2023-06-07 16:01:59 ET
- Icahn Enterprises ( NASDAQ: IEP ) jumped 13% as the holding company for billionaire Carl Icahn recovered a bit from a Hindenburg short report from over a month ago.
- The stock popped on no apparent news on Wednesday, the fourth day in a row of gains.
- Shares of Icahn Enterprises ( IEP ) had plunged 52% through Tuesday since the Hindenburg short report was released on May 2, erasing billions from the 87-year old activist investor's net worth.
- Some traders speculated on Tuesday that short seller Hindenburg Research may have moved on from targeting Icahn Enterprises ( IEP ) after it released a short report on a different company, Tingo Group ( TIO ), sending its shares plummeting 48% on Tuesday.
- Semafor reported last Tuesday that Icahn Enterprises ( IEP ) evaluated a reorganization prior to the Hindenburg short report. Icahn held talks with bankers about asset swaps and new fundraising, though those actions look to be on hold amid pressure from shareholders and a Department of Justice probe.
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Icahn Enterprises stock soars, gains most in more than a month