- Billionaire investor Carl Icahn who has a stake in the beverage-can maker Crown Holdings Inc (NYSE:CCK) believes the company should dispose noncore units and boost buyback.
- Carl’s stake in the company amounted to about $700 million, making him the company’s second-largest holder, the WSJ reported.
- Crown lowered its outlook due to stronger U.S. dollar, higher energy cost in Europe, and increased interest expense.
- The company’s shares have lost nearly 40% so far in 2022.
- Demand for aluminum cans spiked in 2020 as consumers staying home preferred canned cocktails, spiked seltzer and beer. But after the COVID-19 pandemic subsided, consumer demand for the drinks fell steeply, leaving the company with a glut of inventory, the report added.
- Icahn has suggested Crown to consider spinning off or selling the noncore assets, including a minority stake in a European food-can business, and buyback more stocks.
- Price Action: CCK shares closed lower by 3.19% at $66.76 on Wednesday.
- Photo Via Company
Dow Dips 350 Points; S&P 500 Down Over 1%
U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping over 300 points on Friday.
The Dow traded down 1.07% to 32,798.91 while the NASDAQ fell 1.90% to 11,370.53. The S&P 500 also fell, dropping, 1.23% to 3,963.05
