Allergan's Stock Surges After Carl Icahn Discloses 'large' Stake

Shares of Allergan PLC surged 2.1% in morning trade Tuesday, after billionaire investor Carl Icahn disclosed on his website that he "recently acquired a large position" in the drug maker. Icahn said he was "very supportive" of Chief Executive Brent Saunders. Icahn had helped Saunders become the CEO of Forest Laboratories, which was acquired by Actavis in 2014; Actavis has since merged with Allergan. " We have every confidence in Brent's ability to enhance value for all Allergan shareholders," Icahn wrote on his website. The stock has tumbled 23% year to date, while the S&P 500 has gained 2.8%.