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Here's Why CVR Energy Rose 12.3% in August

TheMotleyFool

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Here's Why CVR Energy Rose 12.3% in August

Shares of Carl Icahn's holding company CVR Energy, Inc. (NYSE: CVI) rose over 12% last month thanks to timing. The stock slid at the end of July after disappointing second-quarter 2017 earnings were announced. Revenue was up and earnings were down. Worse, the billionaire's huge bet against renewable fuels backfired, resulting in a $280 million liability at the end of June, and two directors left the company.

But shares rebounded by the middle of the month. Why? Well, the slide from late July to mid-August marked a new low point for the stock in 2017, and apparently Mr. Market thought it was a bit overdone. Investors may want to consider another argument.

Image source: Getty Images.

Source: Fool.com