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Stock Market & Financial Investment News

News Breaks
February 20, 2013
08:38 EDTCHKChesapeake volatility low into Q4 and capital outlook
Chesapeake March call option implied volatility is at 38, April and May is at 35; below its 26-week average of 42 according to Track Data, suggesting decreasing price movement into the expected release of Q4 results on February 21.
News For CHK From The Last 14 Days
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December 24, 2014
09:55 EDTCHKOn The Fly: Analyst Upgrade Summary
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08:57 EDTCHKChesapeake upgraded to Equalweight from Underweight at Capital One
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December 23, 2014
16:22 EDTCHKOn The Fly: Closing Wrap
Stocks on Wall Street began the session in positive territory and the opening move put the Dow over 18,000 for the first time. The Nasdaq, however, quickly gave up its gains and moved into the red, where the tech-heavy index remained for the rest of the trading day. Oil prices saw a bit of a rebound but still remain just slightly above their lows from the recent sell-off. The volume was light and is expected to be even lighter tomorrow, as the market will close early ahead of the Christmas holiday. ECONOMIC EVENTS: In the U.S., the Commerce Department sharply revised up its estimate of third quarter GDP growth to 5% from a previous annual rate of 3.9%. Durable goods orders fell 0.7% in November, missing expectations for them to have grown 3%. The FHFA home price index rose 0.6% in October to 215.4, beating expectations for the index to have risen 0.3%. The University of Michigan consumer sentiment index final reading for December came in at 93.6, which was roughly in-line with the consensus forecast. The Richmond Fed manufacturing index for December had a reading of 7, as expected. New home sales fell 1.6% to a 438K rate in November, versus the consensus expectation for them to have been up 0.4% to 460K rate. Personal income increased 0.4% in November, matching the consensus forecast, while consumer spending grew 0.6% during the month, which was just above the 0.5% growth forecast. COMPANY NEWS: Shares of a number of biotechnology companies, including Celgene (CELG), Alexion (ALXN), Regeneron (REGN), Biogen Idec (BIIB) and Gilead (GILD), were among the worst performers on the S&P 500 as the whole space appeared to have a delayed reaction to yesterday's Express Scripts (ESRX) decision to purchase AbbVie's (ABBV) lower cost HCV drug for most of the patients the PBM serves. Piper Jaffray said it views the recent pullback in the biotech space as "healthy," but feels its "misguided" since the drug discounting done by AbbVie is not new. Piper says the "pricing/rebate dynamic existed well before yesterday" and that determining how the news from Express Scripts will impact the broader industry is difficult. Nonetheless, Piper feels the sector pullback is "healthy" given the outperformance of the group... Sony (SNE) announced that it will allow certain theaters to release "The Interview" on Christmas Day despite recent threats and reports indicated that Sony will also release the comedy simultaneously on video-on-demand. MAJOR MOVERS: Among the notable gainers was NQ Mobile (NQ), which gained $1.22, or 35.26%, to $4.68 after authorizing the repurchase up to $80M of its shares. Also higher was Chesapeake Energy (CHK), which rose $1.87, or 10.15%, to $20.29 after closing its previously announced asset sale to Southwestern Energy (SWN) for net proceeds of $4.975B and authorizing a $1B common stock repurchase program. Among the noteworthy losers was Achillion (ACHN), which fell $3.65, or 23.56%, to $11.84 amid the broader weakness in biotech and following a downgrade of the stock at RW Baird. INDEXES: The Dow advanced 64.73, or 0.36%, to 18,024.17, the Nasdaq fell 16.00, or 0.33%, to 4,765.42, and the S&P 500 added 3.63, or 0.17%, to 2,082.17.
08:01 EDTCHKSouthwestern Energy acquires additional interest in Marcellus and Utica
Southwestern Energy (SWN) announced that it has signed a purchase and sale agreement to acquire an undivided 20% of Statoil's (STO) ownership in oil and gas assets in West Virginia and southwest Pennsylvania for a purchase price of approximately $394m, subject to adjustments. Southwestern previously announced in October 2014 a purchase of Chesapeake Energy's (CHK) interest in these and other oil and gas properties. This purchase from Statoil equates to approximately 30,000 net acres and increases the company's overall working interest in the assets by approximately 5.8% to approximately 73%. Statoil's net production from these properties was approximately 29 million cubic feet of gas equivalent per day as of October 2014. When combined with the acreage acquired from Chesapeake, Southwestern is obtaining approximately 443,000 net acres. This acquisition from Statoil is expected to close in early 2015 and is intended to be financed using the company's revolving credit facility.
06:47 EDTCHKChesapeake Energy volatility elevated into $1B stock repurchase authorization
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December 22, 2014
18:17 EDTCHKOn The Fly: After Hours Movers
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16:04 EDTCHKChesapeake announces $1B stock repurchase authorization after closing deal
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16:01 EDTCHKChesapeake announces $1B stock repurchase authorization

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