Carl Icahn still lingers in Time Warner

There was a bit of a surprise in last night's 13 D filing of Carl Icahn: He still owned Time Warner Inc. (NYSE: TWX) shares. His holdings had dropped to 12.9+ million shares from more than 20 million shares at the end of Q4 2006. It is quite possible that since this is 45 days old that he has already cleaned out of more, but the prevailing thought back in January and February was that Icahn was out of Time Warner now. Twelve million shares is actually a small drop in the bucket for such a large company and it doesn't even come close to a 1% stake. But just having the name Icahn still on the books can invoke more news stories.

So it looks like Icahn may not be completely gone and forgotten as far as Time Warner is concerned. Rather he's only partly gone. And not forgotten.

The main positions you want to look at is where Icahn has entered new stakes. His new stakes are 3.1+ million shares in Anadarko Petroleum Corp. (NYSE: APC), 2.675 million shares of CSX Corp. (NYSE: CSX), and 4.588 million shares of Pride International (NYSE: PDE). We already knew about his 9.3 million share stake in Motorola (NYSE: MOT) because that was not just a passive stake.

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.