The bottom is where the leftist, elitist globalist billionaires decide to stop shorting and then they start buying back at all us little guy investors’ expense. This is a one off, driven by unnatural events...I.e., not done this before...so, predicting based on multiple ifs, is fool’s errand. I’m buying BA, OXY, GE at some point today.
Carl Icahn Boosts Occidental Stake to Almost 10% as Shares Plummet
Billionaire shareholder activist has criticized $38 billion acquisition of Anadarko
Carl Icahn is seeking to replace Occidental’s entire board.
By Cara Lombardo
Updated March 11, 2020 7:49 pm ET
Carl Icahn has doubled down on a fight to take control of Occidental Petroleum Corp., OXY -17.71% buying up more shares of the embattled oil-and-gas producer in recent days as its stock price plummets.
The billionaire shareholder activist now owns almost 10% of Occidental, he said in an interview Wednesday. He held a roughly 2.5% stake as of the end of last year.
For almost a year, Mr. Icahn has been loudly criticizing Occidental’s $38 billion acquisition of Anadarko Petroleum Corp. and campaigning for the ouster of Chief Executive Vicki Hollub, the main architect of the deal. Occidental outbid its much-larger rival Chevron Corp., relying on $10 billion of pricey financing from another octogenarian billionaire investor, Warren Buffett.
Doesn’t it remind you of the 2008 monkey shines that went on while “O” was nominated the first time?
I would not buy OXY with your money.
Serious question though, why would you? Do you think the 80% dividend cut is going to save them?
My feeling, and that is all it is, is that they are ripe for acquisition by the original Anadarko suitor. I guess that could be a reason to buy them.