Icahn Gets a Lyft; Bank of America Gets Schooled; FXCM Still Burns: Finance Winners & Losers

 

NEW YORK (TheStreet) -- Activist investor Carl Icahn decided Uber, the ride-sharing service taking over urban highways, might benefit from some competition and the CEO of one of America's biggest banks made headlines after being taken to task by an eighth-grader.

Those developments are among Friday's highlights in banking and finance, occurring against the backdrop of a 0.4% drop in the S&P 500 Financial Index. The broader markets were also flat, which allowed the S&P 500 to hold onto its record high from Thursday. Meanwhile, the Dow closed up 20 points while the Nasdaq closed down 2 points in its third weekly decline in a row.


If a dismal week for the tech-heavy Nasdaq soured you on Silicon Valley, you may be relieved to hear about Carl Icahn taking a $100 million stake in Lyft, the San Francisco-based ride sharing company. The start-up is now valued at $2.5 billion.

It is tough to imagine Icahn, a man who is known for traveling by private jet, taking an interest in a ride-sharing company. What is even more surprising is that Icahn didn't share his investment via Twitter (TWTR) where he announced his position in Apple (AAPL) two years ago.

As for his interest in Lyft, Icahn told the New York Times:

"There's room for two in this area," Icahn said. "What I'm saying is there is a secular change going on with the way people are getting around, and with urbanization, it means more people living in urban areas.

If you liked this article you might like

Preet Bharara Was Wall Street's Top Cop But Now He Is Just a Big-Time Podcaster

Shark Tank Star Kevin O'Leary Is Trying to Solve America's Retirement Crisis

The 12 Most Ridiculous Kitchen Appliances You Can Buy From Amazon