Why Icahn Enterprises Stock Is Falling Today
The company controlled by renowned activist investor Carl Icahn posted losses on its investment activities, dragging the company into the red for the quarter. Shares of Icahn Enterprises (NASDAQ: IEP) traded down 4% as of 1 p.m. ET following release of the results.
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Icahn Enterprises is a holding company that wholly owns stakes in businesses in the energy, automotive, food packaging, real estate, home fashion, and pharma industries. The company reported a loss of $0.79 per share in the quarter on revenue of $1.87 billion. There was no consensus earnings estimate, but the revenue figure was down 24% year over year and missed Wall Street expectations by about $750 million.
Source Fool.com
