Breaking News from CNBC's Scott Wapner: Icahn Speaks with Apple's Tim Cook
WHEN: Today, Monday, November 11th
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: WELCOME BACK TO "SQUAWK ON THE STREET." I'M SCOTT WAPNER WITH SOME BREAKING NEWS REGARDING CARL ICAHN ON A COUPLE OF FRONTS. WE HAD BEEN WAITING FOR MR. ICAHN TO SPEAK YET AGAIN WITH TIM COOK, THE APPLE CEO. APPARENTLY, THAT HAS HAPPENED. CARL TELLING ME JUST A SHORT TIME AGO THAT HE HAS SPOKEN WITH TIM COOK AGAIN OVER THE LAST FEW DAYS. THAT THEY HAD A GOOD CONVERSATION AND THEY CONTINUE TO STUDY THE BUY-BACK SITUATION. ALSO SAYING THAT WE BOTH CONTINUE TO BELIEVE THE COMPANY'S UNDERVALUED WE, BEING OBVIOUSLY CARL ICAHN AND TIM COOK. WE'VE SEEN APPLE'S STOCK TRADE DOWN TODAY BY ABOUT 1%. IT SEEMS TO BE COMING OFF THOSE LEVELS A BIT BUT IT IS SITTING RIGHT AT $518 A SHARE. SO AGAIN, THE HEADLINE HERE, IS THAT CARL ICAHN AND TIM COOK HAVE SPOKEN AGAIN, DESCRIBED BY MR. ICAHN AS BEING A GOOD CONVERSATION. THAT THEY CONTINUE TO STUDY THE BUY-BACK SITUATION. SO WE LOOK AT APPLE SHARES AND WILL CONTINUE FOLLOW THAT ONE. THE OTHER BIG STORY, IS THIS VICTORY BY CARL ICAHN IN HIS BATTLE WITH TRANSOCEAN. AND TAKE A LOOK AT WHAT THOSE SHARES ARE DOING TODAY. THAT OF COURSE IS RIG. MR. ICAHN ADDING ONE PERSON TO THE BOARD HERE, ALSO RE-ELECTING THE COMPANY AS SOMEONE THAT HE DID SUPPORT. MR. ICAHN HAS BEEN ARGUING FOR A BIGGER DIVIDEND TO BE PAID. THEY'RE RAISING THE DIVIDEND TO $3, THAT'S FROM $2.24. PERHAPS NOT AS MUCH AS MR. ICAHN WOULD HAVE LIKED, BUT AT LEAST IT'S A STEP IN THE RIGHT DIRECTION. HE SAYS THEY WILL ALSO IPO AND MLP AND MAKE $800 MILLION IN COST CUTS. MR. ICAHN TELLING ME JUST A SHORT TIME AGO, THAT THIS MOVE BY TRANSOCEAN IS IN HIS WORDS A GREAT STEP IN THE RIGHT DIRECTION. HE CONGRATULATES THE BOARD FOR ACTING RESPONSIBLY, THAT IT SHOWS THE ACTIVIST MODEL CONTINUING TO WORK WELL AND HE DOES SAY THAT WITH THE MLP SPIN-OFF AND ALSO THE COST CUTTING UNDER WAY, THAT HE HOPES THEY WILL BE ABLE TO RAISE THE DIVIDEND EVEN FURTHER DOWN THE LINE.
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