Icahn Enterprises L.P.’s stock closed at its lowest level since June 8, 2004 on Friday, ahead of the release of third-quarter earnings on Friday. The stock has languished this year after short seller Hindenburg Research published a scathing article about the company, which is the investing arm of billionaire activist investor Carl Icahn. The Nate Anderson-backed Hindenburg had accused Icahn Enterprises of overstating values and paying a dividend it could not afford. The stock immediately shed billions of dollars in market capitalization, and in August, the company slashed its dividend in half. The company is expecting to report third-quarter per-share earnings of 34 cents, according to analysts polled by FactSet, after a loss of 37 cents a year ago. Revenue is expected to fall to $2.712 billion from $3.334 billion a year ago. The stock has lost 66% of its value in the year to date.
Read the full article here