Carl Icahn says he still thinks we are in a bear market despite Thursday's rally
Famed investor Carl Icahn said Thursday's relief rally didn't change his negative view on the market, and he believes a recession is still on the horizon. A rally like this is of course very dramatic to say the least... but I still think we are in a bear market." The S&P 500 jumped 5.5% in its biggest rally since April 2020. Big bear-market rally occurs often because of the large short interest built up in the downturn, Icahn said. "We are going to have more wage inflation.cnbc.com
McDonald's goes on defensive as Carl Icahn escalates pig welfare fight
McDonald's didn't pull punches after activist investor Carl Icahn launched a proxy fight over the weekend to pressure the fast-food giant over the treatment of pigs used in its pork products.Why it matters: Icahn, who has become known for aggressive activist campaigns targeting companies he views as inefficient, is asking McDonald's to prioritize an issue other than profit.Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for freeMcDonald's said on Sundanews.yahoo.com
Investor pushes McDonald's to change the way it buys pork
An activist investor is trying to make McDonald's change the way it buys pork for its bacon cheeseburgers and sausage patties. Investor Carl Icahn has nominated two new candidates for McDonald's board of directors, the fast food chain confirmed Sunday. The issue Icahn wants to change is that some of McDonald's pork suppliers confine pregnant pigs in small crates.news.yahoo.com
Carl Icahn has exited his Herbalife position, according to sources
Carl Icahn has sold the last of his Herbalife stake, sources familiar with the matter told CNBC's Scott Wapner, closing a position that caused a memorable disagreement on Wall Street. The trade was handled by Jefferies, with around 5 million shares sold at market, according to sources. It was certainly an interesting ride fighting off bear raids as well as aiding the company in their numerous negotiations with the government," Icahn told CNBC. In January, Icahn sold $600 million worth of Herbalife's stock back to the company at a price of $48.05, while also relinquishing the five board seats held by Icahn Enterprises, according to a statement from Herbalife. Ackman closed his short position in 2018.cnbc.com
Stocks making the biggest moves midday: Tesla, Stitch Fix, Dick's Sporting Goods & more
Tech stocks — Tech and more-speculative stocks rose en masse on Tuesday as a retreat in U.S. Treasury yields helped the sector reverse some of the steep losses its seen in recent weeks. Electric car maker Tesla jumped more than 14%, on pace for its best day since March 2020. Zoom Video — Shares of the video communications company popped more than 7% midday after chief executive and founder Eric Yuan transferred roughly 40% of his stake, according to a government filing. First Energy — Shares of the energy company rose more than 2% after Bloomberg News reported that activist investor Carl Icahn is in talks with the company about potentially taking two seats on the board. Dick's Sporting Goods — The retail stock slumped about 6% on Tuesday despite the company beating Wall Street estimates on the top and bottom lines for its fourth quarter.cnbc.com
Former Trump casino where stars played goes out with a bang
The former Trump Plaza casino was imploded after falling into such disrepair that chunks of the building began peeling off and crashing to the ground. “I got chills,” Atlantic City Mayor Marty Small said. AdOpened in 1984, when Trump was a real estate developer in his pre-politics days, Trump Plaza was for a time the most successful casino in Atlantic City. AdBut things began to sour for Trump Plaza when Donald Trump opened the nearby Trump Taj Mahal in 1990, with crushing debt loads that led the company to pour most of its resources — and cash — into the shiny new hotel and casino. Trump Plaza was the last of four Atlantic City casinos to close in 2014, victims of an oversaturated casino market both in the New Jersey city and in the larger northeast.
Carl Icahn nixes charity bid to blow up ex-Trump casino
Last month, Atlantic City Mayor Marty Small announced the auction as a fundraising mechanism he hoped would raise in excess of $1 million for the organization. Trump's Atlantic City legacySmall acknowledged the auction's cancellation and praised Icahn for replacing the money it would have raised. "We agree with Mr. Icahn that public safety is paramount," he said. "It is very important that we maintain a positive relationship with Mr. Icahn because the next conversation we need to have is what should be developed there." Icahn, a longtime confidant of Mr. Trump, served as an informal adviser to the president before resigning from the position in 2017.cbsnews.com
Carl Icahn warns that the market rally could end in a painful correction and is hedging accordingly
Billionaire investor Carl Icahn warned of the possibility of a significant decline for stocks at some point, telling CNBC's Scott Wapner that "wild rallies" in the market always meet a dramatic end. Wapner reported Icahn's warning on "Halftime Report" during a turbulent day for the stock market. The investor declined to go into the specifics of his positions, but did tell Wapner that he was well hedged. Icahn's cautionary statement came as the U.S. stock market fell sharply on the first trading day of the new year. Morgan Stanley strategist Mike Wilson said in a note to clients on Monday that the market was "ripe for a drawdown."cnbc.com
Stocks making the biggest moves in the premarket: Magellan Health, FLIR Systems, Tesla & more
FLIR Systems (FLIR) – The maker of thermal imaging cameras and sensors will be bought by industrial instruments and software maker Teledyne Technologies (TDY) for about $8 billion in cash and stock. The deal values FLIR at about $56 per share, compared to FLIR's Thursday close of $43.83. FLIR shares soared 22% in the premarket. MGM Resorts (MGM) – The casino operator offered $11 billion to buy Britain's Entain, the parent of betting firm Ladbrokes. Nio (NIO) – The China-based electric car maker delivered 43,728 vehicles in 2020, more than double 2019 levels.cnbc.com
Stocks begin 2021 with a sell-off, Dow drops more than 300 points
The S&P 500 dipped 1.5% to 3,700.65. Both the Dow and S&P 500 hit record highs at the open before turning lower. It was the biggest one-day sell-off since Oct. 28 for the Dow and S&P 500, while the Nasdaq had its worst daily performance since Dec. 9. John Stoltzfus, chief investment strategist at Oppeneheimer, said Monday the S&P 500 could fall by 10% if the Democratic candidates win the Georgia runoffs. The 30-stock Dow ended last year with an advance of 7.3%, and the S&P 500 rose 16.3% in that time.cnbc.com
Implosion of former Trump casino pushed back a few weeks
This July 24, 2014 photo shows the former Trump Plaza casino in Atlantic City, N.J. On Wednesday, Dec. 16, 2020, Atlantic City Mayor Marty Small announced the city will auction off the right to push the button to dynamite the former casino, which is now closed, to raise money for a local youth charity. (AP Photo/Wayne Parry) Sent from Mail for Windows 10ATLANTIC CITY, N.J. – The implosion of one of President Donald Trump's former Atlantic City casinos is being delayed by a few weeks. Atlantic City Mayor Marty Small said Thursday that the demolition company handling the job told the city the former Trump Plaza casino cannot be brought down as scheduled on Jan. 29. The city is using the demolition as an opportunity to raise funds for the Boys And Girls Club of Atlantic City. Trump Plaza opened in 1984, and was the site of numerous high-profile boxing matches that Trump, then a real estate developer, attended.
Dow closes 160 points higher, posts best week since August as investors monitor stimulus talks
Stocks rose on Friday to end their best week in months as President Donald Trump signaled support for a bigger coronavirus aid package. CNBC's Ylan Mui reported the administration has raised its offer for a new aid package to $1.8 trillion from $1.6 trillion. To be sure, Senate Majority Leader Mitch McConnell said it is "unlikely" that a new aid package would be passed in the three weeks prior to the Nov. 3 election. Meanwhile, Trump told Fox Business on Thursday morning that the administration and Democrats were "starting to have some very productive talks." Earlier this year, the Fed launched an open-ended bond-buying program and Trump signed a $2.2 trillion package that included enhanced unemployment benefits and direct payments to Americans.cnbc.com
Carl Icahn's bet on Hertz goes bust as rental car company files for bankruptcy
Legendary activist investor Carl Icahn may see his investment in Hertz lose most of its value after the rental car company filed for bankruptcy. Hertz filed for Chapter 11 bankruptcy protection last week, citing the impact of the coronavirus pandemic on travel demand. The stake was worth about $342 million at the end of the first quarter, according to securities filings, and Icahn's investment fund had bought an additional 11 million shares over those three months. Icahn's stake was worth just under $700 million at the end of 2019, before the pandemic sparked a market sell-off and slammed the travel industry. Because equity investors are unprotected during bankruptcy proceedings, it is possible that Icahn's entire stake will be wiped out.cnbc.com
Carl Icahn, who's made a large bulk of his fortune in energy, has a new play in the industry
Carl Icahn knows the oil and gas industry very well and has arguably made more of his fortune in this industry than any other single industry. Prior to that, another Icahn employee received a board seat at oil and gas company Chesapeake Energy Corp. leading to the ouster of its chairman/CEO Aubrey McClendon. Also in 2012, he spent $2.6 billion to acquire 80% of oil and gas refiner CVR Energy . This is a situation of Icahn acting as an investor, and not as a shareholder activist. At the Ira Sohn conference that year, John Paulson commented on the structure, saying "CVR Energy is a gift from Carl Icahn.cnbc.com
Mall owners worried over mortgage payments as retailers skip rent
This April 25, 2019 file photo shows the exterior view of the construction site of the American Dream mall in East Rutherford, N.J. Retailers are worried about paying rent because of the damage from the coronavirus pandemic. With thousands of retail and restaurant doors shut, not bringing in sales, many business owners are not in the position to pay rent. The Cheescake Factory, for example, has said publicly it will not be paying rent in April. Triple Five Group is running into a similar situation, American Dream co-CEO Don Ghermezian told CNBC in an interview.cnbc.com
Stocks making the biggest moves in the premarket: Boeing, Deere, Amazon, Netflix, Apple & more
Deere (DE) The heavy equipment maker withdrew its financial outlook for 2020 due to the virus outbreak, and is temporarily shutting down some operations. Amazon.com (AMZN) Amazon is raising overtime pay for warehouse workers amid a surge in online shopping. Amazon's move follows similar action from rival Walmart (WMT), which raised the minimum wage for e-commerce warehouse workers. Apple brick-and-mortar stores outside China remain closed due to the coronavirus outbreak. Marriott (MAR), (HLT) These and other hotel companies are placing tens of thousands of workers on furlough, as travel dries up in the midst of the coronavirus outbreak.cnbc.com
Carl Icahn says the market sell-off has longer to go even though some stocks are 'awfully cheap'
Billionaire investor Carl Icahn said Friday the coronavirus sell-off has made some stocks so cheap they're being "given away." "Some of these companies are awfully cheap, they're very cheap." Icahn said that amid the market turmoil, he's been buying stocks, including Occidental Petroleum, Hertz and HP. "These companies are good companies. The Icahn Enterprises chairman also said that he expects the U.S. commercial real estate market will crumble, much like the broader housing market collapse of 2008.cnbc.com
Icahn is shorting the commercial real estate market, which he says is going to 'blow up'
Billionaire investor Carl Icahn told CNBC on Friday he expects the U.S. commercial real estate market will crumble, much like the broader housing market collapse of 2008. "You're going to have this blow up, too, and nobody's even looking at it," Icahn said on "Halftime Report." Icahn said he is shorting the commercial mortgage bond market and it's his "biggest position by far." The banks sold mortgages on commercial real estate "and then, when they did those mortgages, [the banks] sliced and diced them and put them in something called a 'CMBX,' an index," Icahn said. Icahn expects shopping malls and others in commercial real estate will default on these loans.cnbc.com
Stocks making the biggest moves in the premarket: Dollar General, GE, Best Buy, eBay & more
Dollar General also raised its quarterly dividend to 36 cents per share from 32 cents a share. Party City (PRTY) The party supplies retailer earned 51 cents per share for its fourth quarter, well below the 88 cents a share consensus estimate. Icahn has been critical of Occidental management, particularly its decision to buy Anadarko Petroleum for $38 billion last year. General Electric (GE) The cost of insuring GE debt has jumped to levels last seen in 2018, according to data from information provider Markit and quoted in The Wall Street Journal. Best Buy (BBY) Best Buy Executive Chairman Hubert Joly will not stand for re-election at the electronics retailer's annual meeting in June.cnbc.com
Occidental Petroleum slashing jobs 'significantly' in cost-cutting move
Occidental Petroleum said on Wednesday it would begin dismissing workers in a new cost-cutting move following its $38 billion acquisition of Anadarko Petroleum. The company has already "significantly" cut staff through a voluntary program, spokeswoman Melissa Schoeb said in an email. Occidental has been selling assets and cutting costs since it outbid Chevron last year for Anadarko, quadrupling its debt to $40 billion. Employees in Occidental Chemical and Gulf of Mexico business units would be exempt from the dismissals, according to the newspaper. Occidental has raised about $10 billion so far through sales of properties including a liquefied natural gas project in Mozambique and production in Africa.cnbc.com
Xerox gives HP an ultimatum to reconsider acquisition, threatening to take its case to shareholders
Xerox's board of directors threatened to go to HP's shareholders if the company does not reconsider its acquisition bid, Xerox said in a letter to HP directors Thursday. HP's board said Sunday that it unanimously rejected Xerox's bid to buy the company, arguing the offer undervalued HP and was not in the best interest of shareholders. Xerox offered HP $22 per share in its takeover bid for the company, consisting of 77% cash and 23% stock, or $17 in cash and 0.137 Xerox share for each HP share. The Xerox Board of Directors is determined to expeditiously pursue our proposed acquisition of HP to completionwe see no cause for further delay. The overwhelming support our offer will receive from HP shareholders should resolve any further doubts you have regarding the wisdom of swiftly moving forward to complete the transaction.cnbc.com
Why Icahn is making a $400 million bet against malls: Record store closures this year
Essentially it's a bet that the value of these securities will fall as mall owners run into trouble paying their mortgages. Record store closuresIcahn is making his trade in a year when store closures are mounting, thanks to the e-commerce boom and the rise of companies like Amazon. Mall closures alone have reached 4,087 this year, a 140% increase year over year from the 1,696 closures in 2018, according to Bank of America. "We were concerned heading into 2019 on potential store closures in the mall and outlet space. If rates have bottomed and are heading back up, this could exacerbate mall owners' finances, possibly making Icahn's trade a winner.cnbc.com
Carl Icahn: Warren Buffett's Occidental deal a 'travesty'
"The whole thing is a travesty," Icahn, who is launching an increasingly-contentious proxy war to replace four Occidental directors, told CNN Business. "She gave him a gift," Icahn said of Hollub, adding that others would have done the deal a lot more cheaply. "I certainly don't blame Warren -- I blame the OXY board and Hollub," Icahn told CNN Business, using the oil company's stock ticker. While Occidental has championed the Anadarko deal as a smart way to capitalize on the US shale oil boom, Icahn fears the acquisition is too risky. "If oil goes below $40 a barrel, the Anadarko deal could give Occidental almost an existential problem," Icahn told CNN Business.
Carl Icahn declares war over huge oil takeover
Neilson Barnard/Getty Images for New York TimesNEW YORK - Carl Icahn believes Occidental Petroleum badly overpaid for oil driller Anadarko Petroleum. Now, he wants four Occidental directors to pay for that controversial deal with their jobs. Icahn has previously expressed fear that the Anadarko deal is extremely risky because of the turbulent nature of oil prices. Icahn has proposed replacing the following Occidental directors: Spencer Abraham, Eugene Batchelder, Margaret Foran and Avedick Poladian. He noted that all of Occidental's directors were re-elected at the company's annual meeting in May, albeit with lower support than usual.