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In an open letter to Apple Inc. (Nasdaq: AAPL) Chief Executive Officer Tim Cook, billionaire activist investor Carl Icahn said he believes the company's stock should be valued at $203, more than 100% its current value. Icahn said the company has the opportunity to boost its share value by returning a large share of its "excessive liquidity" to shareholders through a stock buyback. He encouraged the company to make a tender offer with its roughly $133 billion net cash. Apple shares were down 0.5% in pre-market hours.