One reason tech firms have found themselves in activists crosshairs is that, like Apple, some built up big cash piles during the economic downturn and have been slow to use the money. Financiers hope to get them to loosen their purse-strings faster and to pocket some of the cash. Mr Icahn wants Apple to increase and __________ a share buy-back programme that is currently set to return $60 billion to shareholders by the end of 2015.
Another reason that tech firms make tempting targets for shareholder activists is that swift changes in technologies can trip up even the mightiest. Witness the case of Microsoft, which ruled the roost during the personal-computer era but has struggled to adapt to a world in which tablets and smartphones are all the rage. Investors hope to mint money by pushing companies to change more rapidly in response to such upheavals in their markets.
The rewards can be substantial. Egged on by Third Point, an activist hedge fund, Yahoo __________Marissa Mayer as its new chief executive in July 2012. By the time she celebrated a year in the job last month, the troubled web giants share price had risen by over 70%. In July the hedge fund sold a big chunk of shares back to Yahoo. Mr Icahn thinks Apples share price, which closed at $499 on August 14th, could soar too if the firm follows his advice on buy-backs. He tweeted this week that he had had a nice __________ with Tim Cook, Apples boss, about his idea, though he did not say what Mr Cook thought of it. If Apple drags its feet, expect things to turn nasty.
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