Shares of billionaire Carl Icahn's investment firm plunged to their lowest in nearly two decades on Thursday, a day after old rival Bill Ackman called out the company's high valuation.
tumbled as much as 24.7% to $18.03, deepening losses of more than 60% that were recorded following short-seller Hindenburg Research's scathing attack on the company three weeks ago.
" yield is generated by returning capital to outside shareholders, which is in turn funded by the company selling stock to investors," AckmanAckman said he held no long or short positions in the stock. In a memorable clash a decade ago, the billionaire had shorted supplement company Herbalife, in which activist investor Icahn was a shareholder.At least one technical indicator suggests that the selloff in IEP shares is overdone, with the stock having traded below 30 on the relative strength index since May 22.
An RSI score of 70 and above points to an overbought stock, while a reading of 30 or below indicates that it is oversold. Reporting by Niket Nishant in Bengaluru; Additional reporting by Mehnaz Yasmin; Editing by Devika Syamnath
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nothing Phone (2): Carl Pei Talks Exclusively About The iPhone ChallengerThe next phone from Nothing is coming to the U.S. soon. Co-founder Carl Pei exclusively reveals some of the phone’s secrets.
Read more »
The Nothing Phone (2) Has a Bigger Battery and a July Release WindowNothing CEO Carl Pei wants to keep the hype train going, though he’s not revealing much else about his company’s upcoming Phone (1) successor.
Read more »
Arizona takes down rival Arizona State 12-3 in Pac-12 openerNik McClaughry and Chase Davis had three RBIs apiece as Arizona took down rival Arizona State 12-3 on Tuesday in the Pac-12 Tournament opener.
Read more »
Galaxy shows ‘grit and determination’ in U.S. Open Cup victory over rival LAFCTyler Boyd and Riqui Puig score within three minutes of each other as the Galaxy advances to the quarterfinals with a win the club hopes is the beginning of a turnaround.
Read more »
Samsung’s Apple Studio Display rival just got even better, plus it’s cheaperSamsung announced a new iteration of its Apple Studio Display rival. The 2023 Smart Monitor M8 received multiple upgrades and features.
Read more »