Icahn Withdraws Apple Buyback Plan

Carl Icahn is backing down in his fight to get Apple to buy back more shares. The activist investor said, " ... we see no reason to persist with our non-binding proposal, especially when the company is already so close to fulfilling our requested repurchase target." He said Apple has only $18 billion to go to meet his demand for more buybacks. The news sent Apple's shares higher at the start of trade.

Advertisement—Continue Reading Below