{"id":9547,"date":"2023-11-04T12:03:55","date_gmt":"2023-11-04T12:03:55","guid":{"rendered":"https:\/\/infundpros.com\/investment\/carl-icahns-investing-arm-rallies-after-third-quarter-loss-narrows-and-revenue-beats\/"},"modified":"2023-11-04T12:03:57","modified_gmt":"2023-11-04T12:03:57","slug":"carl-icahns-investing-arm-rallies-after-third-quarter-loss-narrows-and-revenue-beats","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=9547","title":{"rendered":"Carl Icahn\u2019s investing arm rallies after third-quarter loss narrows and revenue beats"},"content":{"rendered":"
\n

Icahn Enterprises LP\u2019s stock rose 14% Friday to put it on track for its biggest one-day gain since May 5, after the company\u2019s third-quarter loss narrowed from a year ago while revenue was ahead of expectations.<\/p>\n

The company said it\u2019s sticking with its quarterly distribution, or dividend, of $1 a share, which it halved last quarter.<\/p>\n

\n

Carl Icahn\u2019s investing arm
\n IEP,
\n +13.08%<\/bg-quote>
\n has languished since short seller Hindenburg Research published a scathing article about the company on May 2, accusing it of overstating values and paying a dividend it could not afford, among other things.<\/p>\n

The stock has shed billions of dollars in market capitalization, and in August, it cut its dividend in half. The stock set a fresh 19-year low this week and is down 61% in the year to date, while the S&P 500
\n SPX,
\n +0.94%<\/bg-quote>
\n has gained 12%.<\/p>\n

Icahn has rebutted the allegations, causing the stock to rally on May 5, before falling again. The billionaire activist investor accused Hindenburg Founder and CEO Nate Anderson of writing a misleading and self-serving report.<\/p>\n

For more on Nate Anderson:<\/strong>\u00a0The MarketWatch 50<\/p>\n

A\u00a0New York Times article published in August\u00a0highlighted the fallout from the short-seller report on Icahn. \u201cIt is very, very embarrassing for Carl because this guy beat him and beat him at his own game,\u201d Mark Stevens, the author of a 1993 book titled \u201cKing Icahn: The Biography of a Renegade Capitalist,\u201d told the Times.<\/p>\n

\u201cI believe the second quarter partially reflected the impact of short selling on companies we control or invest in, which I attribute to the misleading and self-serving Hindenburg report concerning our company,\u201d Icahn said in a statement at the time.<\/p>\n

Hindenburg also revealed that Icahn had borrowed money from his own company, a development that was disclosed in a footnote to financials and that Wall Street had overlooked.<\/p>\n

Read:<\/strong>\u00a0What we know about Carl Icahn\u2019s margin loan<\/p>\n

See also:<\/strong>\u00a0Carl Icahn rebuts short seller Hindenburg Research\u2019s report. It\u2019s already cost his company $6 billion in market cap.<\/p>\n

On Friday, Icahn Enterprises posted a net loss of $6 million, or 1 cent a share, for the quarter, narrower than the loss of $123 million, or 37 cents a share, posted in the year-earlier period. Revenue fell to $2.991 billion from $3.334 billion a year ago. <\/p>\n

The FactSet consensus was for earnings of 34 cents a share and revenue of $2.712 billion. <\/p>\n

Indicative net asset value increased in the quarter to $5.2 billion, up $147 million from a year ago but down $474 million from Dec. 31, 2022.<\/p>\n

On a call with analysts, Chief Executive David Willetts said the operating companies in the portfolio have performed well with each of them posting solid gains on a year over year basis. The investment funds had a negative return of 4.4%, primarily driven by energy sector shorts, he said.<\/p>\n

Icahn Enterprises, which is 84% owned by Icahn and his son, Brett, offers exposure to Icahn\u2019s personal portfolio of public and private companies, including petroleum refineries, car-parts makers, food-packaging companies and real estate. Its unit holders are mostly retail investors.<\/p>\n

As the stock rallied, the company\u2019s bonds were also showing signs of strength, according to data solutions provider BondCliQ Media Services. <\/p>\n

As the following chart shows, there was net buying of the bonds on Friday. <\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n
<\/div>\n<\/figure><\/div>\n

The bonds have been ticking higher over the past five days, led by the 4.375% notes that mature in 2029.<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n
\n \"\"\n <\/div>\n<\/figure><\/div>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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