He stole Pep Boys from the wrench heads over at Bridgestone.
Bridgestone cowered behind a column of sub-quality tires today, announcing they were backing out from the bidding contest they found themselves in with Carl “permanent capital” Icahn, who won the deal for $18.50.
Shares of PBY are down 3% in after hours trade, as degenerate gamblers file out of the stock, disappointed that the idiotic bidding war had ended.
As an aside, Carl’s holding company, IEP, is down 28% for the year, with losers on the books such as CHK, LNG, FCX, FDML, NAV and HTZ. He’s been somewhat insulated due to his overweight exposure in AAPL and CVI.
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Carl sold $NFLX below $400 (pre-split). He isn’t perfect.
He made $3 bill on NFLX, long from $60
Why Pep Boys? Autos are all computerized now and dealers do the repairs. A crash in Gov backed auto loans leads to a used car nation? Manny Moe and Jack are Jiffy Lube with tires. Ghetto service that peeps in the ghetto do themselves.
He beats up little babies like Ackman on the regular. He doesn’t like whiners.
Maybe he is positioning for the next collapse. Auto parts/repair companies like AZO, AAP, ORLY kicked ass when people stopped buying cars in the last recession. Who thinks we can keep up the pace of car buying when the shit hits the fan. As far as I’m concerned the top is in for car sales. Next we’ll be hearing of 30 yr notes to match your mortgage.