Icahn sells big Netfix stake for 457 pct profit

NEW YORK (AP) - Activist investor Carl Icahn sold more than half of his Netflix stake for a 457 percent profit.

He says he and funds run by his son and a partner bought the shares for about $58 each, and sold them in several blocks this month for $304.23 and $341.44 apiece.

A filing on Tuesday shows he still owns 2.7 million shares, or 4.5 percent, of the Los Gatos, Calif., company.

Netflix shares hit an all-time high on Tuesday of $389.16. But investors started taking profits off the table, and it closed down 9 percent at $322.52.

Netflix has been shifting its focus from mailing DVDs to streaming movies. One of the people Icahn thanked on Tuesday was Kevin Spacey, the star of Netflix's show "House of Cards."


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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