Investor Carl Icahn has backed down on his proposals for Apple to launch a major share buyback programme.
In a statement, he revealed that he sees "no reason to persist" with the bid after a negative reaction to his plans.
Mr Icahn had met with Apple's chief executive Tim Cook in a bid to persuade him a share buyback was the right thing to do for the company's investors.
"As Tim Cook describes them, these recent actions taken by the company to repurchase shares have been both 'opportunistic' and 'aggressive' and we are supportive," he said in the statement.
Apple's stocks are almost one per cent up on the Nasdaq at 15:25 GMT today (February 11th).
Mr Icahn recently called for eBay to spinoff its payment processing company PayPal. Mr Icahn has bought a 0.8 per cent stake in eBay and claimed the move – which he described as a "no-brainer" would increase its value as a result.
Find up to date information on the FTSE 100 and spread betting strategies at City Index
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.