Icahn Enterprises Shares Dip After Q2 Revenue Misses Estimates

Icahn Enterprises L.P. IEP shares are trading lower Wednesday after the company reported its second-quarter financial results. Here's a look at the key figures from the report. 

The Details:

Icahn Enterprises reported quarterly revenue of $2.2 billion which missed the analyst consensus estimate and represents a 13.39% decrease from the same period last year. The company reported a net loss of $331 million for the quarter. 

The company's indicative net asset value decreased by $969 million during the second quarter to approximately $4 billion as of June 30, 2024. 

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Icahn Enterprises' board of directors declared a quarterly distribution in the amount of $1.00 per depositary unit, which will be paid on or about Sep. 25, 2024, to depositary unitholders of record at the close of business on Aug. 19, 2024.

IEP Stock Prediction 2024:

Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.

Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Icahn Enterprises, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Icahn Enterprises, the 200-day moving average sits at $17.47, according to Benzinga Pro, which is above the current price of $16.04. For more on charts and trend lines, see a description here.

Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.

IEP Price Action: According to Benzinga Pro, Icahn Enterprises shares are down 3.97% at $16.08 at the time of publication Wednesday.

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