Chesapeake Energy (NYSE:CHK) Up on Icahn Stake

Chesapeake Energy (NYSE:CHK) garnered some news today on the announcement billionaire Carl Icahn now holds a stake of 5.8 percent in the company.

Senior vice president of investor relations, Jeff Mobley, confirmed the numbers and said Icahn is now one of the largest shareholders in the company.

"We have met with Carl on several occasions, as recently as Friday afternoon," said Mobley. "We believe his investment is evidence of his appreciation for our asset quality and for the strategic direction of the company."

This drove up the share price of Chesapeake and made the the top trading component of the S&P 500 early in the trading session.

Chesapeake was trading at $24.86, up $1.56, or 6.70 percent, as of 12:38 PM EST. Volume was just under 20 million as of this writing.