S&P 500
7,507.80
-0.22%
Dow Jones
51,595.40
-0.32%
Nasdaq 100
30,411.80
-0.23%
Russell 2000
2,975.48
-0.09%
FTSE 100
10,382.50
-0.37%
Nikkei 225
71,987.20
+0.02%

Consumer Electronics

Einhorn Bites Apple, but Not Too Hard

Photo of Paul Ausick
By Paul Ausick Updated Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Apple mobile/touch devices

courtesy of Apple
A federal court in New York ruled late today that David Einhorn’s Greenlight Capital has clearly demonstrated its case against a plan from Apple Inc. (NASDAQ: AAPL) that would have put to a shareholder vote the company’s proposal to eliminate preferred stock. The court granted a temporary injunction to Einhorn and Greenlight on this issue, but rejected a requested injunction that would have allowed Einhorn to add a proposal giving shareholders an advisory vote on executive pay.

Einhorn has been pushing a proposal that Apple issue perpetual preferred stock to existing shareholders which would pay a dividend while still allowing the company to retain a substantial cash hoard to use for corporate purposes. Apple had included in its proxy statement a proposal to eliminate the company’s preferred stock.

Apple’s shareholders’ meeting is scheduled for this coming Wednesday. That’s still several days away and we’d be willing to be that this is not the last word on this subject, either from Einhorn or Apple.

DISCLOSURE:
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org). Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 30 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees. Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org). There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options  Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement This should not be considered a recommendation to participate in IPOs and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation. New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For more information on the allocation process please visit IPO Allocation.
Follow 24/7 Wall St. on Google
Photo of Paul Ausick
About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

Featured Reads

Our top personal finance-related articles today. Your wallet will thank you later.

The Average American Has $246,500 at 60. Here's Why It Covers Just 3 Years of Retirement
David Beren |

The Average American Has $246,500 at 60. Here's Why It Covers Just 3 Years of Retirement
Original Medicare Covers 80% of Your Doctor Bills. The Other 20% Has No Ceiling
Drew Wood |

Original Medicare Covers 80% of Your Doctor Bills. The Other 20% Has No Ceiling

Continue Reading

Jon C. Ogg |

Einhorn’s Apple Activism: Unlock Several Hundred Billion Dollars in Shareholder Value

courtesy of Apple Inc.David Einhorn of Greenlight Capital has taken a move against Apple Inc. (NASDAQ: AAPL) in an Securities…

Paul Ausick |

Apple Shareholders Vote Down Investors’ Proposals

courtesy of Apple Inc.At the company’s annual shareholder meeting Friday morning, Apple Inc. (NASDAQ: AAPL) investors have rejected all the…

Jon C. Ogg |

Apple/Einhorn Plot Thickens: Apple Confesses in Response

Apple Inc. (NASDAQ: AAPL) has formally responded to the call from Greenlight Capital’s David Einhorn. This is strange to see from…

Steven M. Peters |

David Einhorn dumps Apple

Cites heightened valuation and the threat of Chinese retaliation for Trump's tariffs.

Jon C. Ogg |

Apple/Einhorn Twist: Einhorn Investor Repeats Call to Shut the Hell Up!

If you are growing about as sick of David Einhorn and Greenlight Capital in his fight against Apple Inc. (NASDAQ:…

AMC’s CEO Talks About Possible Bankruptcy in the Future as Stock Rallies 34%
247patrick |

AMC’s CEO Talks About Possible Bankruptcy in the Future as Stock Rallies 34%

The CEO of the movie theater chain AMC Entertainment says that the company needs to raise equity to keep operations running.

Judge Denies AMCs’ Proposed Settlement in APE Conversion Lawsuit
247patrick |

Judge Denies AMCs’ Proposed Settlement in APE Conversion Lawsuit

AMC’s plan to convert so-called APE units into common stock and raise fresh capital has hit another obstacle.

Will GM Shareholders Go for Greenlight Stock Proposal, Director Candidates?
Paul Ausick |

Will GM Shareholders Go for Greenlight Stock Proposal, Director Candidates?

At tomorrow's annual meeting, GM shareholders will vote on a dual-class stock structure and a slate of three board nominees,…

Coliseum Capital Fights Back With Lawsuit Filed Against Purple Innovation After Issuing Voting Stock
247patrick |

Coliseum Capital Fights Back With Lawsuit Filed Against Purple Innovation After Issuing Voting Stock

Connecticut-based hedge fund and activist investor Coliseum Capital has filed a lawsuit against mattress manufacturer Purple Innovation.

Top Gaining Stocks

CarMax
KMX • Vol: 7,330,419
Corning
GLW • Vol: 22,800,969
Intel
INTC • Vol: 233,719,006
Super Micro Computer
SMCI • Vol: 68,465,534
Enphase Energy
ENPH • Vol: 13,978,376

Top Losing Stocks

Accenture
ACN • Vol: 41,744,333
EPAM Systems
EPAM • Vol: 5,636,587
Cognizant
CTSH • Vol: 61,311,400
Coterra Energy
CTRA • Vol: 73,319,495
Kroger
KR • Vol: 26,704,230