Icahn cautious on stocks, will not walk away from Apple

By means of Svea Herbst-Bayliss and Jennifer Ablan (Reuters) – Activist investor Carl Icahn mentioned on Monday he’s "very cautious" on the stock market, saying he may see a "large drop" because cash at many companies are fueled extra by means of low borrowing prices than administration's efforts to lift outcomes. Icahn, conversing at the Reuters International Funding Outlook Summit, additionally hinted at his ongoing plan for Apple Inc, probably the most precious U.S. firm by market value, saying he does not want to combat with management on the iPhone giant however has no plans to stroll far from his funding. Shares of Apple have been at $518.92 a share, down 1.2 % on the day, after trading at $523.11 sooner than Icahn's remarks. Icahn mentioned he nonetheless thinks Apple's inventory worth is undervalued and mentioned the company's CEO, Tim Cook dinner, feels the identical manner.