Apple’s share price just missed hitting $500 (£322) as the US markets opened today, reaching $499.93 – up 2.1 per cent from the previous close.
Apple’s fortunes looked a little brighter after activist investor Carl Icahn tweeted the company was undervalued and that he had bought a large stake in it. His announcement followed what he said was a “nice conversation” with chief executive Tim Cook about Icahn’s belief the company should buy back more of its stock.
The series of tweets and resulting investments added around $17bn to the value of the company.
In April, Apple said it would be buying back around $60bn of its stock by the end of 2015, $18bn of which has now been completed.
The share price has not been above $500 since January 2013, when disappointing results resulted in investors running. Despite revenues increasing 18 per cent, flat profits sent the share price plummeting 12 per cent, signalling the start of a long period of suppression.
The share price remains significantly below its peak of $705.07 in 2012.