Icahn Enterprises Stock Price, News & Analysis

Icahn Enterprises (NASDAQ: IEP) is initiating a private placement offering of Senior Notes due 2029. The proceeds will be utilized to redeem a portion of the existing 6.250% Senior Notes due 2022. The issuance is subject to conditions, and there is no guarantee that it will be completed. The offering is directed at qualified institutional buyers in the U.S. and international investors outside the U.S., complying with relevant regulations. This announcement follows the company's strategy to manage its debt effectively.

Icahn Enterprises (IEP) reported a third quarter net loss of $714 million, translating to a loss of $3.14 per depositary unit. Revenues for the quarter were reported at $722 million, a significant decline from $2.3 billion in Q3 2019. The nine-month revenue total was $3.4 billion, down from $6.4 billion in the previous year. Adjusted EBITDA for the third quarter was $(550) million, worsening from $(121) million year-on-year. Despite the losses, the board declared a quarterly distribution of $2.00 per depositary unit, set to be paid by December 29, 2020.

Pep Boys, a prominent automotive service provider, has partnered with Progressive’s Keys to Progress program for the third consecutive year, donating safety kits and $300 gift cards to 45 U.S. military veterans and their families who received vehicles. This initiative is part of a broader effort to support veterans, providing essential resources to help them regain mobility and improve their lives post-service. Since its inception, the Keys to Progress program has donated over 750 vehicles to veterans, showcasing a commitment to giving back to those who served.

Pep Boys, a leading automotive service network, received six awards at the 2020 Automotive Communications Awards. These accolades recognize excellence in advertising and marketing within the auto care industry. Initiatives honored include the "Go Further Red Door" brand introduction and community support programs such as the Progressive's Keys to Progress initiative. Pep Boys aims to reintroduce its brand to meet changing consumer needs and enhance its growth strategy through innovative marketing and outreach efforts.

Pep Boys has announced its return as a national sponsor of Toys for Tots, facilitating donations through nearly 1,000 collection bins at its locations. Customers donating toys will receive a 25% discount on merchandise and service purchases. Additionally, Pep Boys is pledging a $25,000 donation to the program, emphasizing the importance of charitable efforts during the holiday season. The initiative aims to support less fortunate children and strengthen community ties during a challenging year.

Icahn Enterprises L.P. (NASDAQ:IEP) announced plans to discuss its third quarter 2020 results on a conference call scheduled for November 6, 2020, at 10:00 a.m. ET. The call will be accessible via a live webcast on the company’s website, with an archive available post-event. Icahn Enterprises operates across seven segments: Investment, Energy, Automotive, Food Packaging, Metals, Real Estate, and Home Fashion. The release includes forward-looking statements regarding potential risks and uncertainties affecting future performance, particularly due to the COVID-19 pandemic.

Icahn Automotive, part of Icahn Enterprises (NASDAQ: IEP), announced the appointment of Elisa Bannon-Jones as Chief People Officer and Deborah Brundage as Chief Marketing Officer. Bannon-Jones will enhance human resources strategies, while Brundage will direct marketing efforts to boost customer engagement. Brian Kaner stated that both executives bring valuable expertise that will strengthen company culture and customer experiences. This leadership change supports Icahn Automotive's strategy to separate its Parts and Service operations, aimed at capitalizing on market opportunities.

Icahn Enterprises announces significant management changes, including the appointment of Brett Icahn to the Board of Directors and his acquisition of $10 million in depositary units. Brett, son of Chairman Carl Icahn, will manage a new portfolio of assets within the Investment segment over a seven-year term, with Carl retaining veto rights. The company also revealed a management succession plan, anticipating that Brett will eventually succeed Carl as Chairman and CEO. Additionally, Icahn Capital LP has hired three new portfolio managers to support Brett's initiatives.