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Carl Icahn on Apple, Dividend Bubbles

CNBC Events - Season 2013

“I think the high yield market is in a bubble, ” Carl Icahn told CNBC. He said he wasn’t sure when the bubble would burst, but with interest rates set to rise, stocks with very high dividends are likely to fall.

Concerning Apple, Icahn, who owns shares of Apple, said it is a “no brainer, ” and yet the stock is still cheap. Icahn thinks earnings are likely to grow 30%, but is still priced at a multiple of 8. Apple’s ecosystem ensures customers buy more Apple products. Icahn didn’t want to disclose whether or not he bought more shares of Apple recently. There are a lot of funds that are underweight Apple, and Icahn thinks they missed the recent move. Icahn said he was happy to notice that CEO Tim Cook bought back stocks, “We cannot say that we did not have an influence an accelerating the buyback. I think Tim would tell you that to …I have $5 billion (of shares of Apple). I have a right to say what I think.”

 

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