Cue the Apple "iCahn" jokes. Apple's stock topped the $500 mark Wednesday for the first time since January. Shares moved higher for a second day on the news that activist investor Carl Icahn has taken a "large" position in the company.
Shares crossed the psychologically important level and climbed as high as $504.25 in afternoon trading, before settling just below the mark at $498.50.
Still, the recent gains have boosted Apple's value by $28 billion in just two days ... to more than $452 billion.
Apple's (AAPL) stock has been on a roller coaster ride during the last year, as investors have grown worried about a lack of new products. Shares hit a 17-month low below $400 in April. Even though they've clawed back lately, Apple's shares are still almost 30% below the all-time high above $700 reached last September.
Icahn, who is known for taking large stakes in companies so he can influence management to make changes, revealed his investment in Apple in a pair of tweets Tuesday afternoon. He said he believes the company is "extremely undervalued." He also said that he and Apple CEO Tim Cook had a "nice conversation," during which he pushed for a large share buyback soon.
According to news reports, Icahn's stake is valued at $1.5 billion and he wants Apple to increase the company's $100 billion dividend and buyback plan to $150 billion. The size of Icahn's position in Apple will likely be revealed this week in a regulatory filing with the Securities and Exchange Commission.
Apple said in a statement Tuesday that it appreciates "the interest and investment of all our shareholders, and confirmed that Cook and Icahn "had a very positive conversation."
Icahn isn't the first activist hedge fund manager to urge Apple to do more with its cash. David Einhorn slammed Apple for "hoarding" billions in cash back in February. Two months later, Apple announced its plan to return $100 billion to shareholders over the next three years through a dividend and share buybacks.
Facebook shares rallied an impressive 30% Thursday, allowing the stock to book its best one-day gain ever. And while shares remain about 10% below the May 2012 IPO price of $38, analysts are predicting that Facebook is finally on its way to reaching, and even crossing, that threshold.
"Facebook delivered its strongest quarter yet as a public company -- results that we think could be thesis-changing for many," said Doug Anmuth, a MOREHibah Yousuf - Jul 25, 2013 4:03 PM ET
Carl Icahn has yet to sell even just one share of his stake in Netflix, and for good reason: the stock is currently trading at a three-year high and may soon be on its way to an all time-high.
While shares of the usual high-flier bounced around the breakeven line Thursday, they've been having quite the run.
Shares of Netflix (NFLX) have rallied 10% over the past five days, and have nearly MOREHibah Yousuf - Jul 18, 2013 2:41 PM ET
Investors can't seem to get enough of Elon Musk, but the Tesla CEO's announcement failed to generate much excitement on Monday.
Will publish Hyperloop alpha design by Aug 12. Critical feedback for improvements would be much appreciated.— Elon Musk (@elonmusk) July 15, 2013
Musk has been talking about the hyperloop, an idea for a rapid transportation system, for about a year now, but details have thus far been limited. At the recent D11 MOREHibah Yousuf - Jul 15, 2013 2:59 PM ET
Google has some competition in the race to $1,000 a share.
Priceline (PCLN) shares rose 2% to $910.51 in afternoon trading Thursday. The stock topped $900 Wednesday for the first time since the salad days of 1999. So far this year, Priceline is up 46%.
Not to be outdone, Google (GOOG) shares gained 1.5% to trade at a fresh record high above $919.
Wall Street has been eyeing four-digits for Google since February, MOREBen Rooney - Jul 11, 2013 3:27 PM ET
If Priceline (PCLN) could name its own stock price, it would probably take this one. Shares of the online travel company hit a 52-week high Monday, jumping 3% after Priceline received an upgrade from Morgan Stanley's analysts.
Morgan Stanley's analysts think Priceline's shares, currently trading around $880, can hit $1,010 as competition in the space declines. They also expect that Priceline has increased its market share of European travel.
Should Priceline's shares follow Morgan Stanley's predictions, shares MOREMaureen Farrell - Jul 8, 2013 1:55 PM ET
Tesla's stock soared into record territory Monday after the electric car maker received another upgrade from Wall Street analysts.
Tesla (TSLA) shares ended the day at a record $117.18, gaining more than 9%.
The rally came after analysts at Jefferies raised their price target to $130, saying the company is likely to report stronger-than-expected sales of the new Model S this year.
Tesla's stock price has exploded. It's gained a whopping 240% in the past MOREBen Rooney - Jul 1, 2013 4:45 PM ET
Shares of IBM fell sharply Friday, part of the fallout from Accenture's weak outlook.
Both companies are heavily invested in data analysis so any sign of weakness from either one raises worries about a broader slowdown in the sector.
Accenture cut its earnings outlook for the year and trimmed its revenue forecast for the fourth quarter.
A slew of analysts were quick to downgrade Accenture.
That doesn't bode well for Accenture's rivals, including IBM MORECatherine Tymkiw - Jun 28, 2013 11:31 AM ET
Carnival Corp. has had its share of bad press, but investors were willing to cut the cruise ship operator some slack Tuesday.
Shares of Carnival (CCL) rose 4% after the company reported quarterly results and announced a management shake-up.
While earnings were better than expected in the second quarter, Carnival said advance bookings for the rest of the year are currently below last year, despite discounted ticket prices.
Carnival also said it will MOREBen Rooney - Jun 25, 2013 2:20 PM ET
Apple. That bright and shiny tech darling continues to taste a little sour.
Shares of Apple (AAPL) fell below $400 for the first time since mid-April early Monday. The stock has struggled to stay above that mark all year and with some good reason.
It's lost some patent battles against Samsung, and just ended a three-week e-book trial that bordered on the absurd. (Five juicy details from the trial)
But let's walk it MORECatherine Tymkiw - Jun 24, 2013 1:12 PM ET
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