Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Monday, July 10th, and I'm your host, Kim Com. Our top story so far in today's session.

Icon Enterprises is up following report that Carl Icon has disconnected his personal loans from the price of his company's shares.

IEP's shares have dropped about 40% in the last two months after

shortseller Hindenburg sounded warnings over the ties between ICON's

personal loans and his company shares. ICON owns about 85% of IEP and about

60% of his shares were put up as collateral. With the value of ICON's collateral against the

loans dropping, lenders became alarmed and sought more.

After months of negotiations with banks, ICON amended his loan agreements on Sunday, the Wall Street

Journal reports. He severed his personal loans from the price of IEP units,

will increase his collateral, and to set up a plan to fully repay the loans in three years.

Under the amended agreement, the only situation that would trigger a margin call would be if the net asset value of the company's investments significantly slides.

Now here's a look at how trading is shaping up.

Money is moving from growth to cyclical stocks, with industrial is the best performing sector.

All three mega-capped sectors are in the red.

The Dow is leading the way higher, while the S&P is a little changed and the NASDAQ is struggling.

Barclays boosted its 2023 S&T price target to 4150 that says equities should remain

range-bound through the remainder of the year. A tech-centric rally won't broaden to the rest of the

S&P, the Equity Team said, advising investors to tactically add secular growth exposure.

Rates are pretty quiet. The ten-year Treasury is little changed above 4%.

Crude oil, gold, and Bitcoin are also struggling to find firm direction.

Among stocks to watch, Helen of Troy rose after it reported Q2 results that beat estimates and better gross profit margin.

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