Is Carl Icahn Gearing Up For His Next Fight?

Is Carl Icahn rejiggering his portfolio to gear up for his next fight?

Afterall, last week alone he has slashed his stake in two of his holdings, and has cut back on three of his stocks in the past two weeks.

And keep in mind that at the end of the first quarter, he only has positions in 18 stocks. Two of them are Icahn entities where Icahn also serves as chairman—Icahn Enterprises L.P., the holding company for much of what he does and American Railcar Industries.

This means he has cut back on three of 16 non-Icahn controlled holdings.

For example, on May 26 he sold about 5 million shares of Take-Two Interactive Software at $16.36 a pop, according to a regulatory filing. However, Icahn is not exactly bailing out on the stock. He still owns 8.43 percent of the shares. He had reported owning 13.7 percent of the video game company on March 19. Icahn is not required to explain why he sold the stock.

So much for putting this company into play.

Also this week, Icahn cut his stake in Biogen to 5.56 percent, selling stock mostly in the upper $90s. This means Icahn more than doubled his money on the biotech company in the past year alone. Earlier this week the shares dipped below $94.

Earlier this month, Icahn said from March 1 through May 10 he cut his stake in Cyberonics to 5.62 percent from 8.2 percent. He sold stock in the medical technology company in the mid-$30s.

Which companies should investors keep an eye on among Icahn’s holdings? My bet is Motorola Solutions, which earlier in the week I noted is a big new favorite of activist Jeff Ubbens at ValueAct Capital, and Clorox.