Citing China, billionaire Icahn drops Apple stake

Billionaire Carl Icahn no longer has a stake in Apple Inc., citing concerns about the company’s relationship with China, reports The Wall Street Journal. Mr. Icahn said Apple is a great company but no longer a “no-brainer” as an investment choice. The activist investor said he was worried “about China’s attitude” toward Apple, and said the nation “could be a shadow” for the company. During the fourth quarter, Mr. Icahn reduced his Apple stake, selling shares valued at more than $700 million. At year-end, he owned a nearly $5 billion stake, according to a February filing. Apple shares recently traded down 3.3% to $94.60.