Icahn’s Open Letter to Apple, Sirius XM Misses on Revenue, and 3 More Hot Stocks

Apple Inc. (NASDAQ:AAPL): Carl Icahn has published his open letter to Apple CEO Tim Cook on his website; in it, he encourages Apple to immediately begin an offer to buy back $150 billion in Apple shares at the current share price of $525 per share, “financed with debt or a mix of debt and cash on the balance sheet,” The New York Times reports. However, Icahn concluded by noting that he does not plan to personally benefit from a stock buyback should it to occur; “to invalidate any possible criticism that I would not stand by this thesis in terms of its long term benefit to shareholders,” he wrote.


Sirius XM Radio Inc. (NASDAQ:SIRI): Sirius shares are trading lower as the company reported earnings per share of 1 cent and revenue of $962 million, missing by $7.49 million. However, the 513,000 net subscriber additions and the 373,000 self-pay net additions set post-merger records for the company; total subscribers now sit at around 25.6 million. Sirius also bought back $459 million in stock during the quarter and made slight upwards adjustments to its guidance for subscribers and revenue.


Xerox Corp. (NYSE:XRX): Despite a slight earnings beat (EPS of 26 cents, beating by 1 cent), Xerox shares are trading down almost 9 percent, as revenue of $5.26 billion missed by $0.08 billion; however, it’s the fourth-quarter earnings warning that’s causing investors to ditch their positions. Xerox saw EPS of 28 cents to 30 cents for the fourth quarter against a 33 cent consensus.


Walt Disney Co. (NYSE:DIS): Disney is shaking up its Indian operations a little bit by placing Roy Kapur in the managing director seat formerly occupied by Ronnie Screwvala; Kapur will officially begin the new role on June 30. Disney is working hard to consolidate its Indian assets, as media spending is improving quickly in the country.


Southwest Airlines (NYSE:LUV): Southwest’s stock is rising more than 2 percent after the airline revealed EPS of 34 cents, falling in line, as revenue of $4.55 billion beat by $0.02 billion. Operating unit revenues rose 4.5 percent over the year-ago third quarter, and available seat miles and average seats per trip both saw improvements; operating expenses fell 2.4 percent, now clocking $4.2 billion, helped considerably by average fuel costs falling by a dime.


Don’t Miss: Sirius Earnings: Hefty Expenses Hid Growing Subscribers.