Icahn Ups Cheniere Stake; Stocks Climb on Weak Industrial Data

Cheniere Energy (LNG) moved higher in midday trading Tuesday after activist investor Carl Icahn increased his stake to more than 9% from 8%. Icahn believes the company is 'undervalued' despite not earning a profit in more than two decades. The company is nearing the final stages to export major amounts of natural gas from Louisiana's Gulf Coast, a development set to generate billions. Stocks extended session highs after weak retail sales and industrial data flamed hopes the Federal Reserve could delay a rate hike at its September meeting. Fed members will meet on Wednesday with an announcement on Thursday afternoon. Industrial production fell 0.4% in August, driven by reduced output from automakers.