Carl Icahn Owns 10% Of Seventy Seven Energy (SSE)

News broke late yesterday of a 13D filing by Icahn Capital that showed Carl Icahn had acquired a 9.98% stake in Seventy Seven Energy Inc (NYSE:SSE), the oil fracking services business that was spun off last month by Chesapeake Energy Corporation (NYSE:CHK) in its ceaseless drive to raise cash.

In after-hours trading the market bid up the stock more than 3.5% over its closing price of $24.62, in response to the filing, even though Carl Icahn became the largest shareholder in Seventy Seven Energy Inc (NYSE:SSE) only by virtue of his holdings in Chesapeake Energy Corporation (NYSE:CHK) – Chesapeake shareholders received one share in SSE for 14 shares they held in CHK.

Stock performance of SSE

The stock commenced trading on a ‘when-issued’ basis...