Wednesday, May 18, 2016

Hedge Funder Lee Cooperman Takes 'Modest Position' in , Drives Stock Price Over $500

Following yesterday's news that investor Carl Icahn has taken a grter than $1 billion position in , believing the company is 'extremely undervalued', today Lee Cooperman of hedge fund Omega Advisors says he agrees with Icahn and that his firm has taken a modest position in ,according toCNBC.

The news has driven 's stock priceover $500for the first time seven months. firstbrched the $500 barrierin February of 2012, nrly 18 months ago to the day.

Scott Wapner reporting rlier today onCNBC:
Much is being made of Carl Icahn's big new position in , but from the filings we've lrned that Lee Cooperman has taken a new position. He is back in . I just got off the phone with him and he told me the following: he agrees with Carl Icahn that is c, said they have a new modest position, said got back in the low $400s.

Lee Cooperman thinking that the new iPhone is going to crte some buzz. When talking about the entire space he says he still thinks that Qualcomm is the best play in that overall space. But clrly making it known that he agrees with Carl Icahn that is c in his words. They got back in in the low $400s and think the new iPhone which is expected on September 10th is going to crte some buzz and you know was right on the cusp of $500. We will see what happens here. has a long way to go to rch itsall-time high of $705set last yr, but both Icahn and Cooperman are betting big on the company and believe it can regain those levels.

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