Billionaire and activist investor Carl Icahn has made some large changes to his portfolio holdings. He and Icahn Capital, L.P. have not been immune to the market sell-off as you have seen in his Icahn Enterprises, L.P. (NYSE: IEP) share performance. Here we have commented on some of his larger stakes and larger changes or exits in positions.
Stock Tickers noted as IEP, BIIB, AMLN, MOT, YHOO, WMB, APC, TWX, TWC, AMD, TELK, QRCP, LEA, TIN, and JCP.
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After the close of trading, there was an SEC filing showing that billionaire and activist investor Carl Icahn now controls more than 10.5% of Lions Gate Entertainment Corp. (NYSE: LGF). This was on the heels of a huge drop today.
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Billionaire activist investor and financier Carl Icahn has released the total holdings in an SEC filing for the period end December 31, 2007 for ICAHN CAPITAL, LP.
As Carl Icahn and his friends are multi-billionaires, we have eliminated the positions under $50 million since smaller postions are hardly worth his time and effort. The left column is the dollar amounts and the second number is the number of shares:
Jon C. Ogg
February 14, 2008
Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in any of the companies he covers. Join the 24/7 Wall St. open email distribution list to hear of spin-offs, emerging IPO, break-up, reorganization, and other special situation stocks.
Carl Icahn has disclosed in an 13D SEC FILING that he boosted his share ownership in Motorola Inc. (NYSE: MOT). Icahn indicated his ownership of the stake in a notice to nominate four directors to the board sent last week, and he noted that shares are undervalued and that he intends to seek further conversations with the company. It appears that Icahn now holds some 114.2891 Million shares of Motorola stock, which is now roughly 5% of the common stock.
Icahn is a very smart and influential investor. But it may take more than forcing a share buyback and a cell phone business auction to make this stock turn around. That is why we listed this as one of the top stocks that may disappear this year.
Motorola shares are up about 1% to $11.60 in after-hours trading, which is actually more than 20% higher than the 52-week lows of $9.43 seen recently. Frankly, if John Chambers & Co. wasn’t such a better competitor and if they hadn’t guided lower on tonight’s Cisco conference call these shares might be up more than this.
Jon C. Ogg
February 6, 2008
On Wednesday, we’ll get to see earnings out of Biogen Idec Inc. (NASDAQ: BIIB). The estimates from First Call for the biotech company are $0.80 EPS on $835.16 million in revenues. Estimates for fiscal 2008 are $3.30 EPS on $3.58 billion in revenues.
Despite this stock having been much higher, analysts have an average price target north of $61.00. Its hard to blame the analysts for not being more bullish since Biogen failed to attract any serious bidder. Because of that failed bidding process, we’d throw the chart out the window for any long-term patterns and even for longer-term moving averages. But on a short-term basis it looks like $55.00 held just about the entire time as support and shares are only about 5% under where they were before the company announced it was under strategic review. If today’s stock price and options were to remain static, we’d say options traders were braced for a move of up to $1.80 to $2.25 in either direction. We’ll also get to see if Carl Icahn is having any "company acknowledgment or capitulation" in his quest to add three board members.
Since we saw the numbers out of Genentech (NYSE: DNA) for Rituxan, we already have much of the key data for Biogen-Idec revenues. The rest will boil down to earnings and expense management, along with any new drug data and guidance.
Biogen Idec Inc.’s 52-week trading range is $42.86 to $84.75.
Jon C. Ogg
February 4, 2008
The WSJ has reported that Carl Icahn has been amassing a stake in J.C.Penney Co. (NYSE: JCP). Unfortunately, the WSJ is citing "people familiar with the matter." Those people are not always clear and not always perfect, although we’d be under the opinion that the WSJ wouldn’t have run this based solely on "people" if it hadn’t gotten confirmation from unrelated sources that may know.
We don’t know the size of the stake taken if this really occurred, although one noted that the holding may be on of the larger holdings. As J.C.Penney has a $10+ Billion market cap, there is a lot of stock that could be acquired.
We’ll probably get to find out if this is real or if this isn’t tonight, because Carl Icahn is scheduled to appear briefly on CNBC’s FAST MONEY at 5:00 PM EST.
So far J.C.Penney shares are up a bit over 1% at $48.00, although the stock has traded as high as $49.14 today. The 52-week trading range is $33.27 to $87.18. While many retail stocks were punished hard, JCP shares are actually up so far in 2008.
CEO Ullman is one of Jim Cramer’s favorite CEO’s as well so we’d expect Cramer to be discussing this tonight on CNBC’s MAD MONEY as this is a retail stock and within his current trends.
Jon C. Ogg
February 1, 2008
Carl Icahn has decided to try seizing the day at BEA Systems (NASDAQ:BEAS) by keeping management from killing the buyout and shooting shareholders in the feet. While he did agree initially that the $17 offer from Oracle Corp. (NASDAQ:ORCL) was inadequate, but he obviously doesn’t want the demand from the board of BEA Systems that a $21.00 price be the floor on a "take it or leave it" basis. He has sent a letter urging the company to entertain an offer by allowing shareholders to conduct an auction to sell or reject the highest bidder. He thinks shareholders should have the right to sell at $17 to Oracle if they choose and if no higher bid emerges.
-Jon C. Ogg
Jon Ogg produces the 24/7 Wall St. Special Situation Investing Newsletter; he does not own securities in the companies he covers. You can also join the bi-weekly free email newsletter that contains more preliminary data on broader topics in IPO’s, Buyouts, Spin-Offs, Reorganizations, and more.
BELOW IS A COPY OF THE LETTER:
Carl Icahn is a powerful investor when he wants to be. As far as BEA Systems (NASDAQ:BEAS) he increased his stake in a filing on Friday to more than 33 million shares to what amounts to an 8.5% stake in the company. His take on BEA Systems is that consolidation has hurt growth and that the company would do better as a unit of a larger parent.
BEA Systems used to be one of the perpetual takeover rumor stocks out there. But the problem is that this company cannot be bossed around. The company is still delinquent in some of the required filings, and it is deemed to be a company that Alfred Chuang (the Founder, Chairman, CEO, and President) can enact anti-takeover provisions. That may have changed, but that is still the belief of many tech investors.
We previously asked if BEA Systems was any closer to a buyout offer. BEA has been a perpetual stock where the company has said it wants to remain independent, and the belief is that this can ONLY be done on a friendly basis.
Shares closed up almost 4% at $13.25 on Friday and are up marginally at the end of today. It seems that many others also that Carl Icahn may only be marginally successful in this particular instance. BEA Systems’ head of investor relations is set to speak at a Bank of America conference Tuesday. September 18, at 4 PM Pacific Time, so this may be one to watch later today if this gets addressed.
Jon C. Ogg
September 17, 2007
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