Newell Brands stock climbs 3.5% in falling market as Icahn says he has a stake

Shares of Newell Brands Inc. NWL,
-0.49%
showed a rare touch of green in a sea of ​​red on Thursday, after billionaire investor Carl Icahn said he had a stake in the company but had yet to decide which side to take in a battle current proxy. Newell, which owns brands such as Rubbermaid, Papermate and Elmer’s, is bracing for a proxy battle with activist investor Starboard Value LP, which is seeking to replace the entire board and its chief executive. Icahn told CNBC he considered the stock to be undervalued and had even considered nominating his own nominees to the board, but decided against it. Newell management said its board is currently comprised of “nine highly qualified and experienced directors, eight of whom are independent and all of whom are seasoned leaders.” The board is working to reduce costs and debt, while streamlining the business into nine operating units. Stocks rose 3.5% as major indexes fell sharply after President Donald Trump announced he would impose tariffs on steel and aluminum imports, sparking concerns concerns about protectionist trade policies that could affect US businesses and consumers. The Dow Jones Industrial Average DJIA,
-0.30%
was down more than 500 points, or 2%, and the S&P 500 SPX,
-0.57%
was down 1.7%.