Thu, May 5, 2:57 PM
- Carl Icahn suffered along with other hedge fund managers in Q1, and Icahn Enterprises (IEP -4.7%) posted a nasty quarter, led by a negative 12.8% return in the investment segment. Still, writes Andrew Bary, the stock sells for a hefty premium to what he calculates to be an NAV per unit of $38.
- As for the near-term, Icahn is bearish on markets, and the portfolio at the end of Q1 was 149% up short vs. marginally short at the start of the year, and net long one year ago. “We’re more concerned that the market is going down 20% than going up 20%,” says an IEP executive.
- The bulls say the premium is deserved thanks to Icahn's investment prowess and that some holdings are nonpublic and could be worth more than their carrying values. Bary reminds that investors can get exposure to hotshots like David Einhorn, Dan Loeb, and Bill Ackman with investment vehicles trading at or less than NAV.
- Previously: Icahn Enterprises EPS of -$6.21 (May 5)
Mon, Feb. 29, 7:10 AM
- Already an owner of 82% of Federal-Mogul (NASDAQ:FDML), Icahn Enterprises (NASDAQ:IEP) offers $7 per share for the stock it doesn't have. That comes against a closing price of $4.98 on Friday.
- The deal would need to be approved a special committee of independent directors of FDML and by a majority of non-Icahn-affiliated stockholders.
- Source: Press Release
Fri, Feb. 19, 3:38 PM
- Citing sizable declines in the value of the company's investment portfolio, S&P puts the BBB- credit rating of Icahn Enterprises (IEP -11.7%) on CreditWatch with negative implications.
- BBB- is the lowest investment-grade rating, so any cut makes the company a junk-rated borrower.
- S&P estimates the company has lost at least $1.4B since Sept. 30, and now likely exceeds a 45% loan-to-value ratio. IEP's 5.875% bonds maturing in 2022 are trading at 86 cents on the dollar. Carl Icahn owns about 89% of the company.
Dec. 29, 2015, 6:09 PM
- It looks like Carl Icahn has won the Pep Boys (NYSE:PBY) bidding war: Bridgestone (OTCPK:BRDCY) says it won't counter Icahn Enterprises' (NASDAQ:IEP) $18.50/share offer for the auto repair shop chain. The offer, issued yesterday, topped a prior $17/share offer from Bridgestone.
- PBY -2.7% after hours to $18.43.
Dec. 28, 2015, 4:45 PM| Dec. 28, 2015, 4:45 PM | 10 Comments
Dec. 16, 2015, 9:07 AM
- O'Reilly Automotive (NASDAQ:ORLY) makes the most sense, says analyst Ali Faghri, noting favorable geographic concentration, a successful track record with large-scale integration, participation in the Pep Boys bidding, and an under-levered balance sheet.
- Icahn Enterprises (NASDAQ:IEP) - owner of Uni-Select USA and Beck/Arnley Worldparts - is a potential buyer as well, but Faghri assigns a lower probability thanks to fewer strategic synergies.
- A ORLY/AAP deal could be 20% accretive using conservative assumptions, says Faghri.
- Previously: Advance Auto Parts spikes on buyout report (Dec. 15)
Apr. 16, 2014, 11:34 AM
- Icahn Enterprises (IEP +7.3%) gets its tail in the air after Barron's Andrew Bary - who issued a well-timed Sell call on the stock in December (and another one in March) - says the big decline in the shares has them looking undervalued once again.
- What Icahn calls the "indicative net asset value" is likely still just below $80 per unit, writes Bary, putting them at a little more than a 10% premium - not an unreasonable price given Icahn's investing acumen.
- In the end, IEP - with Icahn controlling nearly 90% of outstanding units - is a play on CVR Energy (CVI +0.9%), Federal-Mogul (FDML +0.2%). and Icahn's hedge fund which famously holds stakes in Apple, Herbalife, eBay, Transocean, and Chesapeake Energy, offset by some sizable shorts.
Dec. 10, 2013, 9:10 AM
Nov. 11, 2013, 11:34 AM
- Transocean (RIG +3.8%) enjoys a nice bump after its deal with Carl Icahn (IEP -6.5%) to raise its dividend and move forward with an MLP structure; RIG also announced an offshore and project management-related cost savings target of $500M by the end of 2015.
- Wells Fargo likes RIG's aggressiveness in pursuing Icahn's value enhancing proposals and the collaboration with Icahn that could imply greater financial discipline going forward.
- The dividend news is the most surprising, Howard Weil says, as RIG mentioned going to its board for MLP approval on its last conference call.
- Some of the news may have been priced in last week; shares have jumped 12% in three days, so today's gain may prove short-lived.
Aug. 13, 2013, 2:57 PM
Jun. 11, 2013, 6:27 PM
Icahn Enterprises (IEP) announces a public offering of depositary units representing limited partner interests in Icahn Enterprises. The proceeds from the offering will be used solely for the recapitalization of Federal-Mogul (FDML). Credit Suisse, UBS and Jefferies are acting as the joint book-running managers. Shares -5.1% AH.| Jun. 11, 2013, 6:27 PM
Jun. 11, 2013, 5:30 PM
May 20, 2013, 10:27 AM
A number of auto supplier stocks trade higher again as enthusiasm from last week on global demand spills over to early trading this week. A Goldman Sachs upgrade on Meritor (MTOR +6.7%) to a Buy rating is also helping to lift sentiment. Advancers: Federal-Mogul (FDML) +1.9%, Oshkosk (OSK) +1.4%, Icahn Enterprises (IEP) +2.8%, Stoneridge (SRI) +3.8%.| May 20, 2013, 10:27 AM
Apr. 10, 2013, 9:53 AM
Icahn Enterprises (IEP +1.8%) is initiated at Jefferies with a Buy recommendation and a $66 price target. Calling IEP "old school activism at its best," the firm believes "the current backdrop for activist type investing could lead to strong returns." Note: Jefferies was lead book runner for the IEP follow-on offering in February.| Apr. 10, 2013, 9:53 AM
Apr. 8, 2013, 3:48 PMThere's value to be found in Icahn Enterprises (IEP +11%), Carl Icahn's publicly traded MLP which has earned nearly 20% annually over the past decade, Barron's says in a weekend article. At $55, the units trade at a discount to the $64 sum-of-the-parts value and yield 7%, reflecting a recently initiated $4/share annual payout. IEP’s largest holding is an 82% stake, worth $3.6B, in CVR Energy (CVI +0.3%). | Apr. 8, 2013, 3:48 PM | 2 Comments
Mar. 1, 2013, 11:24 AM