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Why Carl Icahn And Other Hedge Fund Titans Are Bullish On This Mining Company

Freeport-McMoRan Inc (NYSE:FCX)‘s stock opened 1% higher today following news of Carl Icahn‘s increased interest in the mining and energy company. According to a newly-amended filing with the Securities and Exchange Commission, Icahn Capital may be deemed to own exactly 100 million shares of Freeport-McMoRan, or 8.8% of the company’s common stock. Just 7.59 million of those shares were purchased by affiliated funds, while the remaining are shares underlying forward contracts. Since his initial filing in late August, Icahn has added exactly 12 million shares underlying forward contracts to his holding.

Carl Icahn - Icahn Capital Lp

His ruthless approach to activism has earned Carl Icahn the title of ‘corporate raider’, especially following his hostile takeover of Trans World Airlines in 1985. Paypal Holdings Inc (NASDAQ:PYPL)’s spin-off from eBay Inc (NASDAQ:EBAY), as well as a killer trade with Netflix, Inc. (NASDAQ:NFLX) that made Icahn a profit of more than $800 million in less than a year, are among his major recent successes. His affinity for Apple Inc. (NASDAQ:AAPL) is well known in the investment world, with the tech giant continuing to be his biggest bet: 52.7 million shares worth some $6.61 billion at the end of the second quarter. Icahn Capital is also heavily invested in eBay still, holding 46.2 million shares, as well as in Hologic, Inc. (NASDAQ:HOLX), a producer...