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WHEN: TODAY, TUESDAY, October 1, 2013
WHERE: CNBC'S "FAST MONEY HALFTIME REPORT"
Following are excerpts from the unofficial transcript of a CNBC interview with Carl Icahn, Chairman, Icahn Enterprises, today on CNBC's "Fast Money Halftime Report."
Following are links to video clips of the interview:
Icahn: A lot of options on Apple - http://video.cnbc.com/gallery/?play=1&video=3000203884
Icahn: Not threatening Apple but won't give up - http://video.cnbc.com/gallery/?play=1&video=3000203906
Icahn: Apple's Board is not God - http://video.cnbc.com/gallery/?play=1&video=3000203883
Icahn on the Monday Night Dinner - http://video.cnbc.com/gallery/?play=1&video=3000203882
All references must be sourced to CNBC.
ICAHN ON TIM COOK POWER LUNCH:
THE CONVERSATION REVOLVED AROUND THE BUYBACK AND WE PUSHED QUITE HARD FOR IT. AND I WILL SAY TO YOU AND I SAID THIS TO TIM, ITS A NO BRAINER.
ICAHN ON APPLE'S GOLDEN OPPORTUNITY:
I CAN'T REMEMBER SEEING IT IN THE LAST 20 YEARS WHERE YOU COULD BORROW MONEY AT 3 TO 4%, WHICH APPLE COULD. SO HERE THEY HAVE A GOLDEN OPPORTUNITY TO GO BORROW MONEY, WHICH, ACTUALLY, YOU KNOW, SOMEBODY LIKE MYSELF BORROWS MONEY TODAY, BECAUSE WE CAN BORROW IT. AND WE EVEN LOSE A LITTLE BIT ON THE ARBITRAGE. AND HERE APPLE CAN BUY IT AND CAN BORROW MONEY AND BUY STOCK AT SUCH A LOW VALUATION.
ICAHN ON GETTING TESTY:
I WILL ADMIT, IT MIGHT HAVE GOTTEN A LITTLE BIT TESTY, BECAUSE THE CFO WAS ALSO THERE, AND HE DISCUSSED THE FACT THAT, WELL, THE BOARD HAS SAID THEY WANT TO DO $16 BILLION. AND I SAID, WELL, YOU KNOW, SO WHAT? I MEAN, THE BOARD IS NOT – IS NOT GOD. AND THE BOARD IN THIS KIND OF A CASE SHOULD BE LISTENING TO WHAT THE SHAREHOLDERS WANT.
ICAHN ON NETFLIX:
ICAHNl NETFLIX, LOOK, I THINK HAS A GREAT MODEL. AND WE HAVEN'T SOLD A SHARE. BUT IF YOU ARE ASKING ME TO RECOMMEND I AM NOT RECOMMENDING ANYONE.
WAPNER: NO I AM NOT ASKING YOU TO RECOMMEND IT WHATSOEVER I JUST I MEAN THE STOCK HAS HAD AN INCREDIBLE RUN. YOU'VE MADE AN INCREDIBLE AMOUNT OF MONEY OFF OF THAT ONE STOCK.
ICAHN: WELL THERE WAS A NO-BRAINER. THE MODEL IS A NO-BRAINER. I THINK A LOT OF THE ANALYSTS COMPLETELY MISSED IT WHEN IT WAS 58 OR 60, THEY JUST MISSED THE FACT THAT, YOU KNOW, YOU -- IT'S ALMOST LIKE APPLE IN A WAY – YOU DO HAVE A LOYALTY IN NETFLIX. IN NETFLIX, YOU ARE STARTING THE YEAR OFF WITH A 2.7, $2.8 BILLION IN FLOW OF CASH. SO IT WAS really ABSURD FOR ANALYSTS TO SAY 'WHERE ARE THEY GOING TO GET THE MONEY TO PAY FOR THE CONTENT?' THE MONEY IS FLOWING IN. THESE PEOPLE AREN'T GOING TO LEAVE. IT'S STICKY. THIS STUFF IS STICKY. SO 'OH, THEY HAVE MORE CONTENT, HOW ARE THEY GOING TO BUY IT, WHERE'S THE MONEY, LOOK AT WHAT THEY OWE.' THEY OWE IT, IT'S STARING YOU IN THE FACE. AND THEY STILL HAVE THAT MODEL AND THE MODEL IS GOING TO I HOPE GROW IN FOREIGN COUNTRIES.
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