Icahn has some play money to spread around (HLF) (AAPL) (JCP).Read and enjoy the ride up longs
After bowing out of the Dell (NASDAQ: DELL) fight, Carl Icahn has a some fresh play money to wield around... $2 billion to be exact.
In a tweet, Carl Icahn said: "I withdrew my demand for appraisal of my Dell shares. Based on our returns on capital, we believe we have better uses for $2 billion."
So what will Icahn do with the cash?
Some think he could add to his Herbalife (NYSE: HLF) bet. Icahn already owns 16.5% of the stock but has an agreement to raise his stake to 25%. His arch-rival Bill Ackman recently covered 40% of his common share short, instead opting for put options given the short squeeze Icahn has sparked in the name.
Others think Icahn may double down on Apple (NASDAQ: AAPL). Icahn currently owns $2 billion of Apple stock. At a recent "cordial" meeting with CEO Tim Cook, Icahn said he pressed hard for his $150 billion stock buyback idea. Owning Apple is a "no brainer," according to Icahn.
Icahn, of course, could go another route and find a new activist target. Heck, he might even go out in left field and pick up some shares of retail wasteland J.C. Penney (NYSE: JCP).