- 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
Netflix, Apple, Tesla Amongst The Hottest Companies For Job Seekers As Big Tech Emerges Top Favorite, Says Survey
Big tech companies like Netflix, Apple, and Tesla are amongst the hottest companies for job seekers, receiving 60 applications for one job.
