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'Fast Money' Recap: Fund Manager Surprises


Finally, Nelson Peltz's idea was for PepsiCo (PEP) to take over Mondelez (MDLZ) to add to its portfolio of household snacks.

That said, shortly after Peltz spoke PepsiCo said that it was very satisfied with the performance of its own brands. But as Karen Finerman pointed out, what was the company supposed to say without looking weak? She added that Peltz was a good activist investor and worth the listening.

During the program, CNBC anchor Scott Wapner spoke to famed hedge fund manager Carl Icahn, who spoke about Dell (DELL), which holds a shareholder meeting Thursday. Icahn said he felt "good" about the company's prospects although he called Dell's board one of the worst he's ever seen.

Icahn couldn't say much but he said as an activist investor he is trying block the company going private by trumping founder Michael Dell's share offer. Icahn said he sees value of $15 to $18 per share. His proposed deal would include four warrants for every share of common stock.

Icahn, the company's second-largest shareholder, said the board should just leave it up to the shareholders. He added that should he win the bidding war, he already has a CEO candidate in mind. Icahn told Wapner he doesn't chase "great" businesses and pay "retail" for them. Instead, he tries to uncover companies that are being left for dead but still have value.

Shifting focus to Netflix (NFLX), Icahn noted that he hasn't sold one share yet. He also added that his son, who is a partner in his fund, threatened to quit the company if his father sold any of the fund's position. Since then Netflix has rallied about $100 per share.

Another stock Icahn hasn't sold is Herbalife (HLF), which sparked a war of words stock between Icahn and Pershing Square Fund Manager Bill Ackman. Icahn still expects the shares to move higher in the future.

A recent report by the Federal Trade Commission has claimed some of Herbalife's practices are "disturbing," but it didn't seem to shake Icahn, who has made approximately $250 million so far on the trade. Icahn joked that he now likes Ackman because he's made Icahn a lot of money. He noted that he never would have looked at Herbalife if it weren't for Ackman.

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