Portfolio Spotlight: Carl Icahn

Updated from 8:55 a.m. EDT

With all the news about Carl Icahn's strong encouragement of Yahoo!(YHOO Quote - Cramer on YHOO - Stock Picks) to sell itself to Microsoft(MSFT Quote - Cramer on MSFT - Stock Picks) for more than $34 per share, focus has been directed to Icahn -- who he is, and in what he invests. Carl Icahn is the famous corporate raider who got his start with his hostile takeover of TWA in 1985. Not many people are aware that Icahn attended medical school at the New York University School of Medicine after graduating from Princeton University with a B.A. in Philosophy. He made his billionaire fortune partly from the junk bonds issued by Michael Milken. Icahn's portfolio can be found at Stockpickr.com.

One of the Icahn stocks with the lowest price earnings to growth ratios is Perry Ellis International(PERY Quote - Cramer on PERY - Stock Picks), the Miami, Fla.-based apparel company that sells under various brand names including Perry Ellis, Axis, Tricots St. Raphael, Jantzen, John Henry, Cubavera, Natural Issue, Munsingwear, Grand Slam, Original Penguin and C&C California. The company recently reported that its latest quarterly earnings were down 4% due to integration of recently purchased brands, including Liz Claiborne's C&C California and Laundry Brands, and a closed distribution center. The stock has a P/E of 13 and a PEG of 0.56.

Perry Ellis shows up in an interesting Stockpickr portfolio called Vogue Magazine Sept 07 Advertiser's List, which lists the stocks of companies that advertised in Vogue. Other stocks in the portfolio include Luxottica Group SpA(LUX Quote - Cramer on LUX - Stock Picks), with a PEG of 1.27; Nike(NKE Quote - Cramer on NKE - Stock Picks), with a PEG of 1.32; and Allergan(AGN Quote - Cramer on AGN - Stock Picks), with a PEG of 1.22.

Another stock of Icahn with a low PEG is Lear(LEA Quote - Cramer on LEA - Stock Picks), the manufacturer of auto seat systems, electrical distribution systems and other electronic products. The company agreed to buy a 75% stake in the automotive interior fabric manufacturer, New Trend Group. The stock has a P/E of 6 and a PEG of 0.67.

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