Billionaire investor Carl Icahn has sold his entire position in Apple's stock as it continues to lose value following disappointing earnings, reports CNBC. Icahn owned a little under a percent of AAPL shares.
"We no longer have a position in Apple," Icahn told CNBC's "Power Lunch," noting Apple is a "great company" and CEO Tim Cook is "doing a great job."
Apple's stock is down about 3% today after falling 6% on Wednesday. The company reported its first down quarter in 13 years on Tuesday.
Notably, Icahn says it's concerns about China, not the stock's price that prompted his exit.
"You worry a little bit — and maybe more than a little — about China's attitude," Icahn said. He added that China's government could "come in and make it very difficult for Apple to sell there ... you can do pretty much what you want there."
Apple's revenue for Greater China (Mainland China, Taiwan, and Hong Kong) fell 26% year over year. Previously Apple had seen consistent growth in that part of the world.
"We remain very optimistic about the China market over the long term, and we are committed to investing there for the long run," Apple CFO Luca Maestri said Tuesday.
More details at the link below...
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"We no longer have a position in Apple," Icahn told CNBC's "Power Lunch," noting Apple is a "great company" and CEO Tim Cook is "doing a great job."
Apple's stock is down about 3% today after falling 6% on Wednesday. The company reported its first down quarter in 13 years on Tuesday.
Notably, Icahn says it's concerns about China, not the stock's price that prompted his exit.
"You worry a little bit — and maybe more than a little — about China's attitude," Icahn said. He added that China's government could "come in and make it very difficult for Apple to sell there ... you can do pretty much what you want there."
Apple's revenue for Greater China (Mainland China, Taiwan, and Hong Kong) fell 26% year over year. Previously Apple had seen consistent growth in that part of the world.
"We remain very optimistic about the China market over the long term, and we are committed to investing there for the long run," Apple CFO Luca Maestri said Tuesday.
More details at the link below...
Read More