Tenneco's (TEN, $2.92) 3.48 million shares bought by Carl Icahn
Tenneco revealed that activist investor Carl Icahn bought 3.48 million Tenneco Class A shares on April 1.
The Icahn Enterprises Holdings investment is worth $10.86 million at the close of trading April 1.
Icahn already was the company’s largest shareholder before that acquisition with a 9.9% stake.
Tenneco has been struggling with the COVID-19 pandemic’s impact. On Friday, it withdrew its first-quarter and full-year earnings guidance.
In January, Dan Ninivaggi, who used to run Icahn Automotive Group and also is a shareholder in Tenneco through his Protean Services firm, demanded that half of Tenneco’s board be replaced. He also suggested that Tenneco should raise cash - to make good on its debt - by selling its aftermarket-parts unit or by selling the entire company. The next day, Tenneco dropped co-CEO Roger Wood.
TEN in upward trend: price may ascend as a result of having broken its lower Bollinger Band on December 16, 2024
TEN may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options. In of 29 cases where TEN's price broke its lower Bollinger Band, its price rose further in the following month. The odds of a continued upward trend are .
Technical Analysis (Indicators)
Bullish Trend Analysis
The RSI Indicator points to a transition from a downward trend to an upward trend -- in cases where TEN's RSI Indicator exited the oversold zone, of 25 resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
The Stochastic Oscillator suggests the stock price trend may be in a reversal from a downward trend to an upward trend. of 67 cases where TEN's Stochastic Oscillator exited the oversold zone resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
The Moving Average Convergence Divergence (MACD) for TEN just turned positive on December 09, 2024. Looking at past instances where TEN's MACD turned positive, the stock continued to rise in of 42 cases over the following month. The odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where TEN advanced for three days, in of 272 cases, the price rose further within the following month. The odds of a continued upward trend are .
Bearish Trend Analysis
Following a 3-day decline, the stock is projected to fall further. Considering past instances where TEN declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
The Aroon Indicator for TEN entered a downward trend on December 24, 2024. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
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Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
