THE SPARK: Clorox shares climbed 8 percent Friday to close at $71.26, after Icahn's stake was disclosed in a Securities and Exchange Commission filing. The notice came a week after Clorox reported an 81 percent drop in fiscal second-quarter profit on softer sales and a charge.

THE BIG PICTURE: The Oakland, Calif., company makes a range of cleaning products along with food products such as Hidden Valley salad dressing.

Icahn has a history of investing in companies going through difficult financial situations and pushing for changes.

The analyst said it was too early to understand the motivation behind Icahn's interest. The investor's targets seem to fall in three categories: break ups, merger and acquisition candidates, or companies that are pushed to improve business fundamentals.