On 12-17-10, CHK closed at $23.30.
On 12-18-10, Icahn announced a significant stake in CHK.
On the next trading day, 12-20-10, CHK closed up 10% at $25.36.
By 2-29-11 CHK traded at it's high of $35.95.
Shortly after, Icahn had sold his holdings to below 5%, then later sold all of it.
I hope to see a similar percentage of appreciation in the SP over then next three months, as they did back then.
Good luck to all of you CHK longs!
One thing is certain here and that is if Carl files you can bet a first move will be for him to put up a slate of directors in the upcoming election.
Such a slate is a nobrainer to get elected.
Our problem is that this new group still won't have board control but it should cause a couple crossover voters to side with them.
I don't think it will be anywhere as big an influence this time. For one, many people and institutions got burned following him in last time and were left holding the bag.
Secondly, he has failed to be successful in subsequent plays. Beside others, I recall he took a stake in Commercial Metals CMC, and even made a tender offer for shares only to have to rescind it, and checking it now , the CMC shares are lower than they were when he was active.
So , while I expect a bounce tomorrow, don't get carried away. There will be plenty of sellers around , this company is still very very troubled.
just another big guy with vested stake watching shareholders backs.
hopefully icahn forces total liquidation of assets to the highest bidder(s). In pieces or whole just get shareholders highest price for these great assets
WSJ 7:53 PM
By RYAN DEZEMBER And DANIEL GILBERT
Chesapeake Energy Corp. ...is expecting activist investor Carl Icahn to disclose soon that he has taken a significant stake in the embattled natural-gas company, according to people familiar with the matter.
Such a move by Mr. Icahn could ratchet up pressure on Chesapeake, which faces a cash crunch and corporate-governance controversies that have pushed its stock to the lowest level since 2009; he has said previously that investors want the company to reduce its leverage. But he is also known to buy stocks he thinks have become bargains, and shares often rise as other investors mimic him.
You know, I'm a very good influence on the shares of a company too.
I'm not abrasive like Icahn is, either.
The shares in Chesapeake will no doubt pop tomorrow.
Profits are good, but I'm a long term holder.