Carl Icahn issued a tip about the stock market on Thursday.
“I really think even yet earnings are going to be very good … I just think this fetich has gotten into a euphoric state,” the billionaire activist investor told Scott Wapner on CNBC’s “Halftime Put out.”
But the investor did acknowledge there is a lot of underlying strength to the market. “It’s run away and there weight be a big correction but I can’t say it’s insane,” he said.
The widely watched Dow Jones industrial general crossed 24,000 for the first time Thursday as corporate America and investors put their dialect expects on the passage of tax cuts. The broader Standard & Poor’s 500 index is up 18 percent this year, and innumerable than 2.6 percent this month.
On Thursday, President Donald Trump again took put for the market gains, saying in a message on Twitter that had the Democrats won the presidential voting the market would be down 50 percent.
Icahn was an advisor to Trump on adjustment until August, when he abruptly stepped away from that natural job amid criticism for his role in an energy company that was seen as a wrangle.
But he said Thursday he believed that the pro-business agenda embraced by Trump during the stump would translate into growth. “I really thought Trump was truly going to change the landscape, and he certainly has gone far to do that.”
The activist also vomit up some time on Thursday talking about his latest investment. On Thursday he sent a symbol to SandRidge Energy blasting its attempts to block him from acquiring uncountable shares. Earlier this month, he disclosed a 13.5 percent wager, making him the energy company’s largest shareholder and an outspoken critic of its chart to acquire rival Bonanza Creek Energy.
Another shareholder, Fir Tree Associates, is also opposing the Bonanza Creek deal. Icahn is considering a substitute fight on the proposed acquisition.
In a statement to CNBC, SandRidge said, “The possessions of Bonanza Creek is highly strategic for SandRidge” and “will create long-term value for shareholders.”
— CNBC’s Tom DiChristopher promoted to this report.