Carl Icahn is fast becoming an undisputed guru of the US stock market. The billionaire is currently in the news after his rival Bill Ackman lost his bet against Herbalife. Icahn and Ackman had a long dispute over Herbalife, Icahn being bullish on the stock. Carl Icahn is also in the limelight these days after several reports suggested that he sold about $30 million worth of shares of a steel company just before President Trump revealed his plans about steel tariffs.
In this article we will talk about the biggest tech stocks held by Carl Icahn’s hedge fund, as of the end of the fourth quarter of 2017.
Xerox Corp (NYSE:XRX)
Carl Icahn’s hedge fund owns about 24.75 million shares of Xerox Corp (NYSE:XRX), having a total value of $721.68 million, as of the end of the fourth quarter of 2017. The fund made no changes in its position when compared to the third quarter of 2017. Xerox stock is down over 5.7% over the last six months. Icahn is currently backing Darwin Deason, one of the company’s biggest shareholders, to replace the board of directors amid Fuji’s bid to buy 50% of Xerox’s shares. Deason is suing Xerox and its board of directors for allegedly concealing the deal from the company’s shareholders for about 17 years.
Conduent Inc (NYSE:CNDT)
Carl Icahn owns about 19.81 million shares of Conduent Inc (NYSE:CNDT), as of the end of the fourth quarter of 2017. Conduent Inc (NYSE:CNDT) stock is up about 16% over the last six months. The New Jersey-based company reported a net income of $67 million, or $0.31 per share, up from $61 million, or $0.29 per share in the year-ago period. Analysts were expecting the company to earn $0.24 per share in the quarter. For the full-year 2018, Conduent, which was formed as a divestiture from Xerox, expects revenue to be flat to down 3% from 2017, better than the expected revenue decline of 2.6%.
Paypal Holdings Inc (NASDAQ:PYPL)
Carl Icahn’s fund owns 8 million shares of Paypal, as of the end of the fourth quarter of 2017. The total value of these shares is $588.96 million. Paypal stock is up about 29% over the last six months. However, it is important to note that this stake is 20% less than what Icahn held in the company in the third quarter of 2017. Paypal is in the news after reports that eBay is planning to ditch Paypal for Ayden. But investment firm Baird recently said in a report that Paypal’s growth will not be affected even if it loses its partnership with eBay. Baird’s analyst Colin Sebastian thinks that eBay contributions to Paypal were already declining. A latest report shows that Paypal has filed for a patent for faster cryptocurrency technologies.