Why Icahn Enterprises Stock Is Down More Than 11% Today
Shares of Icahn Enterprises L.P. (NASDAQ: IEP) are down sharply on Monday following news that shareholder dilution is forthcoming, adding to a sell-off that's been underway since February. Indeed, data from S&P Global Market Intelligence indicates that as of 2:51 p.m. EDT Friday, Icahn Enterprises stock is lower to the tune of 11.6%, dragging the ticker to a two-decade low.
Other factors are contributing to this continued weakness, of course.
In simplest terms, Icahn Enterprises is a holding company made up of several private and publicly traded for-profit entities. Although he's neither its president nor its CEO, the infamous activist investor (and majority shareholder) Carl Icahn largely steers the organization.
Source Fool.com
