuff it’: Blodget

Apple CEO Tim Cook should ignore billionaire investor Carl Icahn's exhortations to increase its share repurchases, Business Insider CEO and Editor in Chief Henry Blodget said Wednesday.

"All I can say is as a fellow Apple shareholder, I hope Apple tells Carl Icahn to stuff it," Blodget said. "And I say that as a big fan of Carl Icahn, but enough about this financial engineering. Apple should stay focused on making great products. The stock will take care of itself."

Blodget's comments came a day after Icahn said that he had pushed Apple's CEO for a $150 billion share buyback during a dinner in New York.

"I feel very strongly about this," the activist investor said. "I can't promise you the stock will go up and I can't promise you they will do the buyback. But I can promise you that I'm not going away until they hear a lot more from me concerning this."

(Read more: Icahn to Apple: 'I'm not going away')

On CNBC's "Fast Money," Blodget said that Apple should stick to its area of expertise.

"Icahn is a small investor, relative to about 15 massive institutions that hold a lot more stock than he does," he said. "Apple is focused on exactly the right things, which is making great products. If they stay focused on that, the stock will take care of itself.

(Read more: Why I don't like Apple stock: Mario Gabelli)

"Apple shareholders are doing just fine over the long haul. Again, as much as I admire Carl Icahn, this is just more short-term financial engineering. 'I'm coming in. I don't know what to do, but I see a big pile of cash. Do something quickly to pay me off, and then I'll go away.'"

Blodget added that Apple should be recognized as a source of national pride.

(Read more: Is Apple stock really a no-brainer?)

"I should step back and say, America should be incredibly proud of Apple and what the company has accomplished by focusing on making great products," he said.

"This idea that short-term shareholders should jump in, be able to wave the puppet strings and get companies to do all this crazy stuff within three to six months, just to pay them off and go away, that doesn't help the American economy. It doesn't help companies. Apple is a great company, and it should stay focused on what it's doing best."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: On Oct. 2, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long AAPL; Jon Najarian is long FB; Jon Najarian is long CCL; Jon Najarian is long HTZ; Jon Najarian is long MAR; Jon Najarian is long MGM; Jon Najarian is long OPK; Jon Najarian is long WMB; Jon Najarian is long ZNGA; Jon Najarian is long UNH; Jon Najarian is long CYH; Jon Najarian is long YHOO; Jon Najarian is long SE; Jon Najarian is long ARO; Jon Najarian is long GPN; Jon Najarian is long TWGP; Michael Murphy is long BAC; Michael Murphy is long C; Michael Murphy is long FB; Michael Murphy is long VLO; Pete Najarian is long AAPL; Pete Najarian is long calls C; Pete Najarian is long calls JPM; Pete Najarian is long calls WFC; Pete Najarian is long calls INTC; Pete Najarian is long calls YHOO; Pete Najarian is long FB; Pete Najarian is long calls MSFT; Pete Najarian is long calls JBLU.

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