Report: False Icahn Rumor Moves IBM

Loading...
Loading...
International Business Machines Corp.'sIBM
2 percent gain earlier Monday was touched off by a false rumor that activist investor Carl Icahn had been buying shares, a CNBC TV reporter said. Citing unnamed sources, the report at about 2:30 p.m. ET, said Icahn "has absolutely no involvement in IBM."
IBM shares retreated slightly in afternoon trading but were still up 0.8 percent recently, at $162.22. A
similar, unsourced rumor
surfaced several weeks ago regarding Icahn's interest in IBM. Following the company's earnings miss last month, New York Times business columnist Andrew Ross Sorkin
commented
that the company's massive stock buybacks and dividend payments "have managed to keep activists and vocal hedge-fund investors at bay — at least so far." But if IBM's performance doesn't turn around soon, Sorkin said the company may face "a mini- mutiny."
Posted In: CNBCNewsRumorsMediaCarl Icahn
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...