Apple stock hit with biggest drop since 2013

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Apple shares are taking a dive.
Apple shares are taking a dive.
Photo: Ste Smith

Apple’s Q2 2016 earnings have been disasterous for the company’s share price, as AAPL stock suffered its worst week in three years.

Wall Street has suddenly soured on Apple, including Carl Icahn, who revealed earlier this week that he dumped all of his shares. With investors offloading shares, the company watched its market capitalization shrink by $65 billion in a mere three days, which is about the equivalent of Cambondia’s net wealth. 

Mega-investor Carl Icahn gives up on AAPL

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Apple shares are taking a dive.
Apple shares are taking a dive.
Photo: Ste Smith

Apple’s biggest cheerleader on Wall Street, Carl Icahn, is getting rid of all of his AAPL shares after the iPhone-maker reported its first year-over-year decline in revenues for the first time in 13 years.

The iconic investors has insisted for years that Apple shares are grossly undervalued and has made over $3.4 billion investing in Apple. Now Carl is throwing in the towel even though he still thinks the stock is ridiculously cheap.

Carl Icahn: Apple could be one of the great stocks of the century

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Carl Icahn is coo-coo for AAPL.
Carl Icahn is coo-coo for AAPL.
Photo: Forbes

Carl Icahn is bearish on the current stock market. After making billions buying Netflix shares near $58, the iconic investor announced today that he’s cashing out now that the stock is trading around $677 because the ‘overheated.’

Despite pulling out of Netflix though, Icahn is still super bullish on AAPL and thinks that the stock is actually at the same point now as when he bought into Netflix back in 2012.

Carl Icahn makes $3.4 billion from two-year investment in Apple

Carl Icahn is coo-coo for AAPL.
Carl Icahn is cuckoo for AAPL.
Photo: Forbes

Carl Icahn’s big bet on Apple is paying off huge.

During an interview today defending his belief that Apple will make a 65-inch UltraHD TV, the billionaire revealed his investment in Apple starting in 2013 has been one of the greatest trades of all time, netting about $3.4 billion.

Icahn owns more than 52 million shares and stands to make even more if Apple shares reach his current estimated value of $240 (shares closed today at 129.989). Watch what Icahn had to say about his mega-investment below:

Will Apple really make a TV set? Depends on who you ask

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The Loch Ness monster of Apple rumors isn't completely dead yet.
The Loch Ness monster of Apple rumors isn't completely dead yet.

Rumors surrounding Apple’s plans for TV have been picking up considerably as its Worldwide Developers Conference draws near in June.

But the idea of a standalone Apple TV set (not the little hockey puck that exists already) eventually becoming a reality is starting to look pretty bleak. Not everyone has given up hope, though. As the biggest proponent of the Apple HDTV rumor throws in the towel, one of the world’s most powerful investors remains convinced that it will happen.