NEW YORK (Reuters) - Billionaire activist investor Carl Icahn said Thursday he had sold his entire stake in Apple Inc , citing the risk of China's influence on the stock. Icahn, in an interview with cable television network CNBC, also said he was "still very cautious" on the U.S. stock market and there would be a "day of reckoning" unless there was some sort of fiscal stimulus. Icahn had been a huge cheerleader of Apple, acquiring a stake in the company almost three years ago, repeatedly calling the investment a "no brainer." In an open letter to Apple Chief Executive Officer Tim Cook in May 2015, Icahn had argued that shares of the iPhone maker were worth $240, about 90 percent more than they had been trading. At $240 a share, Apple's market cap would be $1.4 trillion, Icahn asserted. But Icahn, who owned 45.8 million Apple shares at the end of last year, said China's economic slowdown and worries about how China could become more prohibitive in doing business triggered his decision to exit his position entirely. "We no longer have a position in Apple. Tim Cook did a great job. I called him this morning to tell him that and he was a little sorry, obviously. But I told him it's a great company," Icahn said. "In Apple today as opposed to six months or a year ago, in this one, there’s no need for activism because I think they have a great management. But you worry a little bit, maybe more than a little, about China's attitude." The Chinese government could "come in and make it very difficult for Apple to sell there ... You can do pretty much what you want there," Icahn said. Earlier this month, China shut down Apple’s iTunes movies and iBooks stores within the country, following Beijing's introduction of regulations in March imposing strict curbs on online publishing, particularly for foreign firms. Asked when he might get back in, Icahn replied: "I don’t think it’s the price point. I think it's my opinion about what is happening with China. I think the stock is very cheap on a multiple basis. China could be a shadow for it, and we have to look at that." Icahn, who suggested that he made roughly $2 billion off the Apple trade, said he was in Apple for about three years and "if you bought the stock then, you got a 48 percent to 50 percent total return. We obviously made a great deal of money, but it was no surprise that we got out of some in February." Apple shares came under further selling pressure during Icahn's television interview, as did the Dow Jones industrials with Apple closing down over 3 percent at $94.83. The Dow ended down by 210 points. Apple on Tuesday posted its first decline in iPhone sales as well as its first revenue drop in 13 years. The company's sales fell by more than a quarter in China, its most important market after the United States, and it forecast another disappointing quarter for global revenues. Apple shares have now declined more than 10 percent this week. (Reporting by Sam Forgione; Editing by James Dalgleish, Jennifer Ablan and Bernard Orr)
- MMA Junkie
The year is 2022 and Mickey Mouse is out here catching strays.
- The Telegraph
The Duke and Duchess of Sussex have been “demoted” on the Royal family’s website to bottom billing alongside the Duke of York.
In order to ensure his children have a 'normal' upbringing, Prince William reportedly told royal staff they can't wear this particular item of clothing.
"Obviously this means the lawyer must have given Trump actual legal advice," mused one social media wit.
An off-duty Massachusetts National Guard member aggressively confronted a tour bus full of senior citizens thinking they were migrants
In a livestream of the pursuit, the off-duty officer slammed US immigration policy and referenced DeSantis' sending migrants to Martha's Vineyard.
"Movie-making is very hard work over a very long period of time that consists of so many moments of joy slapped up against an equal number of feelings of self-loathing," the Oscar winner said.
- Fox News
Meghan Markle was labeled the "difficult" duchess by former staffers. Royal expert Neil Sean explains what's next for Markle and Prince Harry after the bombshell claims were made.
The DOJ is having such a hard time finding document digitization vendors willing to work with Trump that it requested more time for the special master review
The DOJ asked for one more day to choose someone to digitize the 11,000 files for the special master in its Mar-a-Lago investigation.
Anthony Bourdain Texts Published In New Biography Reveal Grim Final Days: “I Hate My Fans…I Hate Being Famous…I Hate My Job” – Report
A new unauthorized biography of Anthony Bourdain, which includes for the first time the celebrity chef’s text messages from the days leading up to his death by suicide in 2018, reveals Bourdain’s anguish over his career, his estranged marriage and his troubled romantic relationship with actor Asia Argento. Selections from the book Down and Out […]
A slight shift was also made on the pages for Prince William and Kate Middleton, the new Prince and Princess of Wales
Kate Middleton Will Receive the Majority of Queen Elizabeth’s Jewelry Collection—But There’s a Catch
The royal family has been sorting through Queen Elizabeth’s affairs ever since she passed away at age 96. They already confirmed that her corgis have found a new home, but the world is wondering what will happen to Her Majesty’s jewelry collection. Tim Graham Picture Library/Getty Images Kate Middleton will reportedly receive the “lion’s share” of Queen Elizabeth’s accessories. However, King Charles’s wife Camilla Parker Bowles (aka the Queen Consort) will get to pick first. Max Mumby/Indigo/Get
- Rolling Stone
The Kremlin chooses to escalate the war in Ukraine with a dangerous gamble, but the signs of an unraveling are becoming clearer both at home and abroad
“I feel so good turning 50, and this is about expressing that sense of energy and optimism.”
NASCAR officials handed out two sizable penalties Tuesday for rough driving, docking William Byron and Ty Gibbs for their roles in separate incidents in last weekend’s Cup Series race at Texas Motor Speedway. Byron was hit with a 25-point penalty in both the driver and team owner standings for bumping Denny Hamlin out of position […]
- The Advocate
Buttigieg did not come to play.
In Katie Nicholl's upcoming book "The New Royals," she writes that Queen Elizabeth intervened when Meghan Markle clashed with a royal staffer.
- Bradenton Herald
Here’s what to know Tuesday as Bradenton and Manatee County prepare for a possible major hurricane.
- Seahawks Wire
On the bright side, their ex isn't doing much better.
- The Root
No one has ever accused women’s college basketball coach Kim Mulkey of being the warm and fuzzy type. That’s never been more apparent than in her response to former player Brittney Griner’s wrongful detainment in Russia.
- Women's Health
Addison Rae, 21, was spotted in Los Angeles this week sporting spandex booty shorts and her epic, sculpted butt. Addison is all about Pilates and pasta.