– Carl Icahn Covers 3 Million NFLX Shares On 457% Gain (ZeroHedge, Oct 22, 2013):
Just as we wondered earlier in the day…
2 Hours ago: “Has Icahn tweeted an update on his NFLX position yet?” https://t.co/zsWaZ42Yw2
— zerohedge (@zerohedge) October 22, 2013
What is perhaps most worrisome for the market is the sale of 2.99 million shares collapsed the market cap by around 20%…
Sold block of NFLX today. Wish to thank Reed Hastings, Ted Sarandos, NFLX team, and last but not least Kevin Spacey: http://t.co/BRWpKOBfD2
— Carl Icahn (@Carl_C_Icahn) October 22, 2013
Our guess is that there is no way Icahn announced this without protecting the rest of his position… so expect volatility to get a little crazy as the OTC positions begin to be unwound and more of his position unwound…
Of course, he hedges his sell…
- ICAHN SAYS NETFLIX REMAINS `SIGNIFICANTLY UNDERVALUED’
- NETFLIX HOLDER ICAHN REPORTS SALE OF 2.99M SHRS
- ICAHN CITES 457% NFLX SHR PRICE BOOST SINCE ORIGINAL INVESTMENT
Of course it’s “undervalued” – he still has millions more shares to sell to hapless bagholders. Such as the algo that bought NFLX at $390 24 hours ago, to which all we have to say is: 0100101001110101011100110111010000100000010000100101010001000110010000010101010001001000