This morning Jewish Business News reported the announcement of Apple‘s record results for the December fiscal quarter, as well as mentioning the sharp sell off that took place in their shares in after hours trading yesterday, after the announcement.
This writer also suggested that Carl Icahn might even be tempted to buy some more, … “If Apple shares stay down when the market re-opens today he may even see an opportunity to buy more, if he has the firepower.”
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Well, during the course of Tuesday we learn Carl Icahn has now done just that with him tweeting as follows:
Just bought $500 million more $AAPL shares. My buying seems to be going neck-and-neck with Apple’s buyback program, but hope they win that race. – Carl Icahn (@Carl_C_Icahn) 28 Jan 14
Good for him. The Apple sell off does seem a little extreme, with the shares settling in by the end of the day around US$505 per share, off nearly 8% compared to the pre-announcement price.
The view of this writer is that Apple’s fundamental business is solidly based indeed, but markets can and, frequently do, exhibit neurotic behaviours so where the shares might head next is not something one should try to predict, in the short term.