After Carl Icahn’s Twitter announcement regarding his taking of a “large position” in Apple set Wall Street a-buzz yesterday, another investor has followed his lead.
This time it’s Lee Cooperman’s turn. Agreeing with Icahn that Apple is “extremely undervalued”, Cooperman, CEO and chairman of hedge fund Omega Advisors, apparently hasn’t been quite as expansive in his stake as Icahn, admitting only to taking a “modest position” in the Cupertino, California company.
US business news channel CNBC announced the move, attributing Cooperman’s stake to his belief that a new iPhone will “create some buzz”.
Unsurprisingly, the news caused another ripple on Wall Street, with Apple’s stock price climbing to over US$500 for the first time in seven months, almost 18 months to the day that the company first breached that milestone, back in February 2012.
by Macworld Australia staff