Shares of Icahn Enterprises are seeing a pointy drop within the quarterly dividend

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Icahn initiatives

It fell sharply on Friday after the corporate introduced a pointy reduce in its quarterly dividend and reported a broader loss within the second quarter.

Icahn (Inventory ticker: IEP) cut its quarterly distribution in half to $1, from $2.

wrote activist investor Carl Icahn, chairman of the corporate’s board of administrators

Icahn initiatives
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“It additionally displays the scale of the hedge guide relative to our activist technique.”

Brief sale agency Hindenburg Analysis launched a money report on the corporate earlier this 12 months. The Hindenburg v. Icahn report alleged that the corporate held property at inflated costs and was in danger as a result of Carl Icahn borrowed in opposition to the worth of shares within the firm he based.

Icahn Enterprises reported a lack of 72 cents per share within the second quarter, bigger than the prior 12 months’s lack of 41 cents. Income additionally decreased 12 months on 12 months.

Shares of the corporate fell 31% to $22.69. The inventory is down 55% this 12 months.

Write to Emily Dattilo at emily.dattilo@dowjones.com