S&P warns it may cut Icahn Enterprises to junk status

U.S. ratings agency Standard & Poor's warned on Friday it may cut the credit rating of billionaire investor Carl Icahn's Icahn Enterprises to junk status because the portfolio had suffered heavy losses in the last few months. S&P put the company on "CreditWatch with negative implications," the agency said in a statement. The news hurt shares of Icahn Enterprises, which were down 5.7 percent in afternoon trading at $51.73.