Carl Icahn’s investment sparks increase in Caesars shares

Carl Icahn’s investment sparks increase in Caesars shares

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Carl Icahn’s investment sparks increase in Caesars shares

Friday saw a sharp increase in Caesars Entertainment shares following the disclosure that Carl Icahn had acquired a sizable stake in the gaming stock.

After rising as much as 18% on news of the Icahn stake, shares of the operator of Harrah’s are up 11% in late trading on activity that is more than five times the daily average. The stock is now on track for its biggest intraday performance in the last eighteen months. The announcement that Icahn was taking a new position in the casino coincided with the stock’s 25% decline in value this year.

Icahn reportedly said in an interview:

“I like Caesars and I own some stock, I would never do activism in Caesars.”

Icahn’s actual positional size is unknown at this time. Wapner stated that he had the feeling Icahn would contest that the stake is really substantial, but that for investors such as Icahn, “large” might mean other things. 

When the Form 13F filings for the second quarter are made public, which is not expected to happen until late July or early August, more information should be available.

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