Hedge Funder Lee Cooperman Takes 'Modest Position' in Apple, Drives Stock Price Over $500
Following yesterday's news that investor Carl Icahn has taken a greater than $1 billion position in Apple, believing the company is 'extremely undervalued', today Lee Cooperman of hedge fund Omega Advisors says he agrees with Icahn and that his firm has taken a modest position in Apple, according to CNBC.
The news has driven Apple's stock price over $500 for the first time seven months. Apple first breached the $500 barrier in February of 2012, nearly 18 months ago to the day.
Scott Wapner reporting earlier today on CNBC:
Much is being made of Carl Icahn's big new position in Apple, but from the filings we've learned that Lee Cooperman has taken a new position. He is back in Apple. I just got off the phone with him and he told me the following: he agrees with Carl Icahn that Apple is cheap, said they have a new modest position, said got back in the low $400s.
Lee Cooperman thinking that the new iPhone is going to create some buzz. When talking about the entire space he says he still thinks that Qualcomm is the best play in that overall space. But clearly making it known that he agrees with Carl Icahn that Apple is cheap in his words. They got back in in the low $400s and think the new iPhone which is expected on September 10th is going to create some buzz and you know Apple was right on the cusp of $500. We will see what happens here.
Apple has a long way to go to reach its all-time high of $705 set last year, but both Icahn and Cooperman are betting big on the company and believe it can regain those levels.
Popular Stories
Apple will adopt the same rear chassis manufacturing process for the iPhone SE 4 that it is using for the upcoming standard iPhone 16, claims a new rumor coming out of China. According to the Weibo-based leaker "Fixed Focus Digital," the backplate manufacturing process for the iPhone SE 4 is "exactly the same" as the standard model in Apple's upcoming iPhone 16 lineup, which is expected to...
Key details about the overall specifications of the iPhone 17 lineup have been shared by the leaker known as "Ice Universe," clarifying several important aspects of next year's devices. Reports in recent months have converged in agreement that Apple will discontinue the "Plus" iPhone model in 2025 while introducing an all-new iPhone 17 "Slim" model as an even more high-end option sitting...
Apple typically releases its new iPhone series around mid-September, which means we are about two months out from the launch of the iPhone 16. Like the iPhone 15 series, this year's lineup is expected to stick with four models – iPhone 16, iPhone 16 Plus, iPhone 16 Pro, and iPhone 16 Pro Max – although there are plenty of design differences and new features to take into account. To bring ...
Apple is scaling back its Hollywood spending after investing over $20 billion in original programming with limited success, Bloomberg reports. This shift comes after the streaming service, which launched in 2019, struggled to capture a significant share of the market, accounting for only 0.2% of TV viewership in the U.S., compared to Netflix's 8%. Despite heavy investment, critical acclaim,...
Last Friday, a major CrowdStrike outage impacted PCs running Microsoft Windows, causing worldwide issues affecting airlines, retailers, banks, hospitals, rail networks, and more. Computers were stuck in continuous recovery loops, rendering them unusable. The failure was caused by an update to the CrowdStrike Falcon antivirus software that auto-installed on Windows 10 PCs, but Mac and Linux...
