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Chesapeake (CHK +1.8%) shares open higher on news of Carl Icahn's bet on the company, but...

  • Friday, May 25, 2012, 10:24 AM ET
    Chesapeake (CHK +1.8%) shares open higher on news of Carl Icahn's bet on the company, but Antoine Gara reminds that the Icahn rumors aren't a reason for investors to start buying. With or without Icahn, asset sales are the make or break issue as CHK tries to bridge a big funding gap. Also worth noting: The last time Icahn held a big CHK stake, he was in and out with barely a ripple.
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    Not sure how you define "ripple" but CHK was languishing in the 20-22 range and after Mr. Icahn announced his position it shot up to over $34. I made a nice gain on that ripple as did Mr. Icahn. 50% ripples are a pretty good gain. I would rather have that kind of ripple than the recent tidal wave. It has been downhill since June of 2011 and has trended down with Nat Gas although CHK has many other issues affecting it.
    25 May 2012, 11:13 AM Reply Like
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