While the reduction in FirstEnergy holdings is directly related to FE, it also provides insight into the investment strategies of the Icahn Group, which could have implications for IEP. However, without specific details on the reasons behind the stake reduction, the impact on IEP is less clear and thus considered neutral in the short term.

Carl Icahn's actions could be perceived negatively by the market as it may suggest a reduced level of commitment or confidence in FirstEnergy's management and future prospects, especially in the context of the ongoing federal corruption scandal. This could lead to short-term bearish sentiment among investors.