Activist investor Carl Icahn has told Apple CEO Tim Cook that the iPhone and iPad maker should launch a $150 billion stock buyback and disclosed that he now owns 4.7 million shares. In a letter to Cook posted online Thursday, Icahn said he has increased his stake in Apple by 22 percent this month. At Apple’s current price, that’s worth about $2.5 billion and is less than a 1 percent stake.
Twitter is seeking as much as $1.4 billion in the largest Internet initial public offering since Facebook’s, betting it can convince investors of its ability to turn 500 million tweets a day into profits. Twitter plans to sell 70 million shares at $17 to $20 each in the offering, according to a regulatory filing Thursday. That would value the San Francisco-based company at $10.9 billion at the top end of the range.
Average U.S. rates on fixed mortgages dropped this week to their lowest levels in four months, a positive sign for the housing recovery. Mortgage buyer Freddie Mac said Thursday the average rate on the 30-year loan fell to 4.13 percent. That’s down from 4.28 percent. The average on the 15-year fixed loan declined to 3.24 percent from 3.33 percent. Both averages are the lowest since June 20.
Bank of America is cutting about 4,200 jobs as it responds to changes in the housing market, echoing moves by other banks. The country’s second-largest bank laid off 1,200 employees this week, primarily from a unit that handles mortgage origination, company spokesman Terry Francisco said. By the end of the year, Bank of America plans to cut 3,000 more jobs.