Caesars Entertainment's stock surges after Icahn confirms buying 10% stake

Billionaire activist investor Carl Icahn disclosed Tuesday that he owned 66.05 million shares of Caesars Entertainment Corp. , or 9.8% of the shares outstanding. That would be enough to make Icahn the third-largest shareholder of the casino operator. Caesars' stock rallied 5.1% in afternoon trade, to put it on track for a 4-month closing high. Icahn's disclosure confirms a report in The Wall Street Journal last week that Icahn owned a 10% stake and planned to push the company to consider selling itself. A filing with the Securities and Exchange Commission on Tuesday showed that Icahn acquired the shares, through his High River Limited Partnership, Icahn Partners L.P. and Icahn Partners Master Fund L.P. entities, between Jan. 15 and Feb. 14. The stock has run up 16.6% over the past three months, while the S&P 500 has gained 3.4%.

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