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Icahn Enterprises Attempts To Rebound After S&P Downgrade

Icahn Enterprises LP IEP 0.49% are nearly unchanged at $52.75 in Tuesday's session. The issue just rebounded from a spike to $51.53 that was triggered by a downgrade in its LP rating from BBB- to BB+ with a stable outlook.

The issue has lost almost two-thirds of its value since it peaked in December 2013 at $149.77 at the height the "I want to be like Icahn mania." That top coincided with multiple Icahn tweets boasting his large stakes in the markets.

The issue is still well off its three-year low of $42.50 that was made on February 11. At this time, Icahn has placed a large bet on a market meltdown as he now touts his 150 percent net short position.

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