Nasdaq Composite off 0.1% at 7,437

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Corrected

Cheniere Energy’s stock falls after Carl Icahn slashes ownership stake

Shares of Cheniere Energy Inc. fell 3.1% in premarket trade Thursday, after funds controlled by billionaire activist investor Carl Icahn, the natural gas company’s largest shareholder, slashed their ownership stake in the company. Icahn disclosed in a Securities and Exchange Commission filing Thursday that Icahn entities now owned 23,680,490 Cheniere shares, or 9.5% of the shares outstanding, compared with the 32,680,490 shares, or 13.2% of the shares outstanding, they owned as of March 31. The new stake would still make Icahn Cheniere’s largest shareholder, according to FactSet data. The stock, which closed at a three-year high last Friday, has rallied 25% year to date through Wednesday, while the S&P 500 has gained 1%. In May, Cheniere proposed to buy the rest of Cheniere Energy Partners LP Holdings LLC it didn’t already own in a deal that valued Cheniere Energy Partners at about $6.5 billion.

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