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Stock Market & Financial Investment News

News Breaks
February 6, 2014
08:15 EDTFDML, IEPIcahn Enterprises appoints Cozza to succeed Ninivaggi as CEO
Icahn Enterprises (IEP) announced the appointment of Keith Cozza to the positions of President and Chief Executive Officer, effective as of February 5. Cozza succeeds Daniel Ninivaggi, who will become Co-CEO of Federal-Mogul (FDML), a subsidiary of Icahn Enterprises.
News For IEP;FDML From The Last 14 Days
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October 6, 2015
10:22 EDTIEPBoard cut, unit review push Freeport shares higher
Shares of copper producer Freeport-McMoRan (FCX) are rallying in morning trading after the company announced plans to review strategic alternatives for its oil and gas business. The company also said it would shrink its board to nine members. WHAT'S NEW: Freeport-McMoRan said this morning that it is reviewing strategic alternatives for its oil and gas business, FM O&G, amid a tumble in commodity prices. In a statement, Freeport said it is studying options for achieving self-funding of the oil and gas unit. FM O&G's "high quality asset base, substantial underutilized Deepwater Gulf of Mexico infrastructure, large inventory of low risk development opportunities and talented and experienced personnel and management team provide alternatives to generate value," it wrote. A previously disclosed potential initial public offering of a minority interest in the oil and gas business remains an alternative for future consideration, the company said. The copper producer said that other alternatives under consideration include a spinoff of the company's oil and gas business to shareholders, joint venture arrangements and further spending reductions. In addition to the FM O&G news, Freeport-McMoRan also announced this morning that it reduced the size of its board of directors from 16 to nine members. These actions, the company said, follow "constructive discussions with many of its largest shareholders." The company said five directors have left the FCX board and have been appointed to the FM O&G board, with James Flores named FM O&G Chairman; Flores remains FM O&G's chief executive officer. WHAT'S NOTABLE: Freeport-McMoRan said earlier this year it would consider selling as much as 20% of its oil and gas unit in an IPO. In June, Chief Financial Officer Kathleen Quirk said the company would likely sell less than 20%, since keeping 80% of the unit would provide the company with some tax advantages. Activist investor Carl Icahn raised his stake in Freeport-McMoRan to 8.8% from 8.46% on September 18. Icahn told CNBC on September 30 that it was "right to expect" that he would get involved with the copper producer. Icahn said that too much copper is being produced now, depressing its price, but believes copper will turn in the future. PRICE ACTION: Freeport-McMoRan rose 6.26% to $11.88 in morning trading. Shares are down over 49% year to date. OTHERS TO WATCH: Other major integrated mining companies include Rio Tinto (RIO), BHP Billiton (BHP) and Vale S.A. (VALE).
September 24, 2015
17:27 EDTIEPIcahn Enterprises announces launch of new Icahn website
Icahn Enterprises issued the following statement: "On April 2, 2013, the SEC issued a report in which it provided guidance to issuers regarding the use of social media to disclose material nonpublic information. Our Chairman, Carl C. Icahn, intends to use the web site as well as Tumblr, Facebook, Twitter and the web site from time to time to communicate with the public about our company and other issues. It is possible that the information that Icahn posts through the website and to its members, and on Tumblr, Facebook and Twitter, and through the shareholders' Square Table website and to its members, could be deemed to be material information. Therefore, in light of the SEC's guidance, we encourage investors, the media, and others interested in our company to review the information that Icahn provides on the website and to members of, and that he posts on Tumblr, Facebook and Twitter, and that he provides on the shareholders' Square Table website and to its members, in addition to the information that we disclose using our investor relations website... SEC filings, press releases, public conference calls and webcasts."
September 22, 2015
18:56 EDTIEPOn The Fly: After Hours Movers
HIGHER AFTER EARNINGS: Copart (CPRT), up 1.48%. ALSO HIGHER: Heron Therapeutics (HRTX), up 22.9% after announcing its Phase 2 study of HTX-011 met its primary endpoint... First Niagara (FNFG), up 7% after a report stated the company was exploring strategic alternatives. LOWER: VIVUS (VVUS), down 1.2% after the company expressed no opinion and remained neutral toward the unsolicited tender offer by IEH Biopharma, a wholly-owned subsidiary of Icahn Enterprises Holding (IEP), to purchase any and all of VIVUS's 4.50% convertible senior notes.
16:08 EDTIEPVIVUS neutral on Icahn Group's offer to purchase convertible notes
VIVUS (VVUS) announced that its Board of Directors has determined that it expresses no opinion and remains neutral toward the unsolicited tender offer by IEH Biopharma, a Delaware limited liability company and wholly-owned subsidiary of Icahn Enterprises Holding (IEP) , to purchase any and all of VIVUS's 4.50% Convertible Senior Notes due 2020. The Company noted that its Board believes each noteholder should make their own decision as to whether to tender in connection with the Icahn Group's unsolicited tender offer based on the noteholder's particular circumstances. It further indicated that its Board believes the determination is a financial decision to be made by each noteholder based on the terms of the tender and the cash price being offered by the Icahn Group. Accordingly, the Board concluded that it would be appropriate to remain neutral as to whether the noteholders should or should not tender the notes. The Board, however, strongly urges the Company's noteholders to consider carefully all aspects of the Icahn Group's offer before deciding for themselves whether to tender.

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