Why Icahn Enterprises Stock Is Up Big Today
It's been a tough year for Carl Icahn's holding company, beaten down by criticism from a short-seller and questions about the sustainability of its dividend. But third-quarter results from Icahn Enterprises (NASDAQ: IEP) served to reassure investors, and the stock is reacting, up 15% as of 10:30 a.m. ET on Friday.
Activist investor Icahn has spent most of his career on the attack, but the tables were turned this summer when Hindenburg Research released a report calling Icahn Enterprises "substantially overvalued" and accusing the company of relying on a "Ponzi-like" structure to fund its dividend.
Icahn Enterprises stock lost about half of its value the month that report came out and has continued on a downward trend in the months since on concerns about whether the dividend was sustainable.
Source Fool.com
