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Carl Icahn says the market sell-off has longer to go even though some stocks are ‘awfully cheap’
This story is developing. Please check back for updates.Billionaire investor Carl Icahn said Friday that the coronavirus sell-off has made some stocks so cheap they’re being “given away.””Now it’s reached a point that there are some companies that are sort of just given away,” Icahn said Friday on CNBC’s “Halftime Report. “Some of these companies…
This story is developing. Please check back for updates.
Billionaire investor Carl Icahn said Friday that the coronavirus sell-off has made some stocks so cheap they're being “given away.”
“Now it's reached a point that there are some companies that are sort of just given away,” Icahn said Friday on CNBC's “Halftime Report. “Some of these companies are awfully cheap, they're very cheap,” he added.
But Icahn, who was bearish prior to the recent sell-off, doesn't see the turmoil that has sent the Dow and S&P 500 into bear market territory ending anytime soon.
“I'm not quite as bearish as I was even though it has a longer way to go down,” he said.
Icahn said that he's been buying stocks, including Occidental Petroleum and HP.
“These companies are good companies. Occidental, Hewlett-Packard … there are companies that should be bought. On the other hand, there are many very overpriced companies with very high multiples and too much debt on them and those should be sold,” he said.
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