Apple shares cross $500 after Icahn, Cooperman take stakes

Tim Cook and Carl Icahn
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Tim Cook and Carl Icahn

Shares in Apple broke through $500 on Wednesday for the first time since late January, boosted by comments from the activist investor Carl Icahn.

On Tuesday Icahn disclosed on Twitter that he had taken a stake in the company, that he considered it undervalued and that he wanted the company to conduct a larger buyback.

In subsequent interviews, Icahn told reporters that he could see Apple going as high as $700 with even a little bit of earnings growth.

Also on Wednesday, noted investor Leon Cooperman said that he too had taken a small position in Apple and that he agreed with Icahn.