{"id":8646,"date":"2023-08-05T23:49:36","date_gmt":"2023-08-05T23:49:36","guid":{"rendered":"https:\/\/isafespend.com\/news\/carl-icahns-company-stock-drops-23-after-iep-slashes-quarterly-dividend-in-half\/"},"modified":"2023-08-05T23:49:37","modified_gmt":"2023-08-05T23:49:37","slug":"carl-icahns-company-stock-drops-23-after-iep-slashes-quarterly-dividend-in-half","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=8646","title":{"rendered":"Carl Icahn\u2019s company stock drops 23% after IEP slashes quarterly dividend in half"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p>Shares of Carl Icahn&#8217;s conglomerate <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">Icahn Enterprises<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> experienced a sharp sell-off Friday after the firm slashed its quarterly dividend in half amid notable short seller Hindenburg Research&#8217;s campaign.<\/p>\n<p>IEP announced it issued a\u00a0$1\u00a0per depositary unit distribution, which represents a 12% annualized yield. That&#8217;s compared with a $2 dividend in the previous quarter. The stock tanked a whopping 23.2% after the news.<\/p>\n<div class=\"ExclusiveContentBucket-exclusiveContentBucket\"><span class=\"ExclusiveContentBucket-smallSpan\"><\/span><span class=\"ExclusiveContentBucket-border\"><\/span><\/p>\n<h2 class=\"ExclusiveContentBucket-exclusiveContentHeading\">related investing news<\/h2>\n<div class=\"ExclusiveContentBucket-contentContainer\">\n<div class=\"BucketItem-bucketItem\" id=\"Regular Article-ExclusiveContentBucket-1-0\">\n<div class=\"BucketItem-bucketImageContainer\">\n<div class=\"BucketItem-proPillContainer\"><img decoding=\"async\" class=\"BucketItem-proPill ProPill-proPill\" src=\"https:\/\/static-redesign.cnbcfm.com\/dist\/f7f282b4f7f47fceda1e.svg\" alt=\"CNBC Pro\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Icahn&#8217;s company has been on a roller-coaster ride since the Nathan Anderson-led short seller took a public short position in May, alleging &#8220;inflated&#8221; asset valuations, among other reasons. Shares of IEP, a holding company that is involved in myriad businesses including energy, automotive and real estate, tumbled nearly 44% in the second quarter. The stock is down 50.5% year to date.<\/p>\n<\/div>\n<div class=\"group\">\n<p>Hindenburg took issue with IEP&#8217;s high dividend yield, saying it&#8217;s &#8220;unsupported&#8221;\u00a0by the company&#8217;s cash flow and investment performance.<\/p>\n<p>&#8220;The payment of future distributions will be determined by the board of directors quarterly, based upon current economic conditions and business performance and other factors,&#8221; 87-year-old investor Icahn said in a statement Friday.\u00a0&#8220;We do not intend to let a misleading Hindenburg report interfere with this practice.&#8221;<\/p>\n<p>Icahn Enterprises on Friday reported a net loss of $269 million for the second quarter, more than doubling the loss of\u00a0$128 million from the same quarter a year ago. Icahn attributed the disappointing quarter to the short selling activity in his controlling companies and investments.<\/p>\n<p>&#8220;I believe the second quarter partially reflected the impact of short-selling on companies we control or invest in, which I attribute to the misleading and self-serving Hindenburg report concerning our company. It also reflected the size of the hedge book relative to our activist strategy,&#8221; Icahn said.<\/p>\n<p>In the aftermath of Hindenburg&#8217;s comments, federal investigators sought information regarding IEP&#8217;s corporate governance, capitalization, securities offerings, dividends, valuation, marketing materials, due diligence and other materials.<\/p>\n<p>Icahn, the most well-known corporate raider in history, made his name after pulling off a hostile takeover of Trans World Airlines in the 1980s, stripping the company of its assets. Most recently, the billionaire investor has engaged in activist investing in <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-4\">McDonald&#8217;s<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> and biotech firm <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-5\">Illumina<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span>.<\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/08\/04\/carl-icahns-company-stock-drops-30percent-after-iep-slashes-quarterly-dividend-in-half.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of Carl Icahn&#8217;s conglomerate Icahn Enterprises experienced a sharp sell-off Friday after the firm slashed its quarterly dividend in half amid notable short seller Hindenburg Research&#8217;s campaign. IEP announced it issued a\u00a0$1\u00a0per depositary unit distribution, which represents a 12% annualized yield. That&#8217;s compared with a $2 dividend in the previous quarter. The stock tanked<\/p>\n","protected":false},"author":1,"featured_media":8647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-8646","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Carl Icahn\u2019s company stock drops 23% after IEP slashes quarterly dividend in half | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Shares of Carl Icahn&#039;s conglomerate Icahn Enterprises experienced a sharp sell-off Friday after the firm slashed its quarterly dividend in half amid\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=8646\" 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