Carl Icahn Maintains Top Stakes, Sells Netflix Inc (NFLX)

The total position of Icahn Capital in CVR Energy Inc (NYSE:CVI) includes 77.20 million shares worth $2.80 billion after the first six months of the year. The $3.69 billion company engages in petroleum refining and nitrogen fertilizer manufacturing. From the beginning of the year, the stock has appreciated by 9.76%, in spite of missing estimates with its second quarter EPS of $0.83, a miss of $0.03. Revenue came in at $1.62 billion however, beating the expectations by $140 million. Citadel Asset Management, led by Ken Griffin cut its position in CVR Energy Inc (NYSE:CVI) by 31.02% during the second quarter, leaving it with 158,584 shares valued at $5.97 million.

Lastly, Carl Icahn sold off all his position in Netflix Inc (NASDAQ:NFLX), which previously consisted of around 9.88 million shares. The share price of this internet television provider has enjoyed a spectacular rally over the last three years, appreciating by a factor of 15 times, and Icahn has made hundreds of millions of dollars from his position, which dated back to 2012. Though the stock of Netflix Inc (NASDAQ:NFLX) is valued in line with its peers on an EV/Sales basis, the P/E of 277.42 and PEG ratio of 22.41 are definitely extremes and seem to have convinced Icahn to take his immense profits from the stock and move on. The company is expanding aggressively, and plans to cover four times more countries than it does today by 2017. At such heights, even a small headwind can trigger a large sell-off, which possibly made Icahn worried.  David E. Shaw’s D E Shaw partially followed the example of Icahn by getting rid of 3.27 million shares of  Netflix Inc (NASDAQ:NFLX) during the second quarter, leaving it with 739,529 shares valued at $69.40 million.

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