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CNBC Transcript: CNBC Exclusive: Icahn Enterprises Chairman Carl Icahn Speaks with CNBC's "Fast Money" Today

WHEN: Thursday, January 8th

WHERE: CNBC's "Fast Money"

Following is the unofficial transcript of a CNBC interview with Icahn Enterprises Chairman Carl Icahn today on CNBC's "Fast Money." Following are links to the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000345052 and http://video.cnbc.com/gallery/?video=3000345040.

All references must be sourced to CNBC.

MELISSA LEE: AFTER A HUGE SELL OFF IN THE ENERGY SECTOR OVER THE PAST MONTH, ENERGY STOCKS ARE BOUNCING BACK, POWERING THE MARKET RALLY IN THE LAST TWO SESSIONS. AND ONE BILLIONAIRE INVESTOR HAS BEEN ALONG FOR THE WHOLE RIDE. JOINING US NOW IN AN EXCLUSIVE INTERVIEW, A FREQUENT GUEST ON THE PROGRAM OVER THE LAST EIGHT YEARS, ACTIVIST INVESTOR CARL ICAHN, CHAIRMAN OF ICAHN ENTERPRISES. CARL, GREAT TO SPEAK WITH YOU.

CARL ICAHN: YEAH, GOOD TO TALK TO YOU, MELISSA.

LEE: THANKS SO MUCH FOR HELPING US CELEBRATE OUR EIGHTH ANNIVERSARY AND THANKS FOR BEING A FRIEND TO THE SHOW FOR SO LONG.

ICAHN: WELL, CONGRATULATIONS. CONGRATULATIONS A LONG TIME.

LEE: I WANT TO TALK TO YOU FIRST ABOUT WHAT IS GOING ON IN THE ENERGY SECTOR. A LOT STOCKS HAVE BEEN BEATEN DOWN. A COUPLE OF YOUR HOLDINGS IN PARTICULAR. RIG WAS DOWN, WHAT? 60 PERCENT IN 2014. YOU ARE THE THIRD LARGEST SHAREHOLDER. WHAT DO YOU EXPECT TO HAPPEN TO ITS DIVIDENDS AND YOU KNOW, WOULD YOU CONSIDER THIS – MAYBE YOU ARE TRAPPED IN A VALUE TRAP RIGHT NOW.

ICAHN: YEAH, LOOK, I CAN TALK GENERALLY. YOU KNOW, WE'RE ON THE BOARD – OR I HAVE A CONFI WITH THOSE ON THE BOARD. WE HAVE OUR REPRESENTATIVES ON THE BOARD SO I REALLY CAN'T TALK ABOUT ANYTHING ESPECIALLY WITH THE WINDOWS CLOSED. BUT JUST GENERALLY, I THINK THERE IS TOO MUCH INVENTORY OBVIOUSLY. AND YOU KNOW, CONSUMPTION HAS COME DOWN IN THE WORLD. SO I DO THINK THAT THE OIL ACTUALLY WILL PROBABLY GO LOWER. AND YOU KNOW, I'M NOT HAPPY ABOUT THAT. BUT I THINK THOUGH IT WILL GIVE GREAT OPPORTUNITIES IN THE FUTURE. AND BECAUSE I THINK IN A FEW YEARS BECAUSE OF THE DEPLETION AROUND THE WORLD TO FOUR PERCENT AND BECAUSE I THINK OIL CONSUMPTION WILL GO UP AROUND THE WORLD IF NOT IN THE UNITED STATES, WHICH STAYS ABOUT EVEN. I THINK OIL WILL COME BACK AND I THINK THERE WILL BE SOME GREAT OPPORTUNITIES ESPECIALLY IN THE SERVICE AREAS. BUT RIGHT NOW, YOU KNOW, I CAN'T TELL YOU EVEN THOUGH I OWN LARGE POSITIONS IN THEM THAT THEY ARE GOING TO GO UP. I THINK IN FACT THEY ARE GOING TO GO LOWER, BUT THAT IS MY OPINION IN GENERAL. I'M NOT TALKING ABOUT ANY SPECIFIC COMPANY.

LEE: SURE. SO YOU THINK THAT THERE WILL BE VALUE IN THE COMING MONTHS, YEARS, OR SO, BUT NOW IS NOT THE RIGHT – I MEAN YOU ARE A VALUE INVESTOR –

ICAHN: WELL, MAYBE NOT MONTHS.

LEE: SO YOU ARE NOT LOOKING RIGHT NOW? NOW IS NOT THE TIME TO BE GOING OUT THERE AND BUYING OR CREATING NEW POSITIONS IS IT?

ICAHN: I WOULD SAY THIS, I'M NOT SAYING THE NEXT MONTH – I THINK THERE WILL BE TREMENDOUS OPPORTUNITIES IN THEM. I'M LOOKING FORWARD TO POSSIBLY GETTING INVOLVED AT THAT TIME, BUT RIGHT NOW IS EXTREMELY QUESTIONABLE. AND THERE IS JUST TOO MUCH INVENTORY. AND YOU KNOW, BUT SOMETHING FROM LEFT FIELD COULD COME IN. BUT THERE IS JUST TOO MUCH PRODUCTION AND TOO MUCH INVENTORY SO I DON'T SEE OIL ITSELF GOING UP. YOU KNOW, YOU SEE THE SERVICE COMPANIES GET SOLD ON THAT. SO THAT IS MY OPINION FOR WHAT IT IS WORTH GENERALLY.

LEE: WELL A LOT OF PEOPLE VALUE YOUR OPINION, CARL. AND I'M CURIOUS ALSO AS TO WHETHER OR NOT YOU THINK THERE COULD BE VALUE IN THE SHALE PLAYS. BECAUSE THOSE HAVE GOTTEN BEATEN DOWN TREMENDOUSLY AND IF YOU DO THINK THAT OIL IS STABILIZING THAN PERHAPS THEY WOULD HAVE THE MOST UPSIDE.

ICAHN: I AGREE WITH YOU – SOME OF THEM WILL. THERE ARE SOME SHALE PLAYS THAT ARE VERY INTERESTING. OTHERS I THINK, YOU KNOW, WERE VALUED ON THE BASIS OF SAY 80 TO 90 DOLLARS WTI AND A LOT OF SPECULATORS WENT IN AND I DON'T KNOW THAT THEY ARE – I'M JUST TALKING VERY GENERALLY – SOME OF THE SHALE PLAYS WILL BE GREAT. OTHERS MAY NOT. AND YOU HAVE TO KNOW WHAT YOU ARE DOING THERE. AND YOU HAVE TO BE A VERY ASTUTE – NOT ONLY INVESTOR, BUT A COMPANY THAT REALLY KNOWS HOW TO DO THE SHALE. I THINK YOU HAVE TO – IT IS NOT A SIMPLE THING WHEN YOU ARE DOING THAT SHALE AND YOU ARE PRODUCING AGAINST THE REST OF THE WORLD AND I THINK THAT WASN'T REALIZED AND A LOT OF SPECULATORS CAME INTO IT. BUT I DO THINK THAT CERTAIN SHALE PRODUCERS ARE GREATLY UNDERVALUED, BUT THEY MAY GO LOWER, YOU KNOW. THAT IS THE REAL ISSUE.

KAREN FINERMAN: HEY CARL, IT'S KAREN. BEFORE I ASK YOU A QUESTION, I JUST WANT TO THANK YOU VERY MUCH FOR CALLING IN. AND THANKS FOR ALL OF THE IDEAS AND ACTUALLY THE ENTERTAINING FACTOR AS WELL THAT YOU HAVE PROVIDED FOR US. SO THANK YOU VERY MUCH. BUT SPECIFICALLY WHAT I WANTED TO GET TO IS MANITOWOC, WHICH I HAVE OWNED FOR AWHILE. AND I KNOW YOU HAVE RECENTLY TAKEN A STAKE. AND I WONDER – THIS MERGER OF A FOOD SERVICES BUSINESS AND THE CRANE BUSINESS HAS OBVIOUSLY NOT PRODUCED WHAT THEY HOPED IT WOULD. IS THERE ANYTHING THAT MANAGEMENT COULD TELL YOU THAT WOULD MAKE YOU THINK MAYBE THESE TWO BUSINESSES STAYING TOGETHER IS REALLY A GOOD IDEA?

ICAHN: WELL I DON'T KNOW. WE ARE GOING TO BE TALKING TO THEM AND WE ARE GOING TO BE SPEAKING WITH THEM – ACTUALLY HAVING DINNER WITH THE CEO – AND WE WILL CERTAINLY TALK ABOUT IT. AND IN MY 13-D, YOU READ MY 13-D –

FINERMAN: I DID.

ICAHN: SO YOU KNOW MY FEELINGS AT THIS TIME. BUT OBVIOUSLY, WE ALWAYS HAVE TO HAVE AN OPEN MIND, BUT YOU KNOW, RIGHT NOW, AS WE HAVE SAID, WE SORT OF BELIEVE THEY SHOULD BE SEPERATED.

FINERMAN: I AGREE. FOR WHATEVER THAT IS WORTH, YOU CAN TELL HIM.

ICAHN: YEAH, OK.

FINERMAN: OK. LET HIM KNOW THAT.

ICAHN: HEY KAREN, I WILL GIVE HIM YOUR MESSAGE. I WILL GIVE HIM YOUR MESSAGE. OK.

FINERMAN: THANK YOU. I APPRECIATE THAT.

GUY ADAMI: CARL, IN THE WORLD WE LIVE IN NOW, WITH RATES AS LOW AS THEY ARE, WITH MONEY AS CHEAP AS IT IS, IS THERE ANYTHING – IS THERE ANY STOCK TOO BIG FOR AN ACTIVIST TO BE INVOLVED IN?

ICAHN: OH YEAH. I MEAN SOME OF THE VERY LARGE STOCKS TODAY AN ACTIVIST – YOU KNOW, YOU COULD PERIPHERALLY TALK TO THEM AND GET YOUR POINTS ACROSS AND I THINK INTERESTINGLY, YOU KNOW, THEY DO LISTEN. AND I THINK THE WORLD HAS CHANGED SO – AND YOU DO GET YOUR POINTS ACROSS AND YOU KNOW, WE HAVE CERTAINLY HAD SOME GOOD RESULTS. I MEAN, YOU KNOW, EBAY IS SPLITTING, AND I HOPE THEY LISTEN. ACTUALLY, I DO BELIEVE THAT WHEN WE PUSHED FOR THAT BUYBACK AT APPLE, IT HAD SOME EFFECT. AND I DON'T THINK ANYBODY WOULD DENY THAT. SO YOU CAN DO THAT. BUT YOU KNOW, SOME OF THESE COMPANIES I THINK THEY ARE BEING VERY WELL RUN. OTHERS WE DON'T. YOU KNOW, APPLE IS MY FAVORITE STOCK. WE DID GREAT WITH IT AND I THINK TIM COOK IS DOING A GREAT JOB AND I THINK APPLE IS STILL VERY UNDERVALUED.

LEE: IS IT STILL THOUGH, THE NO BRAINER THAT IT WAS WHEN YOU FIRST SAID IT WAS A NO BRAINER AFTER THIS RUN?

ICAHN: YEAH, YOU KNOW, IT IS FUNNY. BUT I THINK IT IS BECAUSE – HEY LOOK, THAT DOESN'T MEAN IT ISN'T GOING TO GO UP AND DOWN. BUT I DO THINK IT IS A NO BRAINER BECAUSE I THINK IT IS ALMOST BETTER THAN IT WAS WHEN WE TALK ABOUT IT IN CERTAIN WAYS. I THINK, YOU KNOW, THE WAY THE IPHONE 6 WORKED, THE WATCH THAT IS COMING OUT WE HOPE WILL BE GOOD. BUT YOU HAVE TO REMEMBER THAT WHAT IS AMAZING ABOUT APPLE IS YOU ARE REALLY BUYING IT – WE THINK AT NINE TIMES EARNINGS. SO YOU KNOW BECAUSE WE TAKE CREDIT – I MEAN A LOT OF ANALYSTS SAY, WELL THE 150 BILLION DOESN'T COUNT OR IT IS MORE THAN THAT NOW. MAYBE 170 – I DON'T KNOW. AND THAT IS SORT OF – FROM MY WAY OF THINKING, IS SORT OF INSANE. I MEAN, IF YOU HAVE 170 BILLION, DOESN'T IT COUNT?

LEE: RIGHT.

ICAHN: I'D LIKE TO THINK ANYONE THAT THEY CAN – SO IF YOU HAVE MONEY I GUESS THEY SAY, WELL, YOU'RE NOT INVESTING IT AT THE MOMENT. IT DOESN'T MEAN ANYTHING. I MEAN, A LOT OF ANALYSTS LOOK AT IT THAT WAY. SO IF YOU LOOK AT THIS COMPANY, AND YOU SUBTRACT THE CASH FROM IT, YOU ARE GOING IN AT NINE TIMES EARNINGS. AND YOU ARE IN A COMPANY THAT IS IN THE GREATEST GROWTH INDUSTRY IN THE WORLD WITH CERTAINLY PART OF AN OLIGOPOLY IF NOT A MONOPOLY IN THEIR PRODUCT. SO YOU ARE GOING TO BE TALKING ABOUT A LONG TIME. SO, I OBVIOUSLY HAVEN'T SOLD A SHARE OF IT. IN FACT, WE BOUGHT A LITTLE MORE AND I JUST THINK IN THE INDUSTRY THEY ARE IN, IT IS EXTREMELY, EXTREMELY DIFFICULT TO COMPETE WITH THEM. AND THEY ARE GOING TO TAKE MORE AND MORE MARKET SHARE BECAUSE THEY ARE A GREAT ECOSYSTEM. SO YOU COULD – YOU GOT ME GOING ON IT, I DON'T WANT TO YOU KNOW, SIT HERE AND TALK ABOUT APPLE, BUT I DO THINK –

LEE: BUT THE BOTTOM LINE HERE IS, YOU STILL THINK IT IS A NO BRAINER AND YOU BOUGHT A LITTLE BIT MORE.

ICAHN: WELL, I'M NOT GOING TO SAY WHAT I BOUGHT IT, WE BOUGHT A FEW MONTHS AGO – THREE, FOUR MONTHS AGO.

LEE: OK.

ICAHN: BUT YOU KNOW, BUT WE CERTAINLY HAVE A GREAT, VERY LARGE POSITION. IT IS BY FAR OUR LARGEST POSITION.

LEE: SURE. I WANT TO SWITCH GEARS, CARL. AND TALK TO YOU ABOUT TWITTER. OBVIOUSLY, THERE ARE THOSE RUMORS. SCOTT WAPNER HAS TALKED TO YOU SINCE THEN ABOUT THE RUMORS. YOU HAVE RAILED OVER THE YEARS ABOUT MEDIOCRE CEOS. AND I'M WONDERING WHAT YOUR TAKE OF DICK COSTOLO IS. HE HAS THIS PROPERTY, YOU ENJOY USING TWITTER AS A TOOL TO GET YOUR MESSAGE OUT, TO GET YOUR WORD OUT. WHAT DO YOU THINK IS GOING ON AT THIS COMPANY? BECAUSE THIS STOCK HAS NOT BEEN TRADING WELL.

ICAHN: YEAH, NO. I REALLY DON'T KNOW. YOU KNOW, I DON'T LIKE TO TALK ABOUT SOMETHING I'M ONLY, YOU KNOW, LOOK AT PERIPHERALLY. I TALK ABOUT COMPANIES I BELIEVE THAT – MAYBE IT IS MY OBSESSIVE PERSONALITY, BUT I BELIEVE THAT YOU TALK ABOUT COMPANIES THAT YOU HAVE A FEEL ON, OR YOU ARE GOING TO BE AN ACTIVIST IN. AND SO THEREFORE, I'M NOT GOING TO COMMENT ON TWITTER. I'M NOT INVOLVED IN IT AND I'M CERTAINLY NOT THE RIGHT GUY TO TALK ABOUT IT.

LEE: SO IF YOU DON'T EVEN WANT TO COMMENT PERIPHERALLY ON COMPANIES YOU ARE NOT GOING TO GET INVOLVED IN, CAN WE JUST THEN ASSUME THAT THIS IS NOT EVEN ON YOUR RADAR? THAT TWITTER – IT IS NOWHERE NEAR BEING A TARGET FOR YOU.

ICAHN: I MEAN, LOOK, I NEVER SAY SOMETHING IS NOT ON MY RADAR BECAUSE I DON'T WANT – YOU KNOW, IN TWO OR THREE WEEKS MAYBE YOU CHANGE YOUR MIND. BUT DON'T THINK I'M CHANGING MY MIND. I JUST WANT TO CAVEAT IT. BUT YOU KNOW, I GET A LITTLE ANGRY WITH PEOPLE THAT COME OUT WITH THESE RUMORS ABOUT ME. YOU KNOW, BUYING SOMETHING OR GETTING INVOLVED IN. AND I WILL TELL YOU I DON'T OWN ANY TWITTER. AND I NEVER DID. SO, NOT THAT I DON'T LIKE THE COMPANY. I MEAN, WE DO TWITTER AND WE GET INVOLVED WITH IT AND IT IS A GREAT CONCEPT, BUT I HAVE NO REAL FEELING ABOUT IT. AND SO I WILL JUST LEAVE IT AT THAT.

LEE: ALRIGHT, CARL. WE ARE GOING TO LEAVE IT THERE. BUT THANK YOU SO MUCH FOR PHONING IN. AND AGAIN, THANKS FOR YOUR FRIENDSHIP TO THE SHOW FOR THE PAST EIGHT YEARS.

ICAHN: AND CONGRATULATIONS AGAIN ON YOUR ANNIVERSARY.

LEE: THANK YOU. CARL ICAHN.

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