right here, mr. icahn tweeted out he had sold half of his position. fabulous gain in that. look at that. >> that stock went down. it had a 20% reversal peak-to-trough here because he was getting out. a lot of people were riding his coat tails. let's move forward. last month the company reported a better than expected q1. the stock sold off again, almost 20% after that official earnings gap. now, again, you sold down a portion of positions, supposedly, he still owns 12.12 million shares. remember, people, this data is 45 days old. okay. so let's look at the cart right here. this is a company that actually, they're doing a lot of good things. they have tons of competition. they have regulatory issues. to me, it's a high regulatory fame. when the stock was 3.38 a while ago, i actually bought june 325 put to offset some of the decay here t. stock is at a crucial level here, if you look at this, it has to break right here. at the end of the day, it had a big pop. i think a lot of people were digesting the fact that mr. icahn might sell. i'm on the 325 putz

i think there were a lot of people digesting the fact mr. icahn might have sold.g the 325 puts in june. >> mike? >> this is a situation where it's a great company, but it's not a great stock. kevin spacey was speaking at the salt conference in las vegas this week. what he was talking about is this is a company that allows the creatives to do what they want, it gives consumers what they want, but it does not give investors what they want. it's trading at 131 times earnings and in an environment where the market is a little risky, you'd be foolish i think to think about getting long here. >> and just as dan has laid out, in terms of the pattern itself, the word dreadful comes to mind. >> dreadful. >> this is a textbook bullish to bearish reversal. you can calm it head and shoulders, top. we close at 349 and it looks like it's going to 250. >> on a short time basis, as a trader with a short position and i have time working against me, i'm actually really nervous about a break above 350 filling in that gap a little bit. >> possible, but that's the noisy part. i think

i think there were a lot of people digesting the fact mr. icahn might is sold.puts in june. >> mike? >> this is a situation where it's a great company, but it's not a great stock. kevin spacey was speaking at the salt conference in las vegas this week. what he was talking about is this is a company that allows the creatives to do what they want, it gives consumers what they want, but it does not give investors what they want. it's trading at 131 times earnings and in an environment where the market is a little risky, you'd be foolish i think to think about getting long here. >> and just as dan has laid out, in terms of the pattern itself, the word dreadful comes to mind. >> dreadful. >> this is a textbook bullish to bearish reversal. we close at 349 and it looks like it's going to 250. >> on a short time basis, as a trader with a short position and i have time working against me, i'm actually really nervous about a break above 350 filling in that gap a little bit. >> possible, but that's the noisy part. i think the bigger part is what you inferred which is this

when i spoke to mr. icahn, he said, we're unaware of an fbi investigation.ng like that. we've done nothing wrong. my 50-year record sun blemished. i've never given any insider information to anyone. i suppose, presumably, you know, investigators would be looking to speak with all three parties. phil mickelson, who's playing in ohio as we speak, this gambler, billy walters, in las vegas, and mr. icahn, who's built his reputation as one of the most powerful guys on wall street. certainly, a guy who's been reported to be in the last couple of years the richest guy on wall street. he's said to be worth now more than $20 billion. >> cnbc's scott wapner with the very latest on this investigation. scott, thank you. >> craig, thanks. >>> when people who look like me were not allowed to attend america's colleges and universities, we went to hbcus, historically black colleges and universities. that is how they started, but they are changing. in some cases, out of necessity. today we start what's going to be a weeks' long look at not just the challenges facing hbcus, b

up next we will speak live to mr. icahn his bold stand when the halftime returns live from the sohn investment conference live in new york city. ♪ ♪ over 1.2 billion eyeballs are on us during the two weeks at wimbledon. true tennis fans want to know what's happening, they don't want to just see what's happening, they want to know and understand why it's happening. anybody can just put data up, but we want to get a reaction, make it far more interactive. we rely on the cloud to provide that immersive digital capability. [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim from td ameritrade. female narrator: the mattress price wars are on the mattress price wars are on at sleep train. we challenged the manufacturers to offer even lower prices. now it's posturepedic versus beautyrest with big savings of

cheryl: those that criticize activist investors like mr. icahn, what they say they have their own motives at end of the day and they're not doing good things for the company at all. maybe the stock price is not performing next six months or a year but for the long-term health of the company, but for the business the company is running whether making computers or making herbal supplements they're not focused on good of doing business at the end of the a canadian pacific shareholder who watched stock price triple from the time ackman got in and started selling you might not think that. if you're a hess shareholder who saw the stock to up 65% before elliot got involved, you might not feel that way. there is attempt to portray activists as short termers. that is not true at all. many hold for years and years. some hold for six and seven years. you have data that shows their impact even five years later, even if they're out is positive for shareholders. >> sometimes it turns personal like with regards to herbalife for example. two very wealthy men fig

mr. walters knows phil mickelson. we don't know the real extent of the relationship between carl icahn and mr. walters. only that carl said i know who phil mickelson is, but i've never met him. >> does he talk at all about phil mickelson's role? did he say he may have known mr. walters? or did he just say, look, i don't know the guy? >> he just said, i don't know the guy. it's interesting that we're talking about a very high-profile story. there have been a number of insider trading cases that have developed over the years surrounding some well-known people and well-known investors we cover on a regular basis, but this has really ris be to a different level. talking about what the fbi and the ftc are taking a look at. you've got the richest guy on wall street. carl icahn's worth $20 billion. you have one of the most recognizable athlete notice world. who literally is on the golf course as we speak at jack nicholas's tournament out in ohio. one of the lead-up events to the u.s. open. he is on the golf curioourse as speak. >> so, scott, what do you make of phil mickelson saying, look, i'm cooperating ful

>> carl icahn has been very critical of mr. ackman's strategies here.ys he is not shorting herbalife. you have two activist investors going to dub different directions. >> it makes for quite the saga and we are adding to its here. harvey pitt. thank you so much. >> good to be with you. coming up, steve wynn does not see eye to eye with george clooney. find out what they do not agree on, after this break. ♪ >> all right, you know, a guy like steve wynn does not become a billionaire casino owner without amassing a few stories along the way, right? down with anle set exclusive interview with steve fondestss some of his memories of las vegas. >> frank sinatra and dean martin working weekends and my job was to fly them to atlantic city on my plane and bring them back to l.a. on sunday night. for three years, frank and dean were my guest and stars in my 500-seat showroom. and they were cutting up and raising hell and i got to hang out with them. that it clips is everything else i got -- i have ever done. making a commercial with frank and dean. >> would you s