The Unexpected (and Silly) Reason Apple Soared Above $500
Apple (NASDAQ: AAPL ) has been a dud for investors over the past year. It seemed that nothing could move shares higher — not share repurchases, record quarters, or strong free cash flow growth — that is, until a few choice tweets sent shares rocketing.
Famed investor Carl Icahn lit the match with two tweets regarding his “large” position in the company. The herd mentality seemed to have been in full force, as shares quickly rose above $500 a share, prices not seen since the beginning of the year.
While Icahn may get all the credit, the changes he’s calling for are already in motion. Furthermore, while he may have influence over the investing mob’s perception of Apple, his position is relatively small when stacked against the company’s $450 billion market cap.
Sometimes it’s important to take a step back and see the forest from the trees, as the Fool’s Austin Smith reminds us in the following video.
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