T. Boone Pickens Picks Up 10 Million Yahoo Shares; Betting On Carl Icahn
This story was written by Joseph Weisenthal.
Legendary investor T. Boone Pickens has picked up 10 million shares of Yahoo (NSDQ: YHOO), on the basis that betting on Carl Icahn is a good one. Pickens made the announcement in an interview with CNBC's Becky Quick (via MarketWatch). Also on his side: abritrage specialist John Paulson, whose holdings were disclosed last week. And for all we know, there could be others all smelling the same blood.
For some context and background,Andrew Ross Sorkin profiles Icahn in today's NYT discussing his strategy and what makes him tick: "He's looking for a catalyst something that will move the stock price. And he doesn't care about understanding the intricacies of the business. His great talent is for smelling blood in the water first. 'I used to be a poker player,' he said. 'I play the odds.'"
It's no surprise then that he that he didn't dither at all before making his move, picking up shares the first day after Microsoft (NSDQ: MSFT) withdrew its bid.
By Joseph Weisenthal