Apple Inc. (AAPL): Carl Icahn’s Tweet Added $12 Billion To Market Cap
Apple Inc. (NASDAQ:AAPL) received a rather large boost in value after Carl Icahn billionaire investor Carl Icahn wrote a tweet (screenshot above). Icahn’s tweet today said “We currently have a large position in APPLE. We believe the company to be extremely undervalued. Spoke to Tim Cook today. More to come.”
Before the tweet, Apple was trading at under $476 per share. The stock jumped over $3 within 60 seconds of the tweet being sent out and the stock went up to $495 before falling to $489.57. This means that Carl Icahn’s tweet added $12 billion to Apple Inc. (NASDAQ:AAPL) based on 908 million shares outstanding, according to FactSet.
The tweet also led to a surge in trading volume. During the minute before Icahn’s tweet, there were over 20,000 Apple shares that traded hands. In the next minute, volume surged to 829,000 shares, according to FactSet. The volume of trades were heavy for the remainder of the day as well.
Social media has power.
[Source: MarketWatch]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry