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Icahn Enterprises LP

Icahn Enterprises L.P. operates through subsidiaries in investment, energy, automotive, food packaging, real estate, home fashion, and pharma in the United States and internationally. The Investment segment manages proprietary capital through private investment funds and provides advisory, administrative, and back-office services. The Energy segment refines and markets petroleum products such as gasoline, diesel, jet fuel, and distillates, produces renewable diesel from renewable feedstocks, and produces and markets nitrogen fertilizers. Other segments engage in automotive repair and parts sales, food packaging casings, real estate investment and development, home fashion consumer products, and pharmaceutical products and services. The company was incorporated in 1987 and is headquartered in Sunny Isles Beach, Florida.

Price · split & dividend adjusted
News & notes moving IEP
United States
IEP▼

FDA approvals and Icahn exit drive Friday stock moves

Stock index futures were mixed on Friday as traders awaited Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole Symposium, with several individual stocks moving on regulatory and corporate news. JetBlue Airways rose 0.82% in premarket trade after activist investor Carl Icahn lowered his stake below the level required to maintain board representation, prompting Icahn Enterprises representatives Jesse Lynn and Steven Miller to step away from the board, leaving it with 11 members, 10 of whom are independent. Gilead Sciences gained 0.64% after the U.S. Food and Drug Administration approved its once-daily oral antiviral Bixlenvo as the smallest single-tablet regimen for treating HIV in adults, combining its once-daily HIV pill bictegravir with its twice-yearly pre-exposure prophylaxis option lenacapavir. Eli Lilly rose 0.76% after the FDA approved a label expansion for its blockbuster GLP-1 drug Mounjaro to lower the risk of major adverse cardiovascular events, including stroke, in adults with type 2 diabetes. Moderna fell 1.93% after pricing $2.6 billion of 0.00% convertible senior notes due 2032 in a private placement, upsized from the previously announced $2 billion, with an option for initial purchasers to buy up to an additional $400 million of the notes.
GILD · Regulation · Positive FDA approval of Bixlenvo for HIV treatment
LLY · Regulation · Positive FDA label expansion for Mounjaro cardiovascular risk
MRNA · Capital · Negative Pricing $2.6B convertible notes, upsized
JBLU · Capital · Positive Icahn reduces stake, board changes
IEP · Capital · Negative Icahn lowers stake, losing board representation
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IEP▲

Icahn Enterprises to sell Pep Boys to Mavis in $700 million deal

Icahn Enterprises has agreed to sell automotive service chain Pep Boys to Mavis Tire Express Services in a transaction valued at about $700 million in cash, according to a Wall Street Journal report citing people familiar with the matter. The deal is expected to be formally announced on Tuesday. Icahn Enterprises bought Pep Boys in 2016 for roughly $1 billion in cash. Pep Boys operates nearly 800 locations across the United States and Puerto Rico, which would complement Mavis' existing network of about 3,600 stores. The acquisition supports Mavis' long-term growth strategy, with the company expecting to open about 120 new stores in 2026 and more than 160 locations annually from 2027 through 2030, according to a Fitch Ratings note.
IEP · Capital · Positive Icahn Enterprises sells Pep Boys for $700M, generating cash and potentially improving its balance sheet.
Mavis Tire Express Services · Demand · Positive Mavis acquires Pep Boys' 800 locations, expanding its network and supporting its growth strategy.
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IEP▼3

General industrial machinery stocks beat Q1 revenue estimates by 3.3%

The 14 general industrial machinery stocks tracked by StockStory reported a strong first quarter, with aggregate revenues beating analysts' consensus estimates by 3.3% and next-quarter revenue guidance coming in 1.6% above expectations. Honeywell posted revenues of $9.14 billion, up 2.4% year on year but missing estimates by 1.4%, and delivered the weakest full-year guidance update of the group. Albany International was the best performer, with revenues of $311.3 million beating estimates by 10.8%, while Icahn Enterprises had the weakest quarter, missing analysts' adjusted operating income and EPS estimates significantly. L.B. Foster delivered the biggest analyst estimate beat among its peers, with revenues of $121.1 million surpassing expectations by 16.2%. Share prices of the group have been resilient, up 9.9% on average since the latest earnings results.
AIN · Capital · Positive Albany International beat Q1 revenue estimates by 10.8%, the best performer in the group.
FSTR · Capital · Positive L.B. Foster delivered the biggest analyst estimate beat, with revenues surpassing expectations by 16.2%.
HON · Capital · Negative Honeywell missed Q1 revenue estimates by 1.4% and delivered the weakest full-year guidance update.
IEP · Capital · Negative Icahn Enterprises missed analysts' adjusted operating income and EPS estimates significantly.
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