For Carl Icahn, "2 Out Of 3 Ain't Bad."
No, I don't have poor grammar - the title is a reference. =) News broke today that billionaire investor Carl Icahn will not push ahead with his stock buyback proposal for Apple (NASDAQ:AAPL) after proxy advisory company Institutional Shareholder Services advised investors to vote against the buyback proposal.
Back in December (http://caps.fool.com/Blogs/icahn-has-overplayed-his-hand/899133) I said Icahn was overplaying his hand with his proposal, and now it looks like Apple called his bluff. What's fascinating, however, is that Icahn is getting about two-thirds of what he wants with Apple's already planned share repurchases this year (http://www.cnbc.com/id/101403715). So, overall, Icahn wins, Apple management wins, and investors win with this news. Like CNBC though, I'm concerned the billions Apple is directing for stock repurchases are not going towards research and development or acquiring new companies/technology to compete with the likes of Google (NASDAQ:GOOG), who has been on a purchasing spree lately.