Trump Effect: CVR Energy surges after Icahn picked to advise on regulation
Shares of CVR Energy (CVI) have jumped after President-elect Donald Trump announced that Carl Icahn has agreed to serve as a special advisor on regulatory reform. The billionaire investor has a controlling stake in CVR Energy. NEW AND NOTABLE: This morning, President-elect Donald Trump announced that Carl Icahn has agreed to serve as a special advisor to the President on issues relating to regulatory reform. In the announcement, Trump called Icahn "not only a brilliant negotiator, but also someone who is innately able to predict the future especially having to do with finances and economies." "His help on the strangling regulations that our country is faced with will be invaluable," Trump added. According to sources cited in a prior Wall Street Journal report, Icahn was among several individuals consulting President-elect Trump on who should lead the EPA. Trump has appointed Oklahoma Attorney General Scott Pruitt to head the EPA. Pruitt's work on de-regulation has seen him lead several lawsuits against the agency in the past. PRICE ACTION: Shares of CVR are up 10% to $23.59 in early trading. Over the last month, the stock has gained about 30%.