August 14, 2013
Apple shares are trading at levels not seen since late January. In midday trading, the stock is up just over 2 percent to around $500 per share. Apple’s gains come after investor Carl Icahn called the stock undervalued. Since July 1, 2013 Apple stock is up nearly 26 percent and could go even higher in the coming weeks. Cupertino is expected to unveil new iOS devices as early as Sept. 10. On Tuesday, Icahn took to Twitter to announce that he had taken a "large position" in Apple.
We currently have a large position in APPLE. We believe the company to be extremely undervalued. Spoke to Tim Cook today. More to come. — Carl Icahn (@Carl_C_Icahn) August 13, 2013Shares of Apple are still down 5.4 percent this year, compared to an 18 percent gain for the Standard & Poor’s 500. Meanwhile, Apple's stock is still down nearly 30 percent from its all-time high of $702.10 set on Sept. 19, 2012. In June, Apple stock briefly traded at just below $400 per share. See also: Apple Likely To Hold Two Fall Events In The Coming Weeks, Why Does Samsung Continue To Mock Apple In Ads? Because It Works, and Apple's Biggest Investment Last Quarter Was Itself.