Icahn Low Balls Federal Mogul With $7 Bid For Remaining Shares

Federal Mogul FDML shares are trading higher by $2.45 at $7.43 in Monday's session. Carl Icahn, who owns 82 percent of the company, is attempting to acquire the remaining 18 percent at $7 share. The issue is trading higher for the fourth day in a row, rallying 77 percent from its $4.18 to its current level. It should be not Federal Mogul gained $0.57 on Friday ahead of its Q4 report today. The company posted a Q4 EPS beat of a dime with slight revenue miss. The Street is not going to let Icahn off that easy and has taken the issue well above that price, so far reaching $7.70 before retreating.