Over the last couple of weeks, Carl Icahn has taken “buying the dip” to the extreme. When shares of Herbalife Ltd. HLF 0.27% plummeted more than 6 percent following a disappointing Q3 earnings report, Icahn took the opportunity to buy 2.3 million shares on the dip.
Even at the discounted price, those shares cost him around $124 million.
When Hertz Global Holdings, Inc HTZ 4.92% crashed 22.5 percent following its earnings report, Icahn again stepped in with deep pockets. The billionaire reportedly more than doubled his stake in the car rental company, buying more than 15 million shares of the battered stock at a price of around $24 per share. Icahn’s Hertz spending spree cost him more than $350 million.
For Icahn followers and Icahn Enterprises LP IEP 1.41% investors, it’s good to see Icahn stepping in to single-handedly support his investments. However, it would be much more profitable for traders to predict which stocks Icahn will be buying before he pulls the trigger.
Clearly, Icahn is a fan of buying on the dip. With that idea in mind and his most recent 13F filing as a guide, traders can look for other Icahn favorites that he could be looking to buy next:
- Voltari Corp VLTC 29.58% shares are down 47.3 percent in the past six months.
- Manitowoc Company Inc MTW 7.74% shares are…
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