NEW YORK (TheStreet) -- LinkedIn (LNKD) rose for a second consecutive day Tuesday, following reports that activist shareholders may be getting a foothold in the social networking company. Intel (INTC) dropped after mixed reactions from analysts regarding its massive Altera (ALTR) buyout. Google (GOOG) (GOOGL) edged higher as it moves closer to launching its project Loon.
LinkedIn jumped 2% to close at $204.81, on a day when the broader markets fell.
The social networking site reportedly is attracting the interest of Carl Icahn, who may take a stake in the company, according to a report in Schaeffer's Investment Research. With talk of Icahn's interest emerging on Monday, LinkedIn's shares have risen 4.8% over the past two days, since its close of $194.93 on Friday.
A Barron's report, meanwhile, highlights talk that "unnamed activist investors" are taking a role in the company. One common dance between activist investors and reluctant companies involves a proxy fight where an activist seeks to grab some board seats on the target company by putting a vote to shareholders. However, in other cases, a deal can be worked out where an accommodating company will create or open a board seat for an activist shareholder or their representative.
LinkedIn is scheduled to have its annual shareholder's meeting Wednesday, in which one shareholder proposal is on the table asking for more diversity on LinkedIn's board of directors. The board is making on recommendation of how investors should vote on this matter.