11X Stock Market Accelerator Summit

Eric Fry reveals how an A.I.-based secret could make you up to 11 times RICHER on the same stocks you’re investing in now… without using options, leverage, or anything risky.

Wed, September 27 at 8:00PM ET

Surprise Loss Batters IEP Stock After Short Report


  • Icahn Enterprises (IEP) stock is falling on a surprise loss.
  • The company’s EPS of -75 cents missed Wall Street’s estimate of 19 cents per share.
  • This follows a short report from Hindenburg Research.
IEP Stock - Surprise Loss Batters IEP Stock After Short Report

Source: Casimiro PT / Shutterstock.com

Icahn Enterprises LP (NASDAQ:IEP) stock is falling on Wednesday after the company surprised investors with a loss in the first quarter of 2023.

The company belonging to investor Carl Icahn reported a net loss of $270 million, or 75 cents per share, for the first quarter of the year. That’s well below Wall Street’s earnings per share estimate of 19 cents per share. It’s also a drop from its net income of $323 million, or $1.06 per share, reported in the same period of the year prior.

On the flip side of that, Icahn Enterprises did report revenue of $2.76 billion. That’s better than the $2.56 billion that analysts we’re expecting for the quarter even if it’s a drop from the $2.97 billion reported in Q1 2022.

IEP Stock Short Report

Investors will remember that Hindenburg Research just hit Icahn Enterprises with a short report earlier this week. The research firm claimed that shares of IEP stock are inflated by more than 75%.

Here’s what Hindenburg Research said about Icahn Enterprises in its short report:

“In brief, Icahn has been using money taken in from new investors to pay out dividends to old investors. Such ponzi-like economic structures are sustainable only to the extent that new money is willing to risk being the last one ‘holding the bag.’”

Today’s news has some 3 million shares of IEP stock changing hands as of this writing. That’s already well above its daily average trading volume of about 1.5 million shares. With it comes a 13.7% drop for IEP on Wednesday morning.

Investors will want to keep reading for more of the most recent stock market news today!

We’ve got all of the biggest stock market stories traders will need to know about on Wednesday! Among that is why shares of Meta Platforms (NASDAQ:META), Dutch Bros (NYSE:BROS), and Livent (NYSE:LTHM) stock are moving today. You can learn more on these matters at the following links!

More Wednesday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/05/surprise-loss-batters-iep-stock-after-short-report/.

©2023 InvestorPlace Media, LLC