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☆ Stocks making the biggest moves midday: Roblox, Icahn Enterprises, Rivian, Airbnb and more
▼ + stars: | 2023-05-10 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

On Tuesday, the company reported a smaller-than-expected quarterly loss and said it expects to still meet forward guidance targets. Its revenue of $661 million topped the $652 million expected from analysts polled by Refinitiv. Twilio anticipates between $980 million and $990 million in revenue, while analysts polled by Refinitiv were expecting $1.05 billion in revenue. On Tuesday, the company reported same-store sales and revenue for the first quarter missed analysts' expectations, according to FactSet. On Tuesday, Occidental posted first-quarter adjusted earnings per share of $1.09, which is less than the $1.24 estimate from analysts polled by FactSet.

☆ 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.

☆ Analysis: Icahn's mark-up of meat packager extraordinary but possible, experts say
▼ + stars: | 2023-05-05 | by ( Koh Gui Qing | ) www.reuters.com time to read: +4 min

Hindenburg said Icahn Enterprises LP (IEP) (IEP.O) valued a meat packing company in which it owns a 90% stake three times over its market value. IEP cited "the lack of material trading volume" in Viskase's stock as grounds for the valuation mark-up in the filing. Viskase's shares are traded in the over-the-counter market rather than a major exchange such as Nasdaq or the New York Stock Exchange. On Thursday, IEP said after the stock market closed that it would preserve its dividend at $2 per unit for the first quarter. IEP's stock rose 10% in afterhours trading on the announcement.

☆ Short sellers haven't profited a lot from Hindenburg Research's salvo against Carl Icahn's investment firm
▼ + stars: | 2023-05-04 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Short sellers haven't profited significantly from Hindenburg Research's recent report against Icahn Enterprises. That's because Wall Street investors remain hesitant to place bets against the billionaire owner Carl Icahn, Bloomberg reported. Short sellers have made just $9 million in mark-to-market profit, per S3 Partners data. Hindenburg also alleged that the company is "using money taken in from new investors to pay out dividends to old investors." The short seller's report on Gautam Adani's company shaved tens of billions off of its market cap and dealt a huge blow to the billionaire's net worth.

☆ Icahn Enterprises to give $2 per depositary unit days after Hindenburg report
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - Icahn Enterprises (IEP.O) said on Thursday it was planning to distribute $2 per depositary unit for the quarter ended March 31, days after short seller Hindenburg's report sent the investment firm's shares to more than a-decade low. Its shares rose 6% after the bell as the company said the declaration of the depositary unit was ahead of schedule due to the inquiries following the report. "We would like to reassure our long-term unitholders that the market disruption caused by the self-serving Hindenburg report does not affect IEP's liquidity," said Carl Icahn, billionaire activist investor and chairman of Icahn Enterprises. Icahn said he disagrees with "the inflammatory assertions" in the Hindenburg report and intend to respond at "length – and to vigorously defend IEP and its unitholders". Hindenburg did not immediately respond to a Reuters request for comment.

May 3 (Reuters) - Carl Icahn's empire took another hit on Wednesday when his holding company's shares plunged further in the aftermath of a critical report from short seller Hindenburg Research, bringing the valuation drop since the short seller attacked it to more than $6 billion. IEP shares hit an intraday low of $31.78 - their lowest in more than a decade. The company is now worth $11.5 billion, 35% less than its value on Monday before Hindenburg published its report. The Hindenburg report has wiped $7.5 billion off Icahn's fortune, leaving him with a net worth of $10.8 billion, according to Forbes. “There is a karmic quality to this short report that reinforces the notion of a circle of life and death," he tweeted on Tuesday.

☆ Icahn's investment firm sinks further, down 40% since Hindenburg attack
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

May 3 (Reuters) - Shares of activist investor Carl Icahn's investment firm lost nearly a fifth of their value on Wednesday, adding to a 20% decline a day earlier following short seller Hindenburg Research's scathing attack on the company. Icahn Enterprises LP's (IEP.O) shares hit an intraday low of $31.78 - their lowest in more than a decade. Hindenburg accused the company of over-valuing its holdings and relying on a "Ponzi-like" structure to pay dividends. But Hindenburg has taken on several high-profile targets in recent months, including India's Adani Group and Jack Dorsey-led Block Inc (SQ.N). Since its release on Tuesday, the report has wiped $7.5 billion off Icahn's fortune, leaving him with a net worth of $10.8 billion, according to Forbes.

☆ Carl Icahn's investment firm tumbles 18% after Hindenburg attack
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: 1 min

May 3 (Reuters) - Shares of activist investor Carl Icahn's investment firm lost nearly a fifth of their value on Wednesday, a day after short seller Hindenburg Research launched a scathing attack on the company. Icahn Enterprises LP's (IEP.O) shares were trading at $33.66, giving the company a market value of $11.9 billion. Hindenburg accused the company of over-valuing its holdings and relying on a "Ponzi-like" structure to pay dividends. Since its release on Tuesday, the report has wiped $7.5 billion off Icahn's fortune, leaving him with a net worth of $10.8 billion, according to Forbes. Reporting by Niket Nishant in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

☆ This is the banking crisis that doesn't end
▼ + stars: | 2023-05-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

This is the banking crisis that doesn't end. So, about that banking crisis being over. The ink is barely dry on JPMorgan's agreement with regulators and it seems more regional banks are feeling the pain. Customers of regional banks are starting to ask questions about how safe their local lender is, the Financial Times reports. Here's more on how regional banks are still getting slammed despite JPMorgan's Jamie Dimon calling an end to the bank crisis.

☆ Carl Icahn, Activist Investor, Becomes Target of Short Seller
▼ + stars: | 2023-05-03 | by ( Michael J. De La Merced | ) www.nytimes.com time to read: +1 min

Over nearly a half-century, Carl Icahn has shaken up Wall Street as a corporate raider and activist shareholder, making corporate titans bow down to his demands and change their business strategies. But on Tuesday, 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. Hindenburg accused Icahn Enterprises of being overvalued. The company trades well above its net asset value, unlike similar financial vehicles run by William A. Ackman and Daniel S. Loeb. “Icahn has been using money taken in from new investors to pay out dividends to old investors,” Hindenburg wrote in a public report.

☆ Morning Bid: Bank reverb frames Fed decision
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +5 min

While there was some minor repricing of Fed probabilities in the futures market, the latest bout of bank stock nerves is unlikely to change the Fed's course on its own. A White House economist on Tuesday said Fed rate hikes were having a negative impact on the banking sector. Signs of some loosening of a very tight labor market may also encourage the Fed that its rate hiking job is done after this week. Private sector job readings for April are due later today along with service sector surveys for the month. With the Fed in view alongside the debt ceiling crunch and bank stock retreat, longer-term Treasury bonds rallied.

☆ Bill Ackman jabs at old rival Carl Icahn after short-seller Hindenburg's bombshell report
▼ + stars: | 2023-05-03 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Bill Ackman said Tuesday that there's a "karmic quality" to Hindenburg Research's attack on his old rival Carl Icahn. Hindenburg disclosed a short position against Icahn's business empire in a bombshell report published Tuesday. "There is a karmic quality to this short report that reinforces the notion of a circle of life and death," Ackman tweeted. Ackman and Icahn feuded over a decade ago after Ackman made a $1 billion bet against Herbalife, which he alleged was a pyramid scheme. Read more: The short seller that took on Asia's richest man has a new target: Wall Street legend Carl Icahn

☆ Morning Bid: Deja vu for Powell, as bank and debt fears revive
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

Amid so much uncertainty, markets are hopeful that the Fed's current tightening cycle will soon be over. Shares of regional banks were pulverised on Tuesday and sentiment will likely be weak through the week. Also on the minds of investors is the looming deadline for U.S. debt ceiling, with Powell likely to be asked about his contingencies. But as the Reserve Bank of Australia showed us earlier this week, central banks are still capable of surprising the market. Earnings from chip designer Qualcomm later in the day will provide more clues about where the chip market is headed.

☆ Activist investor Carl Icahn's wealth plunged by $10 billion after a short-seller accused his company of running a 'Ponzi-like' structure
▼ + stars: | 2023-05-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Hindenburg Research released a report alleging "Ponzi-like" economic structures at Icahn Enterprises. Shares of Icahn Enterprises closed 20% lower at $40.36 on Tuesday. Activist investor Carl Icahn's wealth plunged by $10 billion on Tuesday after Hindenburg Research — a short-seller that took on one of Asia's richest men earlier this year — targeted Icahn Enterprises with a scathing report. As Icahn derives his wealth from an 89% stake in Icahn Enterprises, his fortune was hit by the rout. Insider was unable to reach Icahn Enterprises via phone outside regular business hours.

☆ Icahn's investment firm sinks further, down 35% since Hindenburg attack
▼ + stars: | 2023-05-03 | by ( Niket Nishant | ) www.reuters.com time to read: +2 min

May 3 (Reuters) - Shares of activist investor Carl Icahn's investment firm lost nearly a fifth of their value on Wednesday, adding to a 20% decline a day earlier following short seller Hindenburg Research's scathing attack on the company. Icahn Enterprises LP's (IEP.O) shares hit an intraday low of $31.78 - their lowest in more than a decade. The stock has lost nearly 35% since the release of the report. Icahn owned about 85% of the investment firm, as of Feb. 22 this year. Since its release on Tuesday, the Hindenburg report has wiped $7.5 billion off Icahn's fortune, leaving him with a net worth of $10.8 billion, according to Forbes.

☆ Battle of the Activists: Hindenburg Shorts Icahn
▼ + stars: | 2023-05-02 | by ( Ben Foldy | ) www.wsj.com time to read: 1 min

Activist investor Carl Icahn buys stakes in companies and agitates to make changes he thinks will drive their stock up. Photo: brendan mcdermid/ReutersShort seller Hindenburg Research is betting against activist investor Carl Icahn ’s publicly traded holding company, the firm said. In a report published Tuesday morning, the firm said Icahn Enterprises is overvalued and is holding some assets at inflated prices. Hindenburg’s report sets up a battle between the firm’s founder, Nathan Anderson, and Mr. Icahn, who have each tormented corporate executives with allegations of malfeasance and incompetence.

☆ Hindenburg takes on billionaire Icahn with latest short position
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

May 2 (Reuters) - Hindenburg Research said on Tuesday it has a short position in activist investor Carl Icahn-controlled energy-to-pharma conglomerate Icahn Enterprises (IEP.O), making it the latest in a string of recent high-profile targets of the U.S. short seller. Icahn Enterprises did not immediately respond to a request for comment and Reuters could not independently verify the claims the short-seller has made in its report. Hindenburg also claimed Icahn was operating a "ponzi-like economic structure," selling its units to new investors to support its dividend payouts. Based in Sunny Isles Beach, Florida, Icahn Enterprises is one of the most successful activist investment firms and the chief investment vehicle of Icahn, who is known for his face-offs with several high-profile firms. As of last close, shares were down marginally this year, giving Icahn Enterprises a valuation of roughly $18 billion.

However, with inflation running well over the central bank's 2% target and a still-strong labor market, chances of rate cuts seem less likely. With Monday's manufacturing data giving the Fed enough room for more near-term tightening, all eyes will be on jobs and factory orders data after the opening bell. ET, Dow e-minis were down 79 points, or 0.23%, S&P 500 e-minis were down 7.5 points, or 0.18%, and Nasdaq 100 e-minis were down 6 points, or 0.05%. Educational services company Chegg (CHGG.N) tanked 45.6% on a downbeat second-quarter revenue forecast on increasing competition from ChatGPT. Icahn Enterprises LP (IEP.O) dropped 11% after U.S. short seller Hindenburg Research said it has a short position in activist investor Carl Icahn-controlled energy-to-pharma conglomerate.

☆ Stocks making the biggest moves midday: Uber, Chegg, Dell, PacWest, SoFi & more
▼ + stars: | 2023-05-02 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Uber — Shares of the ride-hailing giant jumped more than 8% after the company reported first-quarter revenue that beat analysts' expectations. Still, the company did beat expectations for the quarter and provide strong guidance. NXP Semiconductors — Shares of the chipmaker added more than 2% after the company beat analysts' expectations for first-quarter revenue and operating income. Revenue guidance for the second quarter was better than anticipated as well. The global bank also announced an upcoming $2 billion share buyback program and restored its quarterly dividend.

☆ 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.

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 U.S. large cap company by far. Hindenburg also offered examples it said showed IEP itself was valuing its holdings way above their market value.

☆ The short seller that took on Asia's richest man has a new target: Wall Street legend Carl Icahn
▼ + stars: | 2023-05-02 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Hindenburg Research unveiled its short position against Carl Icahn's holding company on Tuesday. The short seller has also targeted Adani Group and payments company Block this year. Hindenburg Research, which earlier this year released a scathing report on Indian conglomerate Adani Group, unveiled its short position against Icahn Enterprises on Tuesday. Shares of Icahn Enterprises plunged nearly 20% shortly after the opening bell, trading at $41.49 at 10:05 a.m. Icahn Enterprises did not immediately respond to Insider's request for comment.

☆ Hindenburg Research goes after Carl Icahn in latest campaign for market-moving short seller
▼ + stars: | 2023-05-02 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Carl Icahn speaking at Delivering Alpha in New York on Sept. 13, 2016.Notable short seller Hindenburg Research is going after famed activist investor Carl Icahn. "Overall, we think Icahn, a legend of Wall Street, has made a classic mistake of taking on too much leverage in the face of sustained losses: a combination that rarely ends well," Hindenburg Research said in a note released Tuesday. Headquartered in Sunny Isles Beach, Florida, Icahn Enterprises is a holding company that involves in a myriad of businesses including energy, automotive, food packaging, metals and real estate. Hindenburg said it believes the high dividend yield is "unsupported" by the company's cash flow and investment performance. Shares of Icahn Enterprises are down 0.5% on the year as of Monday's close.

☆ 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."

☆ Icahn proposes three candidates for Illumina’s board — Here’s what could be next in the battle
▼ + stars: | 2023-03-18 | by ( Kenneth Squire | ) www.cnbc.com time to read: +5 min

However, Icahn has had extensive activist experience at health-care companies. Since the acquisition closed in August 2021, Illumina's stock price fell by 57% from $522.89 to $225.88, eliminating $47 billion of shareholder value. Icahn's nominees have significant restructuring, corporate governance, M&A, capital markets and legal experience — five things the company desperately needs. Moreover, even after this battle started, they did not add anyone with legal experience to the board. Now, when Icahn suggests they add to the board Jesse Lynn, general counsel to Icahn Enterprises with 27 years of legal experience, the board responds that he lacks the relevant skills and experience.

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