Carl Icahn Sells All His Apple Stock [Video]

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Posted April 29, 2016 at 1:54am by Shalom Levytam

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.

Carl Icahn Sells All His Apple Stock [Video]

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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n0ne - April 29, 2016 at 4:42pm

Cant wait for all phone to use Intel optane / 3D X point storage @ 6 GBPS- 10 GBPS I'm Betting on a dual camera iPhone 7,It's going to be game changing

Pug nuts - April 29, 2016 at 1:18pm

Couldn't agree with you more. They were dumb to get rid of Forstall.

gamerscul9870 - April 30, 2016 at 12:49am

Then e plain why people say the iPad nowadays are great and as good as it gets compared to when it first appreared! Not to mention iPhone sales that go beyond the ones Jobs came out with. Not to say he lacked any, it's that Tim continued his efforts and hired him because he thought he was one of the greatest people to work at Apple, and not to mention he still appears on Time Magazines as one of the hundreds of influential people meaning that Tim Cook knows what he is doing that he steps up!

Michak - April 29, 2016 at 6:30am

Scott Forstall would have been a better CEO. Just like Steve Jobs was. Tim Cook is waaaay to soft and likes being in his confort zone. Don't like to take risk or explore beyond the reasonable.

Guest - April 29, 2016 at 4:39am

Its all about supply and demand, and demand has been finally met .World is full of I devices and they all work fine , no one needs another iPhone , I think Apple has finally created a product that met true demand for next 10 years . What about Wall Street its all another game , stocks goes up and down someone is losing someone is gaining, its all fulgazy,