Icahn Enterprises L.P.’s stock IEP closed below $17 on Tuesday, sending it back toward recent 19-year lows. The stock closed at $16.42 on Tuesday, close to a recent closing low of $16.36 on Nov. 1, which was the lowest level seen since May 18 of 2004. The stock briefly rallied back above $20 following third-quarter earnings, which showed its loss narrowing from a year ago and revenue beating expectations. Crucially, the company said it would stick with its quarterly distribution, or dividend, of $1 a share, which it halved last quarter. Carl Icahn’s investing arm has languished since short seller Hindenburg Research published a scathing article about the company on May 2, accusing it of overstating values and paying a dividend it could not afford, among other things. Icahn Enterprises, which is 84% owned by Icahn and his son, Brett, offers exposure to Icahn’s personal portfolio of public and private companies, including petroleum refineries, car-parts makers, food-packaging companies and real estate. Its unit holders are mostly retail investors. The stock is now down 68% in the year to date, while the S&P 500 SPX has gained 18%.
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