Carl Icahn

Carl Icahn

Last Update: 08-15-2017

Number of Stocks: 16
Number of New Stocks: 0

Total Value: $19,554 Mil
Q/Q Turnover: 2%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Carl Icahn Watch

  • Carl Icahn Slashes PayPal Stake 70%

    Carl Icahn (Trades, Portfolio) slashed his holding of PayPal (NASDAQ:PYPL), a company he helped separate from eBay (NASDAQ:EBAY), after shrinking it for several previous quarters, he announced via a portfolio update Monday.

    Icahn, an activist investor, received one share of PayPal for each share of eBay stock he held as part of the spin-off in July 2015. As a result, at the end of the third quarter 2015, he held the same amount of PayPal stock, 46,271,370 shares, that he had held of eBay, which he sold out.


  • Pacific Ethanol Stock, Production Down After Plant Explosion

    Pacific Ethanol Inc. (NASDAQ:PEIX) stock was down 0.84% in midmorning trading Friday. The company, a leader in the industry, announced a positive first quarter in May with revenue increasing 13% and gallons sold increasing by 9% on the year.

    The positive results sent the company's stock up in May before the stock price plummeted 13%. The company's shares are down over 18% in the past three-month period and down just 1.8% in the trailing 12-month period.


  • Why High Frequency Trading Doesn’t Matter

    The New York Stock Exchange, owned by Intercontinental Exchange Inc. (NYSE:ICE) and listed on its own exchange, just got permission to implement a speed bump on its exchange, which lists 370 companies. The purpose of the speed bump is to prevent high frequency traders, or HFTs, from clipping pennies off front-running trades. These trades are, as the nomenclature suggests, very high frequency, loading and offloading huge positions in fractions of a second.

    The idea of doing that rubs traders of all kinds the wrong way, but should it?


  • David Einhorn Fuels Warren Buffett’s General Motors

    David Einhorn (Trades, Portfolio), president of Greenlight Capital, seeks long-term capital appreciation through an emphasis on intrinsic value. During the first quarter, the activist investor made a big bet on General Motors Co. (NYSE:GM) and added two new positions: Conduent Inc. (NYSE:CNDT) and Micron Technology Inc. (NASDAQ:MU).

    General Motors


  • Time to Sell Carl Icahn?

    Carl Icahn (Trades, Portfolio)’s Icahn Enterprises LP (NASDAQ:IEP) reported its first-quarter 2017 financial results at the beginning of this week. The results show that despite Icahn’s reputation and position in Donald Trump’s administration, trading continues to be tough with a loss of $18 million reported for the period on revenues of $4.7 billion. Still, these figures are much improved year-on-year. For the comparable period last year, revenues were $3.1 billion and the net loss attributable to unitholders was $837 million.

    These results, while important, are not really indicative of the entire Icahn group’s trading performance. The most important part of the company’s business portfolio is its investment holdings and the performance of these holdings. Unfortunately, after a rough 2016, the portfolio of publicly traded businesses started 2017 on the back foot as well.


  • Gabelli Funds Divests 4 Positions in 1st Quarter

    Mario Gabelli (Trades, Portfolio), founder of GAMCO Investors Inc. (NYSE:GBL), eliminated his positions in four companies during first-quarter 2017: Harman International Industries Inc. (HAR), Federal-Mogul Holdings Corp. (NASDAQ:FDML), Media General Inc. (NYSE:MEG) and Clarcor Inc. (NYSE:CLC).

    Harman International Industries


  • Manning & Napier Are Buying These 9 Stocks

    Manning & Napier Advisors Inc. was founded in April 1970 by Bill Manning and Bill Napier. In both first-quarter 2017 and fourth-quarter 2016 the guru bought shares in the following stocks:

    Xerox Corp. (XRX)


  • After Recent Declines Is It Time to Buy Icahn Enterprises?

    Carl Icahn (Trades, Portfolio) is one of my favorite guru investors because of his no-nonsense approach to investing. Icahn may be getting on, but the experience he has built over the years remains relevant, and he hasn’t lost his investment edge.

    Getting things done


  • The Most Attractive Value Stock There Is?

    Of all the data contained in hedge fund 13F filings published over the past few weeks for trading activity conducted during the last quarter of 2016, there is one trend that really stands out.

    In the value-oriented hedge funds sector, there seems to be one stock all value investors love, and they are all in the position in a big way. Such a large number of value hedge fund managers chasing the same company in a concentrated way leads me to believe it actually is undervalued.


  • Carl Icahn Willing to Pay More for Herbalife

    Carl Icahn (Trades, Portfolio) has signaled increasing confidence in his bet on Herbalife (NYSE:HLF), paying more per share this week to add to his position than he has on average for previous purchases, as odds mount against the short thesis on the company by fellow investor Bill Ackman (Trades, Portfolio).

    Icahn bought 372,324 shares of the multilevel marketing company on March 10, according to GuruFocus data on March 13 filings. The buy increases his position in the company by 1.65% to 22,872,324 shares, or a 24.57% stake.  

  • 5 Traits You Need to Be a Successful Value Investor

    Value investing is often touted as the best investment style to follow if you want to outperform over the long term. The world’s most renowned investors such as Warren Buffett (Trades, Portfolio), Carl Icahn (Trades, Portfolio) and others have accumulated massive fortunes by buying undervalued equities and riding them to profit.

    Value investing is not as easy as buying the cheapest stocks on the market and waiting. Along with the financial expertise needed to pick the best value investments, you also need to have a firm conviction in your own picks. Here are the five key traits you need to be a successful value investor.


  • AIG: Time To Buy?

    While the rest of the market has rallied during the first few months of this year, shares in American International Group (NYSE:AIG) have struggled thanks to a large, unexpected reported loss for the fourth quarter of 2016.

    For the fourth quarter, the company reported a $3 billion loss, thanks to $5.6 billion of loss provisions. Claims on commercial insurance contracts have continued to be much bigger than anticipated when the policies were written. In other words, American International Group is still trying to make up for its past mistakes nearly a decade after its financial crisis bailout of $185 billion. The company has divested 17 businesses were a total of $13 billion as part of a two-year turnaround plan, which began a year ago.


  • Why You Really Need to Diversify

    Diversification, and the benefits thereof, is something I have written about multiple times before. Recently, however, I have discovered two pieces of data that really highlight how important diversification is to a well-rounded investment strategy. The numbers are enough to terrify even the most devoted, concentrated investor.

    Time to diversify?


  • The Key to Successful Investing Is Understanding Your Weaknesses

    I have something to tell you. You are not Warren Buffett (TradesPortfolio). No matter how carefully you follow his trades, how often you read his advice or how much of a Buffett scholar you think you are, you are not the "Oracle of Omaha." You are not even close.

    This is a bit of a generalization. What I am trying to say is that no matter how much research you do into a particular investor or investing style, you are not an expert on the topic. And you certainly should not invest unless you understand this caveat.


  • New Feature Announcement: The User Manuals

    As we ring in March 2017, we are pleased to announce a new feature on GuruFocus, the User Manuals. Like cooking recipes, these user manuals give detailed instructions on how to use our most popular features on the website.

    Throughout the past few years, GuruFocus introduced several new features for our Premium and Premium Plus members, including customized series in Interactive Charts, custom filters and screeners, backtesting, the DCF Fair Value Calculator, personalized guru lists, the All-in-one Guru Screener and backtesting, My Portfolios, GuruFocus in Excel and the Application Programming Interface (API). This article will briefly discuss each of the above features and give links to the respective user manuals.


  • Bill Ackman Expands Chipotle Position, Cuts Zoetis

    Activist investor Bill Ackman (Trades, Portfolio), founder of Pershing Square Capital Management, buys the common stock of companies and pushes for changes so that the market can realize the values of these companies. Like fellow activist investor Carl Icahn (Trades, Portfolio), Ackman buys out-of-favor companies at a discount and sells them when the companies reach their appraised value.

    During fourth-quarter 2016, Ackman purchased additional shares in Chipotle Mexican Grill Inc. (NYSE:CMG) and eliminated his stake in Zoetis Inc. (NYSE:ZTS). The investor also trimmed his position in three companies: Valeant Pharmaceuticals International Inc. (NYSE:VRX), Platform Specialty Products Corp. (NYSE:PAH) and Air Products & Chemicals Inc. (NYSE:APD).


  • Carl Icahn Expands Industrial Empire

    Activist investor Carl Icahn (Trades, Portfolio) departs from consensus thinking, investing in out-of-favor companies and pushing for changes. The Icahn Management LP fund manager expanded his positions in four companies recently: Federal-Mogul Holdings Corp. (NASDAQ:FDML), Hertz Global Holdings Inc. (NYSE:HTZ), Icahn Enterprises LP (NASDAQ:IEP) and Herbalife Ltd. (NYSE:HLF). Icahn has been buying shares in these four companies in the past quarters.

    Federal-Mogul Holdings


  • A Mid-Cap Growth Stock With No Debt

    The All-In-One screener at GuruFocus continues to pull up interesting candidates for review; this time it is Dorman Products Inc. (NASDAQ:DORM), a result of (again) asking the screener for companies that have 5-Star Predictability ratings and no debt.

    Previously, I profiled three other companies with these two characteristics: Rollins Inc. (NYSE:ROL), Jack Henry & Associates Inc. (NASDAQ:JKHY) and NICE Systems Ltd. (NASDAQ:NICE).

  • How to Build a Peter Lynch-Style Growth Strategy

    Next to investment legends such as Warren Buffett (Trades, Portfolio) and Carl Icahn (Trades, Portfolio), Peter Lynch falls by the wayside, but his influence on the investment world has inspired more change than possibly Buffett and Icahn put together.

    Lynch is considered to be the greatest mutual fund manager of all time. The fund he managed, Fidelity Investment's Magellan Fund, produced an average annual return of 29.2% from 1977 until 1990, almost doubling the Standard & Poor's 500’s annual yearly return of 15.8%. During this period, Lynch pioneered the growth-at-a-reasonable-price style of investing. Lynch believed that the faster a company was growing, the more investors should be willing to pay for it, which makes a lot of sense today, but before Lynch’s success, the market tended to overlook growth and value together.


  • Back to the Future

    Conduent (NYSE:CNDT) span off from Xerox (NYSE:XRX) on Jan. 3. It was the business process outsourcing (BPO) business within the services segment of Xerox. It has $6.6 billion revenue, $630 million EBITDA and 94,000 employees in a market growing at 5% to 6% a year. According to Xerox, its BPO business, or Conduent, has No. 2 market share. This is confirmed by the leading IT research and advisory firm Gartner Inc.


  • Carl Icahn Discloses 10 Percent Stake in Xerox Spinoff Conduent

    Carl Icahn (Trades, Portfolio), an investor known for effecting change at companies he invests in, today reported the product of his recent division of hardware company Xerox (NYSE:XRX) – a haul of 19,806,00 shares of the new services company, Conduent (NYSE:CNDT).

    Icahn had begun amassing his stake totaling 99,030,026 shares of Xerox in the fourth quarter of 2015. By Nov. 8, the company announced its decision to divide into two entities and issue to shareholders one share of Conduent for every five shares of Xerox. Icahn received his stake in Conduent, which is one-fifth of his stake in Xerox, in the distribution and effectively owns 9.77% of the new company.


  • Gurus and Insiders Invest in Industrial and Medical Companies

    Among U.S. companies, industrial and medical companies have high guru and insider buys during 2016. Such companies include Hertz Global Holdings Inc. (NYSE:HTZ), Jazz Pharmaceuticals PLC (NASDAQ:JAZZ) and Myriad Genetics Inc. (NASDAQ:MYGN). These double buys have good value potential in early 2017.

    What is a double buy?


  • The Danger on Which Gurus Agree

    Intrinsically ETFs are a tremendous innovation and a great positive. Unfortunately at this stage if you want to raise a lot of money as an asset manager you need to play into fear and greed. Customers want more, and they don’t want to lose. Ever.

    ETFs get investors more. They are much cheaper to run compared to an actively managed fund. With active managers, in the aggregate, failing to deliver returns in excess of their expenses ETFs win out. So far, so good.


  • Buy Refiners After Carl Icahn's Appointment

    Carl Icahn (Trades, Portfolio) has long been a vocal critic of the substantial regulatory burden placed on businesses by the U.S. government, and it now looks as if this jawboning has paid off. President-elect Donald Trump appointed him special adviser on regulatory reform Wednesday.

    It is unclear which sectors will benefit the most from Icahn’s appointment, but one industry that stands to benefit more than most is refiners.


  • Technology Companies Among Strong Guru Ownership Stocks

    While all investment gurus seek long-term capital appreciation, not all gurus think identically. Some gurus invest in companies with a fundamental, value-oriented approach while other gurus, like Bill Ackman (Trades, Portfolio) and Carl Icahn (Trades, Portfolio), actively invest in distressed companies and generate value through company reforms. However, regardless of their investing approach, gurus usually invest in companies that offer high value potential to their fund and shareholders.

    In Part 1, we analyzed the Aggregated Portfolio of Gurus, which lists the 50 companies with the highest combined weighting among the gurus selected through the “Personalized List” feature.


  • Gurus Shop in Robust Consumer Cyclical and Technology Sectors

    During the third quarter, gurus invested primarily in consumer cyclical and technology companies. Such companies have strong financial strength and high profitability. Several of these companies, including Alphabet Inc. (GOOG) (NASDAQ:GOOGL), Apple Inc. (NASDAQ:AAPL), Alibaba Group Holding Ltd. (NYSE:BABA), The Priceline Group Inc. (NASDAQ:PCLN), Inc. (NASDAQ:AMZN) and The Walt Disney Co. (NYSE:DIS), have a predictability rank of at least three stars. High guru ownership and number of guru buys suggest good value potential in the consumer cyclical and technology sectors.

    Tracking “favorite” gurus with Personalized Guru Lists


  • Is Icahn Enterprises Better Than Berkshire?

    Of all the world’s great investors, Carl Icahn (Trades, Portfolio) is perhaps the most feared and respected at the same time. Icahn started his life on Wall Street as a stockbroker and worked his is way up to become the Street’s most respected activist investor and most feared corporate raider.

    From 1968 through 2011, Icahn compounded the initial $100,000 he invested in his Wall Street firm at a 31% annual rate. Over the same period, the book value of Warren Buffett (Trades, Portfolio)’s Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) grew only 20% annualized.


  • Carl Icahn Takes 15% Stake in Enzon Pharmaceuticals

    After selling out in the second quarter, Carl Icahn (Trades, Portfolio) acquired an even larger position in Enzon Pharmaceuticals (ENZN) on Nov. 28.

    He bought 6,598,886 shares for an average cost of 41 cents per share. This represents nearly 15% of the company’s outstanding shares but only accounts for 0.01% of his total assets managed.


  • 22 Questions With Michael Nowacki

    1. How and why did you get started investing? What is your background?

    When I was 19 years old I was trying to figure out what profession I wanted to pursue. A job with a sense of contribution was important to me, but I also wanted there to be an unlimited ceiling. For example, becoming a police officer, teacher or nurse is very rewarding, but the opportunity to move up the leadership ladder in those professions is very limited. I came across a biography on John D. Rockefeller, who was also from Cleveland, and was blown away by his philanthropic achievements. I knew immediately I wanted to become a philanthropist, but you need a fortune to do that. I read everything about the people on the Forbes 400 and how history’s great fortunes were created. I realized that nearly all the self-made ultrawealthy were either business owners or investors. I studied both and fell in love with investing. In investing I get my sense of contribution by helping people achieve their financial and investment goals.


  • Howard Marks Discusses the Election

    I confess. I try to time the markets. I’m not supposed to, but I do it anyway. There have been times when it has worked out; there have been times when it hasn’t.

    My reasoning for timing the markets was inspired by Howard Marks (Trades, Portfolio). In his book, “The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor,Marks wrote:


  • Richard Perry Exits AIG, Time Warner

    Richard Perry (Trades, Portfolio) co-founded private investment management firm Perry Capital LLC in 1988. During the third quarter the guru’s largest sells were the following:

    His stake in American International Group Inc. (AIG) was closed with an impact of -13.65% on the portfolio.


  • Insiders Are Buying Hertz and Selling Merck

    The All-in-One Screener can be used to find insider buys and sells over the last week by clicking on the Insiders tab and changing the settings for All Insider Buying to “$200,000+” duration to November 2016 and All Insider Sales to “$5,000,000+”.

    According to the above filters, the following are recent buys and sells from company insiders in the past week.


  • Trading Lessons From the Great Jesse Livermore

    Boy Wonder, Boy Plunger and the Great Bear of Wall Street are a few of the monikers Jesse Livermore was known by.

    Livermore was immortalized in the trading classic "Reminiscences of a Stock Operator" by Edwin Lefevre — a book I have read countless times over the years and still pull new wisdom from with each revisit.


  • Carl Icahn Adds to Herbalife

    Activist investor Carl Icahn (Trades, Portfolio) purchased 1,832,402 shares in Herbalife Ltd. (NYSE:HLF) on Nov. 3 as mentioned in a Form 4 filing with the Securities and Exchange Commission.

    With Icahn’s insider buy, the nutrition company’s stock price soared 1.12% within 36 hours. The billionaire investor owns 21,443,931 shares in Herbalife.


  • Western Union Is Chugging Along

    An earlier PayPal article assumed quickly and disregarded Western Union (NYSE:WU), a $10 billion money transfer agent, for its lack of revenue growth.

    (Read PayPal article: PayPal Breaks Through)


  • Mario Gabelli on Herc and Infrastructure

    Mario Gabelli (Trades, Portfolio) of GAMCO Investors discussed a current stock pick at the Great Investors’ Best Ideas Symposium in Dallas on Oct. 18. He has presented multiple times over the event’s 10-year history and revealed his stock pick for this year is in equipment rentals. The stock is Herc Holdings (NYSE:HRI), a spinoff from Hertz Global Holdings (NYSE:HTZ).

    Gabelli touched on our country and our world’s current economical, political and societal conditions, highlighting areas where money is spent, such as the military, housing, infrastructure, health, etc. He emphasized the state of our country’s infrastructure, citing that 40% of bridges are rated D minus.


  • Carl Icahn ‘More and More Concerned’ With Stock Market

    On Monday, activist investor Carl Icahn (Trades, Portfolio) discussed his increasing concerns with the U.S. stock market in a CNBC interview with Scott Wapner on “Fast Money Halftime Report.”


  • US Economy Shows Signs of Weakness

    In September, billionaire investor Carl Icahn (Trades, Portfolio) was in the news after he claimed that the U.S. economy was troubled. He cited a number of facts to buttress his position about a gloomy economic outlook.

    In his words, “I respect a lot of guys in Congress; a lot of senators are smart guys. But we have to do something about this. We already have major troubles. [Fed Chief] Janet Yellen and the Fed are holding this economy up by a thread, which is causing huge bubbles already.”


  • Hotchkis & Wiley Narrows Navistar International Position

    Hotchkis & Wiley Capital Management reduced its stake in Navistar International Corp. (NYSE:NAV) by 27.5% on Sept. 30.

    Hotchkis & Wiley was founded in 1980 in Los Angeles. The firm is interested in undervalued companies with considerable potential for appreciation. The investment team examines a company’s tangible assets, sustainable cash flow and potential for improving performance.


  • Carl Icahn Statement Regarding Closing of Trump Taj Mahal

    Carl Icahn (Trades, Portfolio) released the following statement on his website on Oct. 10:  

  • With Big Losses in Energy, Icahn Sells Most of Stake in Transocean

    On the heels of a reduction in his largest energy holding, Icahn parted ways with most of his stake in Transocean (NYSE:RIG), the largest decliner of his five oil-related holdings, all of which are down substantially.

    Icahn sold 16 million shares of the British offshore oil driller Transocean on Friday and Wednesday, reducing his interest in the company from 5.88% to 1.5%, with 5,477,900 shares left over. With an average sell price of $9.59, Icahn realized an approximate 81.2% loss on the holding since he started it in the second quarter 2013 at an average price of $51.


  • 21 Questions With Michel Charbonneau

    1. How and why did you get started investing? What is your background?

    I have a background in physics (Ph.D.) and came to investing through a rather long and indirect path. When I was young, people in my rural community were seeing investing in the stock market as a dangerous gamble, where one could easily loose his shirt. My grand-parents had lived through the Great Depression and knew someone who had lost all of their money in it or had read horrible stories about it. This had scared the hell out of them and they remained convinced until the end of their life that it was better to keep your money under the mattress than putting it in the stock market.


  • Warren Buffett Wants You to Read These 3 Letters

    Pivoting away from a scandal involving one of his biggest holdings, Wells Fargo (NYSE:WFC), Warren Buffett (Trades, Portfolio) took some time to discuss a philanthropic initiative he created with Bill and Melinda Gates called The Giving Pledge.

    The pledge calls for the world's billionaires to donate a large majority of their wealth to charities.


  • Risk/Reward With Herbalife

    Herbalife (NYSE:HLF) is a global nutrition company.

    It develops and sells meal replacement products across weight management, healthy meals and snacks, sports and fitness, energy and personal care products. It has over 5,000 SKUs globally sold through a network of director marketing representatives.


  • Insider Buys Shares in Cheniere Energy

    Jack Fusco (Insider Trades), president and CEO of Cheniere Energy Inc. (LNG), acquired 35,063 shares in the company on Sept. 19. The price per share was $42.78 for a total transaction of $1,499,995.

    Cheniere is a Houston-based energy company primarily engaged in liquefied natural gas (LNG) businesses. It owns and operates the Sabine Pass LNG terminal in Louisiana. The company has a market cap of $10.3 billion.


  • Carl Icahn Gives Statement on Selling Chesapeake Energy at Loss

    Carl Icahn (Trades, Portfolio) gave up half his stake in Chesapeake Energy Corp. (NYSE:CHK) on Monday at a sizable loss.

    “We believe that over the last few years Doug Lawler and his team have done an admirable job, especially in light of the circumstances. We reduced our position to recognize a capital loss for tax planning purposes,” Icahn said in a statement.


  • Carl Icahn Adds a Few More Shares of Herbalife in Bet Against Ackman

    Carl Icahn (Trades, Portfolio) solidified his unbelief in Pershing Square investor Bill Ackman (Trades, Portfolio)’s negative thesis on Herbalife two weeks ago when he added several million more shares to his long position in the company. Friday, he intensified the battle by slightly raising his bet on the nutrition multi-level marketer again.

    The outspoken activist investor bought 306,846 shares of Herbalife (NYSE:HLF), adding to his Aug. 26 buy of 2,304,683 shares. That purchase came on the same day Ackman told CNBC that investment banker Jeffries had contacted him to ask if he wanted to buy some of Icahn’s Herbalife shares, saying Icahn was “obviously a seller now.”


  • Book Review: Deep Value

    With "Deep Value," Tobias Carlisle, founder of Carbon Beach Asset Management LLC, makes the most compelling case for value investing since Graham and Dodd.

    Using captivating case studies and strong academic research, he promotes a strategy which seeks stocks ripe for activist takeovers. The idea is that one catalyst or another will eventually close the gap on the discount between market price and intrinsic value.


  • Carl Icahn Buys Allergan

    During the second quarter, Carl Icahn (Trades, Portfolio) of Icahn Capital Management acquired a new holding in Allergan PLC (NYSE:AGN).

    Icahn is an activist investor, meaning he takes a position in a company and pressures management for change. Typically, he buys companies with low favorability, usually right out of bankruptcy, fixes them up and sells them when the stock is more favorable.


  • Dead Companies Walking: An Interesting Book on Short Selling

    I recently started a routine of writing summaries on books I have read. The goal is to further my understanding as well as to improve retention rate.

    There have been discussions in terms of the best way to summarize a book – by chapter, by ideas, by index, etc. In summarizing "Dead Companies Walking" by Scott Fearon, I used the big ideas plus case studies approach supplemented by interesting ideas and stories. Below are my summary notes (please bear with the format as I couldn't fix the formatting issues somehow).


  • Carl Icahn's Stakes with Positive Return

    Carl Icahn (Trades, Portfolio) is an activist investor. He takes minority stakes in public companies and pushes for change. During the second quarter of 2016, the guru increased several stakes. The following are the ones with the highest performance since being purchased.

    Hertz Global Holdings Inc. (HTZ)


  • Value Screeners Identify Opportunities

    Several companies made multiple GuruFocus value screeners as of Aug. 2.

    In addition to identifying the best stocks in which to invest, the value screeners provide insight in which sectors have high value potential in the short term. Based on the stocks that made the screeners, retail and industrial companies offer good investing opportunities.


  • Carl Icahn Sells Seventy Seven Energy

    Activist investor Carl Icahn (Trades, Portfolio) of Icahn Capital Management LP sold out of Seventy Seven Energy Inc. (SSEIQ) on Aug. 1.

    Seventy Seven Energy is an oilfield services company based in Oklahoma City that provides well site services and equipment to U.S. land-based exploration and production companies. Its services include drilling, pressure pumping and renting oilfield tools.


  • The Battle of the Billionaire Gurus – and the Future of Herbalife

    Two of the great investing names of our times, Carl Icahn (Trades, Portfolio) of Icahn Capital Management LP and Bill Ackman (Trades, Portfolio) of Pershing Square Capital Management, L.P. are both friends and bitter rivals. That rivalry arises out of their diametrically opposed views about Herbalife, the nutritional supplements company. And more specifically, about the compensation of independent distributors who sell those products to consumers.

    Bill Ackman and Carl Icahn


  • Bill Ackman Comments on Herbalife in 2nd Quarter Conference Call

    During his conference call this morning, Bill Ackman (Trades, Portfolio) presented on Herbalife’s settlement with the Federal Trade Commission. After summarizing background information of the case, Ackman discussed the implications of the settlement based on three complaint categories.

    On July 15, the FTC filed a complaint for a permanent injunction and relief against Herbalife Ltd. (NYSE:HLF), a company in which Ackman has a large short position, charging the company with several illegal business operations. The FTC categorized these complaints into three groups: unfair practices to customers, income misrepresentation and false or unsubstantiated claims from retail sales. According to the presentation, Ackman believes the company promoted an unrealistic compensation structure: Several “distributors” claimed in their testimonials that by working at Herbalife, their monthly salaries allowed them to live an extraordinary lifestyle.


  • Carl Icahn's Largest Trades of the 2nd Quarter

    Carl Icahn (Trades, Portfolio) is an activist investor. He takes minority stakes in public companies and typically pushes for change. There are his most heavily weighted trades of the second quarter:

    The guru bought 287,525 shares in Herc Holdings Inc. (HRI) with an impact of 0.05% on the portfolio.


  • Herbalife Increases Carl Icahn's Ownership Limit

    As part of Herbalife's announcement regarding its settlement with the FTC, it said its board had allowed Carl Icahn (Trades, Portfolio) to own 34.99% of the company, an increase from his previous 25% limit. In response, Icahn made the following statement:   

  • Top Gurus Pour Heavy Capital in Major Technology Stocks

    Among all stocks listed on the Standard & Poor’s 500 index, technology stocks have high ownership among gurus, according to the S&P 500 Guru Grid. With a combined rating of 169%, Microsoft Corp. (NASDAQ:MSFT) has the highest combined weighting of all gurus among S&P 500 stocks. Alphabet Inc. (GOOGL) and Apple Inc. (NASDAQ:AAPL) have the second- and third-highest combined weightings. Although these technology companies are heavily owned by gurus, the top two technology stocks featured major sellouts during the first half of the year.

    More than just a grid of stocks


  • Carl Icahn Buying Profitable Auto Holdings as Energy, Returns Struggle

    Activist investor Carl Icahn (Trades, Portfolio) made his second bid to acquire the remaining shares of long-time investment Federal-Mogul last week as he seeks to add a third company to his auto segment, one of the most profitable in his fleet, as his oil holdings and returns decline.

    Federal-Mogul (NASDAQ:FDML) represents one of Icahn’s many distressed investments. In 1998, Federal-Mogul had acquired Fel-Pro and Turner & Newall, two of the leading companies whose use of asbestos caused a wave of asbestos-related claims from workers and those exposed to its products.


  • Carl Icahn Sells Apple, Tegna, Paypal

    Carl Icahn (Trades, Portfolio) is an activist investor. He takes minority stakes in public companies and typically pushes for change. The following were his heavily weighted trades in the first quarter:

    The guru closed his stake in Apple Inc. (AAPL) with an impact of -16.36% on the portfolio.


  • Carl Icahn's Interview With CNBC

    Carl Icahn (Trades, Portfolio) appeared on CNBC on Thursday to discuss the market being overvalued and how he has his portfolio 100% hedged.

    He also talked about why he sold out of his Apple (NASDAQ:AAPL) stake.


  • Carl Icahn Boosts Stake in Hertz as Stock Price Declines Sharply

    On June 3, Carl Icahn (Trades, Portfolio) of Icahn Enterprises added 1.54% to his Hertz Global Holdings Inc. (NYSE:HTZ) position at an average price of $9.90 per share. The chairman of the limited partnership holding company currently has 64,693,012 shares of the stock.

    One likely reason why Icahn increased his Hertz position is because the company’s stock price decreased sharply throughout the past two years and is near 52-week lows.


  • 4 Things Billionaire Investors Have in Common, Part 1

    (This is part one of a four-part series. Each article explains an important trait that billionaire investors have in common. The goal is to explain simple concepts that the best investors in the world use and you can implement today. Success leaves clues, and one of the best ways to learn is to deconstruct and reverse engineer what the best in the world do. So let’s get to it.)

    These articles were inspired by Tony Robbins’ book "Money: Master The Game." The funny thing is I actually haven’t read the book myself.


  • What’s Really Driving Apple?

    Narratives are a fundamental part of our human existence. They’re the key to how we process information. Just as the mind instinctively searches for visual patterns in nature, it also seeks to derive patterns and meaning from information flow. We create stories to help us understand.

    We see this in financial markets all the time, though it’s not always a good thing. You’ve heard the talking heads on CNBC. They hop on camera and try to attribute every little market gyration to one news story or another. This type of narrative creation doesn’t make much sense. Most of the day-to-day movement in the markets is just noise.


  • Top 10 Investing Apps

    There are a lot of investing and other financial tools available to the individual investor in today's world. Apps shouldn't be ignored. Conveniently sitting at your fingertips ready to provide analysis, ideas, money management and other data, apps are part of today's technology that investors should cherish and utilize.

    In this list I've gathered my 10 favorite apps that I use for investing and other financial aspects of my life every day. As always, please share your thoughts and comments below!


  • Is Seasonal Investing the Best Way to Approach the Market?

    What happens when the markets stop making sense? How do you even begin to analyze which stocks to invest in?

    Over the last two years, markets have defied conventional theories, rallied even when the global economies appeared to be struggling and in the process managed to sway several investors into believing that everything was on a roll.


  • Doom, Gloom and Champagne

    There were several key conferences this week where business leaders, investors and big thinkers shared their ideas and thoughts on the world today. The one getting the most coverage is the Ira Sohn conference in New York, where major investors give talks to raise money to fight children’s cancer. The big news out of there is that Stanley Druckenmiller (Trades, Portfolio) said flatly that investors should get out of the market.

    He said the Fed has no end game and their policies are preventing the very growth they had helped to engineer. 


  • Large Discount to Intrinsic Value

    Loral’s share price has dropped more than 50% since the beginning of 2015 while its major assets have been performing well. The stock is currently at 30% to 50% discount to a conservatively estimated fair value. Removing such a discount would result in more than 40% shareholder return.

    Loral’s controlling shareholder has tried several times to remove the discount in the past and is still trying hard. The chances are that it will succeed sooner or later.


  • Apple a Good Pick for Dividend Stock


    · APPL currently sports a dividend with a yield of approximately 2.43%.


  • Carl Icahn Interview With CNBC

    Billionaire activist investor Carl Icahn (Trades, Portfolio) did an interview with CNBC Thursday in which he continued to warn about the coming day of reckoning for the market. During the interview Icahn discussed some of his investments and why he believes the market is overvalued – as well as other topics.

    Part 1


  • Why Icahn Sold Apple

    Carl Icahn (Trades, Portfolio) has been pushing Apple (NASDAQ:AAPL) for about 2½ to three years to buy back stock in a very public manner. Less than a year ago, Icahn described Apple as strongly undervalued and one of the greatest growth stories in corporate history:


  • Apple Is Facing a Big Problem

    Apple (NASDAQ:AAPL) reported its worst-ever quarter earlier this week, missing estimates on both revenue and earnings. Not only were the misses the biggest in Apple’s history, the company’s guidance was also terrible. The high end of Apple’s revenue guidance for the next quarter came in 10% lower than the analysts’ estimate of $47 billion.

    Although Apple is trading at a conservative earnings multiple, Mr. Market’s obsession with growth has pushed Apple’s stock down more than 10% since the earnings release. Moreover, Carl Icahn selling his position in the stock recently put further downward pressure on the stock. It was only a few months ago that Icahn said Apple was worth more than $200 and that buying the stock was a “no-brainer.”


  • American Railcar and HCI Group May Be Undiscovered Gems

    Attention, lovers of small stocks. Here are five small-capitalization stocks that I think qualify as undiscovered gems.

    America Railcar Industries Inc. (ARII), a railcar manufacturer based in St. Charles, Missouri, leads off the list. Financier Carl Icahn (Trades, Portfolio) owns a significant stake here, which is interesting to me since he often prefers larger companies.  

  • Carl Icahn Continues to Reduce Tegna Stake

    Carl Icahn (Trades, Portfolio) decided to cut ties with 1,658,488 shares of Tegna Inc. (NYSE:TGNA) during the first quarter at an average price of $24.74. Since the fourth quarter of 2015, Icahn has sold 4,255,774 shares of Tegna from his portfolio.



  • Carl Icahn Increases Position in Icahn Enterprises

    Carl Icahn (Trades, Portfolio), the leading guru shareholder and board chairman of Icahn Enterprises (NASDAQ:IEP), increased his position in the conglomerate by more than 2% on April 14.

    That may not sound like a sizable percentage, and it wouldn’t be for garden-variety investors, but 2% means a lot more when the stake is the size of Icahn’s. The guru acquired 2,771,575 shares, which is fewer than 1 million shares shy of the entire stake held by Icahn Enterprise’s second-leading shareholder among the gurus, Murray Stahl (Trades, Portfolio). Stahl’s stake is 3,507,276 shares.


  • Carl Icahn Buys Pep Boys, Xerox

    Carl Icahn (Trades, Portfolio) is an activist investor. He takes minority stakes in public companies and typically pushes for change. He buys beaten-down assets that nobody else wants, usually out of bankruptcy, then fixes them up and sells them when they are back in favor. The real-time picks of the first quarter of the year, according to GuruFocus' Real Time updates, are the following:

    He raised his stake in Rentech Nitrogen Partners LP (RNF) by 1.72%. The deal had an impact of 0.01% on the portfolio.


  • Carl Icahn Continues to Reduce Position in Hologic

    Guru Carl Icahn (Trades, Portfolio) reduced his position in Hologic Inc. (NASDAQ:HOLX), slashing 3,346,767 shares from his portfolio Monday.

    Hologic was incorporated in Massachusetts in October 1985 and reincorporated in March 1990. Hologic is a leading global health care and diagnostics company. It is a developer, manufacturer and supplier of medical imaging systems and diagnostic and surgical products focused on the health care needs of women. Hologic's core business segments are focused on breast health, GYN surgical and skeletal health.


  • Carl Icahn Trims Stake in Nuance Communications

    In two transactions in March, Carl Icahn (Trades, Portfolio) sold more than half of his stake in Nuance Communications Inc. (NASDAQ:NUAN), a computer software company headquartered in Burlington, Massachusetts. It provides speech and imaging applications.

    In Icahn’s first transaction, on March 9, he sold more than 26.3 million shares for $20.21 per share. The transaction lowered his stake by 43.29%. A week later, on March 16, Icahn sold another 4.4 million shares for $20 per share, further reducing the stake by 12.77%.


  • Carl Icahn Buys More Pep Boys in 1st Quarter

    Guru Carl Icahn (Trades, Portfolio) is an American business magnate, investor, activist shareholder and philanthropist. He is the founder and majority shareholder of Icahn Enterprises, a diversified conglomerate holding company based in New York City. Icahn is currently ranked as the 43rd richest person in the world according to with an estimated net worth of $17.7 billion.

    In the first quarter of 2016, Icahn added 39,347,282 shares of Pep Boys - Manny Moe & Jack (NYSE:PBY).


  • David Einhorn's Top 3 Positions Include Apple, General Motors and Time Warner

    David Einhorn (Trades, Portfolio)'s Greenlight Capital disclosed an equity portfolio valued at some $5.47 billion as of the end of the fourth quarter of 2015. The equity portfolio is mainly invested in Consumer Discretionary (33%), Technology (20%) and Industrials (18%) stocks.

    Among the 10 largest holdings from Greenlight Capital’s equity portfolio (which amass 59.07% of the total portfolio value) at the end of December, the top three are: Apple Inc. (NASDAQ:AAPL), General Motors Co. (NYSE:GM) and Time Warner Inc. (NYSE:TWX).


  • Carl Icahn Bought Xerox and You Should Too

    Why did such an investment genius such as Carl Icahn buy a dead-end copier company that made multiple blunders, including basically giving away the GUI operating system that runs every computer on the planet?

    The company and Icahn have completed an agreement that paves the way for Xerox to split in two, giving Icahn the ability to select three directors for the Business Process Outsourcing segment. Icahn tweeted: 'We believe the separation will greatly enhance value for $XRX shareholders.” LIke his deal with eBay (NASDAQ:EBAY) and PayPal (NASDAQ:PYPL), when times are tough, let’s break up. 


  • Apple Computers: Time to be Greedy While Others Are Fearful

    It appears the market is afraid of a possible slowdown in Apple’s (AAPL) growth in its next earnings and has dropped the stock from the $130s in 2015 to below $94 in February, a drop of 20%. This is shortsighted speculating rather than investing. It is time for value investors to be greedy.

    Forward estimates are not a science as we see by Morgan Stanley’s (NYSE:MS) note in March that said that, per its iPhone tracker, demand for the iPhone for the March quarter is tracking well ahead of the Street consensus. This is after it had lowered its price expectation by 12% in December 2015. This is why a value investor looks at the past actuals rather than forward estimates, which are a form of speculation.


  • Carl Icahn Raises Stake in AIG by More Than 3,000%

    Carl Icahn (Trades, Portfolio), whose net worth is estimated by Bloomberg to be $20.8 billion, focused most of his fourth-quarter trading activity on additions to existing stakes. He didn’t limit himself to additions, however. He also made two new buys and trimmed three existing stakes.

    Icahn’s most noteworthy fourth-quarter transaction was the increase of more than 3,003% to his stake in American International Group Inc. (NYSE:AIG), a New York-based insurance and financial services company. Icahn purchased 40,882,745 shares for an average price of $61.09 per share. The deal had an 8.6% impact on Icahn’s portfolio.


  • Icahn Removes 2 Directors, Cuts Stake in Nuance Communications

    Activist investor Carl Icahn (Trades, Portfolio) reported Tuesday that he trimmed his position in Nuance Communications (NASDAQ:NUAN) by 12.77%, and now holds 30,068,833 shares, or 9.88% of the company.

    Icahn sold 4,400,000 shares of the company for $20 per share. Nuance provides voice and language solutions for businesses. The stock has appreciated 41% over the past year and traded at $19.63 as of Thursday afternoon.


  • Whole Foods Market Update: Did I Make a Mistake?

    I’ve been holding Whole Foods Market (NASDAQ:WFM) for close to two years now, and it’s one of my bigger losers.

    In fact, it’s glaring at me with its ugly blood shot eyes, flashing -32%.


  • Carl Icahn Gets 7.7% Stake in New Manitowoc Spin-Off

    Carl Icahn (Trades, Portfolio) has reported receipt of 10,582,660 shares of equipment company Manitowoc Foodservice Inc. (NYSE:MFC), a spin-off that he helped orchestrate from the former farm equipment-slash-foodservice company, Manitowoc Co. Inc. (NYSE:MTW).

    Icahn sprung his classic campaign on Manitowoc in December 2014, taking a 7.77% stake and making known his aim to divide the company in two. The company acquiesced to Icahn’s plan (Larry Robbins (Trades, Portfolio) of Glenview Capital joined him on the endeavor) on Feb. 11. Shareholders received one free share of the new company for each share of the crane company they owned, meaning Icahn has an equal amount of shares of both companies.


  • 5 Most Popular S&P 500 Stocks

    The following were five of the most popular Standard & Poor's 500 stocks among the gurus during the fourth quarter, according to results from GuruFocus’ All-in-One Screener.

    Apple (NASDAQ:AAPL)


  • Apple Still a Great Long-Term Play

    Apple Inc. (NASDAQ:AAPL) has seen over $25 billion in market cap value wiped away thanks to slow iPhone growth and Carl Icahn (Trades, Portfolio) trimming his position. Clearly the global economy is slowing down, which is resulting in a slow down in iPhone sales. But this doesn't mean there isn't value in Apple. The company has over $200 billion in cash and has repurchased over a $100 billion dollars of its shares over the last few years. Apple has continued to increase its share repurchase program, which now stands at $180 billion. This has resulted in the company increasing debt to 20% of its balance sheet; however, the company produces more than enough in operating cash flow to pay this down with five years.

    Business overview


  • Icahn Holding American Railcar Selling at Major Discount

    American Railcar Industries Inc. (NASDAQ:ARII) is a North American designer and manufacturer of hopper and tank railcars operating in three segments: Manufacturing, Railcar Leasing, and Railcar Services.

    American Railcar dates back to the 1800’s when the Milton Car Works and 12 other railcar builders led by William Keeny Bixby of Missouri Car and Foundry formed the predecessor, the American Car and Foundry Company. It remained private until 2006, when American Railcar began trading on the Nasdaq.


  • Carl Icahn Sells Half of Stake in Mentor Graphics

    Carl Icahn (Trades, Portfolio) last week lightened his holding of Mentor Graphics (NASDAQ:MENT), an abortive activist target attempt from five years ago, as his money poured from his top holdings such as Cheniere Energy (LNG) and CVR Energy (NYSE:CVI).

    His sale of 8,060,145 shares of Mentor, or half his stake, on Friday netted him a hefty profit. The company paid him $18.12 per share, or $146 million in total, to repurchase the shares from him at the previous day’s closing price. Icahn reportedly paid between $8 and $11 when he accumulated the stake in 2010 and 2011.


  • Carl Icahn Buys AIG, Reduces Apple

    Carl Icahn (Trades, Portfolio) is an activist investor. He takes minority stakes in public companies and typically pushes for change. The following were his most heavily weighted trades during the fourth quarter.

    Icahn increased his stake in American International Group Inc. (AIG) by 3003.16%, and the deal had an impact of 8.6% on the portfolio.


  • John Paulson, Icahn Pick to Join AIG Board

    Insurance giant American International Group Inc. (NYSE:AIG) today announced that it would expand its board of directors to accommodate two new seats and nominated fund managers John Paulson (Trades, Portfolio) and Samuel Merksamer to fill them.

    The board of directors agreed to increase its number of seats from 14 to 16 and to vote on Paulson, the president of Paulson & Co. and Merksamer, managing director of Icahn Capital LP, at the 2016 annual meeting of shareholders in May.


  • The Samurai Stock Market

    The strong ones in life are those who understand the meaning of the word patience. Patience means restraining one’s inclinations. There are seven emotions: joy, anger, anxiety, adoration, grief, fear and hate, and if a man does not give way to these he can be called patient. I am not as strong as I might be, but I have long known and practiced patience. And if my descendants wish to be as I am, they must study patience.” – Tokugawa Ieyasu


  • Carl Icahn Boosts Xerox Stake as Company Decides to Split, Give Him Board Seats

    Carl Icahn (Trades, Portfolio) increased his shareholding of Xerox (NYSE:XRX) in January, a filing revealed Friday as the company announced increased partnership with him and major changes in line with his vision for the company.

    Icahn’s funds purchased an additional 5,740,871 during the period from Jan. 4 to Jan. 8, at an average price of $10.05 per share. According to the filing, the purchases brought his total stake in the company to 92,377,043 shares, or 9.12% of its shares outstanding, and a boost of 12.2% from his last disclosure in December.


  • What Is David Einhorn Doing?

    Greenlight Capital’s David Einhorn (Trades, Portfolio) made a splash this week by seeking a seat on the board of troubled solar company SunEdison (SUNE). SunEdison’s stock is down nearly 90% since July, though Greenlight has been adding to its position since the beginning of this year and now owns about 6% of the company.

    While SunEdison is getting the headlines right now, I’m more interested in some of Einhorn’s other investments. Einhorn, like a lot of aggressive hedge fund managers, runs a concentrated long portfolio. So the movement of a single stock or two can have an outsized impact on his portfolio. And Einhorn — like a lot of value managers, myself included — has taken his lumps over the past year.


  • AIG Releases Plans for Changes, Shareholder Returns

    After close scrutiny from activist investor Carl Icahn (Trades, Portfolio), insurer American International Group (NYSE:AIG) today released its plans for the future of the firm which include some substantial changes but fall short of the leading shareholder's demands.

    Holding approximately 42 million shares of the outstanding stock of AIG, Icahn wrote an open letter to the firm’s management on Oct. 28 suggesting the firm break up into three independent companies. Outspoken in his suggestions, the activist investor’s urgings follow much speculation from shareholders and market experts on the optimal business structure for the firm, specifically following trends in the industry that have increased regulatory burdens for insurance companies.


  • AIG Responds to Icahn's Call for Breakup

    NEW YORK--(BUSINESS WIRE)--Jan. 19, 2016-- American International Group, Inc. (NYSE:AIG)(NYSE: AIG) today issued the following statement:

    AIG continues to take steps to narrow its focus, improve its financial performance, and return capital to shareholders. AIG maintains an active dialogue with shareholders, including Carl Icahn (Trades, Portfolio). As previously announced, on January 26, AIG will provide an update on its strategy and its proactive plan to drive shareholder value.  

  • Carl Icahn Sends Open Letter to AIG Board

    New York, New York, January 19, 2016 – Today Carl C. Icahn released the following open letter to the board of directors of American International Group, Inc. (NYSE:AIG)(NYSE: AIG):


  • Share Your Year-End Performance, Best Picks for 2016

    It’s a new year and we’re interested in hearing how GuruFocus members fared in 2015, a rather tough year for the market. What were your best holdings, which stocks were your largest detractors and what is your best idea for 2016? Share your picks in the comments area below.

    The gurus posted performances all across the spectrum. Carl Icahn (Trades, Portfolio), who was recently voted Guru of the Year by a landslide, had a busy 2015 with a multitude of activist moves involving companies like AIG (NYSE:AIG), Pep Boys (NYSE:PBY) and Cheniere Energy (LNG). Despite being down 2.8% through the third quarter, Icahn’s fund is still outperforming the S&P 500, which declined 8% over the same time frame.  

  • Is There Value in Apple?

    Apple (NASDAQ:AAPL) is a company that is incredibly difficult to value because of its short product cycles. Earnings are high, true, but they could fall back quickly if and when next year’s product isn’t a hit. Costs are always harder to scale back as quickly.

    Gurus I greatly respect like David Einhorn (Trades, Portfolio) and Carl Icahn (Trades, Portfolio) have taken up their allocations to 20%-plus levels. Meanwhile, I have consistently underestimated how well Apple would do given its meteoric rise over the past decade.


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