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Apple mega-investor Icahn, CEO Tim Cook to talk buyback over dinner

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Investor Carl Icahn revealed plans to have dinner with Apple Chief Executive Tim Cook to discuss the “magnitude” of the company’s stock buyback.

Icahn disclosed the planned meeting in a post Thursday on Twitter.

“Spoke to Tim,” Icahn tweeted. “Planning dinner in September. Tim believes in buyback and is doing one. What will be discussed is magnitude.”

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The latest update comes a little more than a week after Icahn revealed he had bought about $1 billion in Apple stock. Investors cheered that news last week and sent Apple’s stock soaring.

Icahn’s goal is to get Apple to increase its $60-billion stock buyback program, announced this year.

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Though the buyback is already the largest in history, Icahn wants to see it go as high as $150 billion, according to some reports. He argues that Apple can well afford a bigger buyback that would in turn boost the company’s stock even further.

The latest tweet didn’t indicate whether Apple’s management was inclined to agree to his request. But his $1-billion investment apparently at least bought him dinner with the CEO.

Icahn’s tweet came during a three-hour shutdown of stock trading on Nasdaq. Investors noted the aggressive investor’s news but had to wait until nearly the end of the trading day to act on it.

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Before the outage, Apple’s stock price was down $3.83 to $498.53. But after trading resumed Apple finished the day at $502.96, up 60 cents.

Apple shares have been on a monster run this summer, but have cooled off a bit this week.

Spoke to Tim. Planning dinner in September. Tim believes in buyback and is doing one. What will be discussed is magnitude.— Carl Icahn (@Carl_C_Icahn) August 22, 2013

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