Carl Icahn Covers 3 Million NFLX Shares On 457% Gain

Carl Icahn Covers 3 Million NFLX Shares On 457% Gain (ZeroHedge, Oct 22, 2013):

Just as we wondered earlier in the day…

What is perhaps most worrisome for the market is the sale of 2.99 million shares collapsed the market cap by around 20%

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

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