Icahn Has A Happy Day, Racks Up Gains of At Least $350M

Activist investor Carl Icahn is having a nice day today. Here's why:

1. Bristol -Myers (NYSE: BMY) sent Mr. Icahn a letter presenting a $60 per share offer for ImClone Systems (Nasdaq: IMCL). Icahn is the Chairman of ImClone, and owns 11,669,544 shares of the biotech company. With shares of ImClone trading up to 37%, to $63.84 today, Icahn made a cool $200+ million just today in the stock. Icahn's cost basis on ImClone is about $33 per share, suggesting Icahn could make a 100% profit on his trade if ImClone is sold for around $66 per share. If the company is sold for $60, that's still a 80% profit.

2. Motorola Inc. (NYSE: MOT), a stock Carl has been involved with for a long time, is up 12% after topping Q2 estimates and providing guidance above the Street. Carl is up about $126 million in MOT today, although he is still underwater in the stock.

3. Amylin Pharmaceuticals Inc. (Nasdaq: AMLN), a stock Carl has been invloved with and has pushed to put itself up for sale, is up 11% today on speculation it could be the next biotech takeover target following the ImClone news. Carl is up about $22 million today on the trade.