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Stocks to watch: Chesapeake rises as Icahn reportedly buys stake

Private equity investor Carl Icahn speaks at the World Business Forum on Thursday, Oct. 11, 2007 in New York.


Struggling natural gas producer Chesapeake Energy Corp extended its gains in the post market as reports surfaced that billionaire investor Carl Icahn may have bought as much as 4 per cent of its outstanding shares.

That would make him among the biggest investors in the second-biggest U.S. natural gas producer and may add pressure on the board, already searching for a new CEO to replace Aubrey McClendon after revelations about his personal borrowings.

Shares were up 2.4 per cent in late trading after gaining 3.2 per cent to $15.58 (U.S.) in the regular session.

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Facebook shares were down a modest 0.5 per cent in the post market after spiking higher in the final minutes of the regular session, to close up 3.2 per cent at $33.03. There was no obvious reason for the last-minute jump, although lead underwriter Morgan Stanley is holding a conference call this evening with its brokerage members to discuss the social networking firm's initial public offering.

Elsewhere in post-market action, VeriFone Systems Inc. was down 9.2 per cent after the electronic payment technology firm reported a 43 per cent slump in quarterly earnings.

Friday lookahead

A relatively quiet day appears to be on tap, with few corporate announcements scheduled. On the economic front, Japan will report its inflation data for April. It's expected to be up, which would follow an increase in March and be good news for the country.

Also look for the latest consumer confidence numbers for Germany, the U.S. and Canada.

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About the Author
Investment Editor

Darcy Keith is The Globe and Mail's Investment Editor. He has been a business journalist since 1992 and joined the Report on Business in 2010 from Yahoo! Canada, where he was the senior editor of finance. More

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