Icahn Enterprises Stock Tumbles as Dividend Slashed by Half -- Barrons.com

Dow Jones

2024/11/08

Karishma Vanjani

Carl Icahn's activist investment company slashed its dividend on Friday, sending the stock tumbling in premarket trading.

Icahn Enterprises, a holding company that invests in a smattering of businesses, will be reducing its dividend to 50 cents a share, down from $1, the company revealed in a press release discussing third-quarter earnings. The cut stems from Icahn's proposal to acquire additional shares of CVR Energy, a renewable fuels and petroleum refining business.

As of June 30, 2024, Icahn owned approximately 66% of the business.

The stock fell more than 10% after The Wall Street Journal reported on the proposal ahead of the official announcement. At last check, shares were down 5.5% in premarket trading Friday.

CVR Energy's stock was up 4.1% to $17.20. It has fallen 46% so far this year.

"I strongly believe that our portfolio -- both for the investment segment and the controlled businesses -- has significant opportunities ahead. Rarely have I seen a stock market with such extreme valuations -- with some companies trading at unjustifiable premiums and others being massively undervalued. These undervalued situations have created great opportunities for activists." Icahn stated in a press release.

Write to Karishma Vanjani at karishma.vanjani@dowjones.com.

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

November 08, 2024 07:58 ET (12:58 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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These undervalued situations have created great opportunities for activists.\" Icahn stated in a press release. \n</p>\n<p>\n     Write to Karishma Vanjani at  karishma.vanjani@dowjones.com. \n</p>\n<p>\n     This content was created by Barron's, which is operated by Dow Jones &amp; Co. 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The cut stems from Icahn's proposal to acquire additional shares of CVR Energy, a renewable fuels and petroleum refining business. \n</p>\n<p>\n     As of June 30, 2024, Icahn owned approximately 66% of the business. \n</p>\n<p>\n     The stock fell more than 10% after The Wall Street Journal reported on the proposal ahead of the official announcement. At last check, shares were down 5.5% in premarket trading Friday. \n</p>\n<p>\n     CVR Energy's stock was up 4.1% to $17.20. It has fallen 46% so far this year. \n</p>\n<p>\n     \"I strongly believe that our portfolio -- both for the investment segment and the controlled businesses -- has significant opportunities ahead. Rarely have I seen a stock market with such extreme valuations -- with some companies trading at unjustifiable premiums and others being massively undervalued. These undervalued situations have created great opportunities for activists.\" Icahn stated in a press release. \n</p>\n<p>\n     Write to Karishma Vanjani at  karishma.vanjani@dowjones.com. \n</p>\n<p>\n     This content was created by Barron's, which is operated by Dow Jones &amp; Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal. \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 08, 2024 07:58 ET (12:58 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4138","symbol_name":"石油与天然气的炼制和营销","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2481177825","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481177825","pubTimestamp":1731070680,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Carl Icahn's activist investment company slashed its dividend on Friday, sending the stock tumbling in premarket trading.Icahn Enterprises, a holding company that invests in a smattering of businesses, will be reducing its dividend to 50 cents a share, down from $1, the company revealed in a press release discussing third-quarter earnings. The cut stems from Icahn's proposal to acquire additional shares of CVR Energy, a renewable fuels and petroleum refining business.As of June 30, 2024, Icahn owned approximately 66% of the business.The stock fell more than 10% after The Wall Street Journal reported on the proposal ahead of the official announcement. At last check, shares were down 5.5% in premarket trading Friday.CVR Energy's stock was up 4.1% to $17.20. It has fallen 46% so far this year.\"I strongly believe that our portfolio -- both for the investment segment and the controlled businesses -- has significant opportunities ahead. Rarely have I seen a stock market with such extreme val","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4138":"石油与天然气的炼制和营销","BK4206":"工业集团企业","CVI":"CVR能源","BK4590":"PTP","IEP":"伊坎企业"},"translate_title":"股息削减一半，伊坎企业股价暴跌--Barrons.com","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CVI":0.9,"IEP":0.9},"content_text":"Karishma Vanjani \n\n\n  Carl Icahn's activist investment company slashed its dividend on Friday, sending the stock tumbling in premarket trading. \n\n\n     Icahn Enterprises, a holding company that invests in a smattering of businesses, will be reducing its dividend to 50 cents a share, down from $1, the company revealed in a press release discussing third-quarter earnings. The cut stems from Icahn's proposal to acquire additional shares of CVR Energy, a renewable fuels and petroleum refining business. \n\n\n     As of June 30, 2024, Icahn owned approximately 66% of the business. \n\n\n     The stock fell more than 10% after The Wall Street Journal reported on the proposal ahead of the official announcement. At last check, shares were down 5.5% in premarket trading Friday. \n\n\n     CVR Energy's stock was up 4.1% to $17.20. It has fallen 46% so far this year. \n\n\n     \"I strongly believe that our portfolio -- both for the investment segment and the controlled businesses -- has significant opportunities ahead. Rarely have I seen a stock market with such extreme valuations -- with some companies trading at unjustifiable premiums and others being massively undervalued. These undervalued situations have created great opportunities for activists.\" Icahn stated in a press release. \n\n\n     Write to Karishma Vanjani at  karishma.vanjani@dowjones.com. \n\n\n     This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal. \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 08, 2024 07:58 ET (12:58 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}