Shares of Apple (NASDAQ: AAPL) are back above the key $500 psychological level for the first time since January 2013, a day after Carl Icahn said he has a new, large position in the company.

After flirting with the $500 all morning, news that Leon Cooperman has resumed a small position in Apple and agrees with Icahn on the name, gave the stock the added push to get it over the hump.

At $502 per share, Apple is now up about $35 since Ichan disclosed the new stake on Twitter Tuesday afternoon, adding $30 billion in market value.

Icahn said he believes shares of Apple are "extremely undervalued" and wants the company to institute a larger share buyback "now." He said he had a "nice conversation" with CEO Tim Cook on Tuesday.

Even with the stock surging 30% off the lows, Apple is still 29% below its September 2012 all-time high of $705.07.

With momentum building from Icahn and ahead of the expected September 10 iPhone refresh, this Apple looks juicy once again.

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