UPDATE 1-Icahn calls U.S. stock nosedive 'rumblings of an earthquake' -CNBC

(Adds Icahn quotes)

NEW YORK, Feb 6 (Reuters) - Billionaire activist investor Carl Icahn warned on Tuesday that investors have exposure to "way too many derivatives" and called the stock market's nosedive just "rumblings of an earthquake."

"The market is really not a place for the average person to be playing around with derivatives," Icahn said on CNBC. "Today, you have these triple-leveraged ETFs (exchange-trade funds) that are crazy."

Icahn, who has been raising red flags on the stock-market's meteoric rise, said the S&P 500 and Dow Jones industrials should recover, given the "great fundamentals" in the U.S.

"I think this market will bounce back probably. Eventually, you get through this little panic thing," Icahn said. "Ironically, even though I am bearish and we have a lot of hedges on, I am not that bearish." (Reporting by Jennifer Ablan; Editing by Richard Chang and Nick Zieminski)