Chesapeake Energy Slips As Icahn Cuts Stake To Under 5%

Shares of Chesapeake Energy Corp. declined in the extended session Monday after billionaire investor Carl Icahn cut his stake in the gas and oil exploration and production company. Chesapeake Energy shares slipped 2.1% to $6.67 after hours. Icahn and associated partners reduced their stake in Chesapeake to 35.3 million shares, or 4.6% of outstanding shares, according to a Monday filing with the Securities and Exchange Commission. Back in August, Icahn and partners reported a stake of about 73 million shares in the company.