Carl Icahn says he is sensing opportunity in the stock market and wants to increase his stake in a top portfolio company. But to fund his war chest, he is going to cut his investment firm’s dividend in half. 

Icahn Enterprises IEP -6.13%decrease; red down pointing triangle proposed boosting its stake by more than 20% in CVR Energy CVI 11.74%increase; green up pointing triangle, a small refiner in which the activist investor is the controlling shareholder, according to statements Icahn and his firm released Friday.