Icahn Takes Stake in Cheniere; Stocks Slide as Fed Fears Flare Up

Cheniere Energy (LNG) spiked Friday after activist investor Carl Icahn disclosed a new 8.18% stake. Icahn said the company's shares are undervalued and is seeking discussions with management. Stocks extended losses by the middle of the session after the July jobs report put a September Fed rate hike squarely in play. The U.S. economy continued to add jobs at a strong pace, while average hourly earnings showed steady growth. NVIDIA (NVDA) shares charged higher after second-quarter results beat Wall Street expectations. The chipmaker was able to drive revenue nearly 5% higher thanks to strong demand for phone and tablet processors. Sprouts Farmers Market (SFM) plunged after issuing below-consensus full-year profit guidance. That prompted a price target cut from Deutsche Bank.