MacRumors

Following yesterday's news that investor Carl Icahn has taken a greater than $1 billion position in Apple, believing the company is 'extremely undervalued', today Lee Cooperman of hedge fund Omega Advisors says he agrees with Icahn and that his firm has taken a modest position in Apple, according to CNBC.

The news has driven Apple's stock price over $500 for the first time seven months. Apple first breached the $500 barrier in February of 2012, nearly 18 months ago to the day.

Scott Wapner reporting earlier today on CNBC:

Much is being made of Carl Icahn's big new position in Apple, but from the filings we've learned that Lee Cooperman has taken a new position. He is back in Apple. I just got off the phone with him and he told me the following: he agrees with Carl Icahn that Apple is cheap, said they have a new modest position, said got back in the low $400s.

Lee Cooperman thinking that the new iPhone is going to create some buzz. When talking about the entire space he says he still thinks that Qualcomm is the best play in that overall space. But clearly making it known that he agrees with Carl Icahn that Apple is cheap in his words. They got back in in the low $400s and think the new iPhone which is expected on September 10th is going to create some buzz and you know Apple was right on the cusp of $500. We will see what happens here.

Apple has a long way to go to reach its all-time high of $705 set last year, but both Icahn and Cooperman are betting big on the company and believe it can regain those levels.

Sonny Dickson shares a new high-quality video of a yellow rear shell allegedly from Apple's upcoming "iPhone 5C". Similar parts have been seen in previous video and photo leaks, but this new video provides another good closeup look at the shell, including some comparisons to other iPhone models.

Dickson has released several other photo sets of iPhone 5C rear shell parts in recent days, including green and white parts. Other photos have indicated that the device may also come in blue and red.

Apple is all but confirmed to be holding an iPhone media event on September 10, where the company is expected to introduce the iPhone 5S as the successor to its current flagship iPhone 5 model. The "iPhone 5C" may also make an appearance at the event as a lower-cost alternative that would mark a shift away from Apple's current strategy of continuing to sell older models at lower prices.

An all-new iPhone 5C could allow Apple to meet its pricing goals while unifying its lineup around 4-inch displays, Lightning ports, and perhaps LTE connectivity, features not currently offered in the iPhone 4S that would otherwise be expected to drop to Apple's lowest pricing tier upon the launch of the iPhone 5S.

With the expected introduction of Apple's iPhone 5S now less than a month away, French site Nowhereelse.fr has shared some new photos [Google translation] of an alleged iPhone 5S rear shell. While the part has been seen a number of times in the past, the site has put together some overlays and iPhone 5 comparison photos to help provide an overview of some of the changes expected for the device.

One example shows an overlay of the iPhone 5S bare logic board, which has leaked several times in recent months. The part contains a number of repositioned screw holes compared to the iPhone 5 logic board, and overlay photos shows how these holes line up exactly with mounting points on the rear shell.

Also of interest is the home button region, as Apple has been reported to be incorporating a fingerprint sensor into the part, perhaps moving to a sapphire-covered convex design to help accommodate the sensor.

Nowhereelse.fr's comparison photos show how the metal spacer shield for the home button has changed from the iPhone 5 to the iPhone 5S, with the previous nearly symmetric design moving to an asymmetric design with altered screw hole locations and an angled edge along one side.

The exact reason for the design changes on the spacer is unclear given a lack of other parts, but it seems reasonable to suspect that they may be related to accommodating the fingerprint sensor.

Apple's September 10 media event is expected to include the introduction of the iPhone 5S and perhaps the "iPhone 5C", a lower-cost model built around a plastic shell. Apple is also preparing to introduce new iPads in the coming months, although those are not expected to debut at this event.

Apple has purchased content discovery startup Matcha.tv for $1 to $1.5 million, reports VentureBeat. Matcha.tv is a company that formerly operated a website and mobile apps dedicated to providing recommendations for movies and TV shows based on user preference.

Before being quietly shutdown in May, the service aggregated content from popular streaming services like Netflix, iTunes, Hulu, and Amazon Prime to provide users with a list of TV shows and movies available across all of the sites. At the time the company's app went offline, Matcha.tv CEO Guy Piekarz told TechCrunch that the company was working on a "new direction" for the service.

Matcha.tv is basically an iOS app that provides a comprehensive overview of everything that’s available for you to watch via cable TV providers (Comcast), streaming video services (Netflix, Hulu, Amazon Prime), and digital video stores (iTunes, Amazon). Additionally, you can manage what you watched from a universal queue, get video recommendations, and connect with social networks to see what your friends were watching/liking.

Matcha.tv's functionality seems like a solid fit for Apple, as the company offers a range of content from a variety of sources on its Apple TV. For example, customers can watch TV shows and movies via Netflix, iTunes, and Hulu using the device, and Apple has been working hard to extend its content offerings over the last several months.

The company added several new channels, including HBO GO and WatchESPN back in June and is said to have deals in the works for both a Time Warner Cable app and a VEVO app.

Apple confirmed the purchase of Matcha.tv to VentureBeat with a standard acquisition statement: "Apple buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans." Under the terms of the acquisition, Matcha.tv's founders will continue to work at Apple for at least two years.

Hon Hai Precision Industry Co., Apple's primary iPhone and iPad assembler, has experienced a 41% jump in second quarter net profit thanks to strong iPhone sales, reports The Wall Street Journal.

The company, better known as Foxconn, saw a net profit of NT$16.98 billion, which is approximately US$566.7 million. During the second quarter of 2012, Foxconn's net profit was just NT$12.06 billion. Foxconn reportedly earns more than 40% of its revenue from Apple.

Foxconn's high profit numbers mirror Apple's own record breaking Q2 iPhone sales of 31.2 million units, first announced during the company's third quarter earnings call. Foxconn could see even greater profits in the coming quarters as Apple gears up to release its next generation iPhone, along with additional products like the fifth generation iPad and the Retina iPad mini in the fall months.

Apple is also expected to unveil a new iPhone this fall, which would help pad Hon Hai's earnings in the second half of the year, typically a strong selling season for technology companies due to the back-to-school and holiday shopping seasons.

The products Apple has in the works will also have a huge impact on Pegatron, the company assembling Apple's low-cost "iPhone 5C". According to analyst estimates, the new phone could contribute as much as 40% to Pegatron's third quarter revenue. At a recent investor conference, Pegatron estimated that its sales would grow 40%–50% in Q3 2013.

Both Pegatron and Foxconn have been reported to be hiring a number of new employees as production ramps up on the upcoming devices.

Apple's next generation iPhone 5S is expected to be released during a September 10 event, but it remains unclear if the event will also include the iPhone 5C. Apple is also expected to hold a second event in the last three months of the year to debut new iPads.

Legendary investor Carl Icahn disclosed on Twitter today that his holding company has taken a 'large position' in Apple, believing that the company is 'extremely undervalued' and should increase its share buyback program.

This is similar to the advice that Warren Buffett gave earlier this year, though Buffett did not take a position in Apple.

Icahn disclosed his position on Twitter after yesterday warning investors that he may disclose material information on that account in accordance with new SEC guidelines on social media use.

We currently have a large position in APPLE. We believe the company to be extremely undervalued. Spoke to Tim Cook today. More to come. - 12:21 PM - 13 Aug 13

Had a nice conversation with Tim Cook today. Discussed my opinion that a larger buyback should be done now. We plan to speak again shortly. - 12:25 PM - 13 Aug 13

Icahn, who has an estimated net worth of $20 billion, has recently been extensively involved in efforts to keep Dell from going private and he also holds a 16% stake in Nuance, the speech recognition company that Apple uses for Siri.

Update: According to Bloomberg, Icahn has taken a position of at least $1 billion in Apple and is projecting the stock price to rise to over $600.

Update 2: Apple issued this statement regarding Icahn's investment:

We appreciate the interest and investment of all our shareholders. Tim had a very positive conversation with Mr. Icahn today.

Update 3: The Wall Street Journal has more from an interview with Mr. Icahn.

"This is a no brainer to go buy stock in a company that can go borrow" at a low rate, Mr. Icahn said. "Buy the company here and even without earnings growth, we think it ought to be worth $625."

Mr. Icahn's thesis rests on Apple borrowing at about a 3% interest rate and buying back shares right now, likely at around $525 a piece. That would send shares to $625, Mr. Icahn says, without taking into account any earnings growth.

Piper Jaffray analyst Gene Munster late yesterday released a new research note to investors centered around Apple’s upcoming product launches for the rest of the year, including key predictions on the anticipated low-cost iPhone, potentially named the iPhone 5C.

In his note, Munster predicts that the iPhone 5C will not come with Siri, the intelligent personal assistant within iOS, and that the device will replace the iPhone 4S at the bottom of the iPhone lineup. Munster also believes that the lower-cost iPhone will sell for an estimated $300 off-contract.

In terms of the phone itself, we expect the cheaper phone to have a plastic casing, 4" display, and lower end internal specs (processor, camera, memory, etc.) than the 5S/5 line up. Additionally, we believe that Apple may exclude some software features, such as Siri, which we note was not an option on the iPhone 3GS or iPhone 4 upon launch.

Munster apparently believes that omitting Siri from the iPhone 5C would help differentiate the lineup enough to limit cannibalization of Apple's more expensive iPhones by the cheaper 5C model. It would, however, seem to be an odd move given Apple's efforts to promote Siri and other voice functionality, as well as the fact that the cheaper iPhone 4S currently on the market already supports Siri.

The analyst also makes remarks on the iPhone 5S, stating that the phone will indeed incorporate a fingerprint sensor into the home button, but that the feature would be limited to user authentication.

We expect the iPhone 5S to include a fingerprint sensor with a basic unlocking feature, but do not believe the sensor will be built into iOS 7 enough to introduce a feature like secure payments as we believe that Authentec has only been a part of Apple for less than one year. We believe that payments could be a key feature of the next version of iOS in 2014.

The phone is otherwise expected to follow Apple's upgrade patterns in processor speed and battery life, moving to a new custom A7 chip while featuring more memory and other spec bumps. Munster expects Apple’s new iPhone lineup to feature the iPhone 5S, iPhone 5, and low-cost iPhone, which contradicts an earlier report last month which stated Apple would discontinue production of the iPhone 5 alongside the launch of the iPhone 5S and lower cost iPhone.

Munster also makes predictions on the upcoming iPad line and other products, stating that October would be the likely release month for the fifth-generation iPad and the new iPad mini. The analyst, who has for many years been a proponent of the idea that an Apple television is right around the corner, also states that Apple is likely to introduce a new TV device before the end of 2013, with a 70% chance of the product shipping within the first half of 2014.

Finally, Munster believes that a rumored larger-screen iPhone and the rumored “iWatch” will arrive by mid-2014.

Last week, news hit that Apple would unveil its next generation iPhone at a September 10 event, but it remains unclear if the low-cost iPhone will also be revealed at that time. Apple is also expected to introduce the fifth-generation iPad as soon as next month, with an updated iPad mini rumored to be following fairly soon after.