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☆ Wall Street learns an important lesson. Don’t fight the Fed
▼ + stars: | 2024-02-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

That sudden volatility highlights something that we often write about in Before the Bell: the major mismatch between policymaker and investor expectations for interest rate cuts this year. Federal Reserve officials, including Chair Jerome Powell, have repeatedly said they envision at most three rate cuts in 2024. Wall Street, meanwhile, has ignored those warnings and has opted to practice unflinching optimism instead. It’s not the first time they’ve had to learn an important lesson: Don’t fight the Fed. Bad for the markets, good for the Fed: Markets clearly don’t often take kindly to higher-for-longer interest rates, which can negatively impact earnings and stock prices.

Persons: New York CNN —, Jerome Powell, Dow, It’s, they’ve, Don’t, –, ”, Quincy Krosby, Arnim Holzer, José Torres, Chris Zaccarelli, doesn’t, ” Carl Icahn, Carl Icahn, Icahn, Chris Isidore, JetBlue’s, Samantha Delouya, Lyft, Erin Brewer Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Nasdaq, of Labor Statistics, BLS, Treasury, LPL, Fed, Interactive Brokers, CPI, Independent, Alliance, JetBlue, Spirit Airlines, Analysts Locations: New York, December’s, “, ”

☆ Carl Icahn buys a huge stake in JetBlue at bargain prices
▼ + stars: | 2024-02-13 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

Icahn paid an average of $3.56 a share for his 33.6 million shares of the stock, according to the filing. Shares of JetBlue closed Monday at $6.07 a share before leaping to nearly $7 a share in morning trading. His purchases started on January 26, a week after a federal court blocked JetBlue’s proposed purchase of Spirit Airlines. Analysts had suggested that JetBlue was only interested in pursuing the deal, assuming it was allowed by the court, at a significantly lower price. JetBlue had been interested in buying Spirit as a way of getting both the aircraft and pilots it needs to expand.

Persons: Carl Icahn, Icahn, ”, JetBlue’s Organizations: New, New York CNN, JetBlue, Spirit Airlines, Analysts, Spirit, Frontier Airlines, — American Airlines, United, US Justice Department Locations: New York, breakeven, Delta

☆ Carl Icahn’s Firm Slashes Dividend in Half After Activist Pressure; Stock Slides 30%
▼ + stars: | 2023-08-04 | by ( Ben Foldy | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Carl Icahn’s Firm Slashes Dividend in Half After Activist Pressure; Stock Slides
▼ + stars: | 2023-08-04 | by ( Ben Foldy | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ Shares of Carl Icahn’s Firm Tank After Dividend Is Cut
▼ + stars: | 2023-08-04 | by ( Maureen Farrell | More About Maureen Farrell | ) www.nytimes.com time to read: +1 min

Shares of Icahn Enterprises, the firm led by the billionaire financier Carl C. Icahn, fell as much as 30 percent on Friday after the saber-rattling investor, under pressure from a short seller, said his firm would halve its quarterly dividend and refocus on the style of activist investing that brought him his fame and fortune. The announcement comes three months after Hindenburg Research, the short seller, released a report questioning the financials of Icahn Enterprises, and whether it had the wherewithal to continue paying a dividend to shareholders. Hindenburg, led by Nathan Anderson, accused Mr. Icahn’s firm of running “Ponzi-like economic structures.” Short sellers profit when stock prices fall. The plunging stock price of Icahn Enterprises is the latest setback for the 87-year-old investor who, for more than four decades, has taken on publicly traded companies and pressured their chief executives to make changes. Including the drop on Friday, shares of Mr. Icahn’s firm are down roughly 50 percent since Hindenburg released its report on May 2.

Persons: Carl C, Nathan Anderson, Mr, Icahn’s, Hindenburg Organizations: Icahn Enterprises, Hindenburg Research, Mr

☆ Carl Icahn’s company stock drops 23% after IEP slashes quarterly dividend in half
▼ + stars: | 2023-08-04 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Icahn's company has been on a roller-coaster ride since the Nathan Anderson-led short seller took a public short position in May, alleging "inflated" asset valuations, among other reasons. Shares of IEP, a holding company that is involved in myriad businesses including energy, automotive and real estate, tumbled nearly 44% in the second quarter. Shares of Carl Icahn's conglomerate Icahn Enterprises experienced a sharp sell-off Friday after the firm slashed its quarterly dividend in half amid notable short seller Hindenburg Research's campaign. Hindenburg took issue with IEP's high dividend yield, saying it's "unsupported" by the company's cash flow and investment performance. Icahn Enterprises on Friday reported a net loss of $269 million for the second quarter, more than doubling the loss of $128 million from the same quarter a year ago.

Persons: Nathan Anderson, Carl Icahn's, Hindenburg, Icahn Organizations: Icahn Enterprises, Enterprises, Trans, Airlines

☆ Carl Icahn’s Firm Faces Federal Inquiry
▼ + stars: | 2023-05-10 | by ( Maureen Farrell | Matthew Goldstein | ) www.nytimes.com time to read: +1 min

The investment firm controlled by the billionaire activist investor Carl C. Icahn has fielded questions from federal prosecutors about its management and operations, according to a securities filing made on Wednesday. On May 3, federal prosecutors in Manhattan requested documents from Mr. Icahn and his firm just one day after his publicly traded company, Icahn Enterprises, became a target of Hindenburg Research, the short-seller firm that has made its name in recent years by taking on the Indian tycoon Gautam Adani and the Twitter co-founder Jack Dorsey. News of the inquiry was the latest setback for Mr. Icahn, who is best known for targeting publicly traded companies and their chief executives and pressuring management to make changes. Short sellers profit when stock prices fall, and shares of Icahn Enterprises have fallen nearly 40 percent since Hindenburg Research released a report last week, accusing the company of running “Ponzi-like economic structures.” On Wednesday, the stock fell about 15 percent on news of the federal inquiry.

☆ Short investor Hindenburg erases fifth of Icahn empire’s value
▼ + stars: | 2023-05-02 | by ( ) edition.cnn.com time to read: +4 min

In a report published on Tuesday, Hindenburg accused IEP of overvaluing its holdings and relying on a “Ponzi-like” structure to pay dividends. The subsequent plunge in IEP shares wiped $2.9 billion off Icahn’s net worth, leaving him with an estimated $14.7 billion, according to Forbes. NAV is a key gauge of a fund’s performance, measuring the market value of securities held by the fund. Driving the frothiness in IEP’s stock, Hindenburg argued, is its dividend yield of 15.8%, the highest of any US large cap company by far. Hindenburg also offered examples it said showed IEP itself was valuing its holdings way above their market value.

☆ Biotech company Illumina pushes back against Carl Icahn’s proxy fight over $7.1 billion Grail deal
▼ + stars: | 2023-03-20 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

Biotech company Illumina pushed back Monday against Carl Icahn's proxy fight over the company's acquisition of cancer test developer Grail, saying the activist investor's board nominees "do not add value." "To paraphrase William Shakespeare's Hamlet, something is rotten in the state of Illumina," Icahn wrote. Illumina said winning a jurisdictional appeal would eliminate any potential fine and "gives the greatest optionality for Illumina to maximize value for shareholders." The company also claimed Icahn recognizes the value of Grail to shareholders, pointing to a CNBC interview last week where Icahn referred to Grail as Illumina's "best equipment." Illumina touted Grail in its release, saying it has "tremendous long-term value creation potential."

☆ Carl Icahn holds short position in GameStop - Bloomberg News
▼ + stars: | 2022-11-21 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

(Reuters) - Activist investor Carl Icahn has a sizeable short position in video game retailer GameStop Corp, Bloomberg News reported on Monday, citing sources familiar with the matter. FILE PHOTO: Billionaire activist-investor Carl Icahn gives an interview on Fox Business Network's Neil Cavuto show in New York, U.S. on February 11, 2014. Icahn began shorting the stock around January 2021, the report added but did not provide details of the size of Icahn’s position. Short interest in GameStop’s stock is very high, with 17.53% of the company’s outstanding shares shorted as of Oct. 31, according to Refinitiv data. The retailer executed a four-for-one stock split this year, the stock rose a split-adjusted high of over $120 in Jan. 2021.

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