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Stock Market & Financial Investment News

News Breaks
February 26, 2014
10:38 EDTCHKChesapeake drops after earnings, says doesn't need to sell assets to survive
Shares of natural gas and oil explorer and producer Chesapeake Energy (CHK) are lower this morning after the company reported fourth quarter results that missed expectations. WHAT'S NEW: Chesapeake reported Q4 adjusted earnings per share of 27c and revenue of $4.54B, which fell short of analystsí consensus estimates of 41c and $4.86B, respectively. The company said daily production for the quarter averaged approximately 665,100 barrels of oil equivalent, an increase of 2% from the year-ago quarter and a 15% decrease from the third quarter. The company said the decrease was mainly due to a planned reduction in well connections during Q4, as well as severe weather that impacted production in October and December. WHAT'S NOTABLE: The company said its proved reserves at December 31, 2013 were 2.7 billion barrels of oil equivalent, up 2% from year-end 2012. The company also provided an update on its asset sales, stating that in 2014 it has received $209M of net proceeds from the sale of its common equity ownership interest in Chaparral Energy and believes it will receive proceeds in excess of $150M during 2014 that were held back for title review or other purposes at the time of closing. These items should generate proceeds of about $1B, and Chesapeake sees the sale of these assets having a minimal impact on 2014 operating cash flow guidance. Looking ahead, the company sees 2014 total production up 2%-4% and sees its 2014 daily equivalent rate at 680mboe-695mboe. The company expects to have additional asset dispositions in 2014, potentially including a spin-off of COS to Chesapeake shareholders or an outright sale. On its earnings conference call, the company said it no longer needs to divest assets to survive or fund its drilling capital program. Chesapeake also commented that it has "a lot of noise" on its balance sheet, though major charges and quarterly earnings adjustments are "in the rear-view mirror". The company has no plans to issue new equity, management said. PRICE ACTION: Chesapeake Energy shares are down $1.75, or 6.5%, to $25.19 in mid-morning trading.
News For CHK From The Last 14 Days
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February 8, 2016
12:33 EDTCHKChesapeake halted for volatility after dropping $1.05 to $2.01
12:05 EDTCHKOn The Fly: Top stock stories at midday
Stocks on Wall Street began the session deep in negative territory and proceeded to move lower throughout the session, amid a renewed selloff in oil prices and fears that bankruptcies related to the prolonged slump will begin to pick up pace. The move lower is not restricted to the energy sector and has been broad-based, as each of the major equity indexes was lower by about 2% or more. ECONOMIC EVENTS: In the U.S., the labor market conditions index came in at 0.4 for January, below expectations for a reading of 2.0. In Asia, markets in mainland China, Hong Kong, Taiwan and Korea were all closed for the New Year holiday. Data was still released in China that showed the country's foreign currency reserves fell to their lowest level since May 2012, dropping about $99B in January, though that was better than analysts forecast and ahead of some recent whispers. COMPANY NEWS: Chesapeake Energy (CHK) tumbled over 50%, dropping as low as $1.50 per share, after media reports indicated that the natural gas producer has hired restructuring lawyers from Kirkland & Ellis. Subsequently, the stock was halted pending news and the company confirmed that Kirkland & Ellis continues to advise the company as it seeks to further strengthen its balance sheet. However, Chesapeake noted that it currently has "no plans to pursue bankruptcy," and its shares recovered some of their earlier losses upon being reopened for trading. The stock was down a bit over 25% near noon... Meanwhile, another player in the oil space with ties to Chesapeake, Energy Transfer Equity (ETE), declined 30% after the company disclosed, via a regulatory filing after Friday's close, that it was making a change to the Chief Financial Officer of its general partner. According to the company, the departure of CFO Jamie Welch from the post was not caused by any disagreements between him and the MLP over accounting issues or financial matters. Williams Company (WMB), with has agreed to merge with Energy Transfer, also slid 25%. MAJOR MOVERS: Among the notable gainers was Apollo Education (APOL), which rallied 25% after it agreed to be acquired by a group led by private equity company Apollo Global (APO) for $9.50 per share. Also higher was GoPro (GPRO), which gained 9% after Microsoft (MSFT) announced a new collaborative patent licensing agreement with the beaten down action camera maker. Among the noteworthy losers was Sarepta (SRPT), which fell 12% after the FDA delayed a decision on the company's Duchenne muscular dystrophy treatment eteplirsen. Also lower was BioCryst (BCRX), which plunged 67% after a clinical trial of its hereditary angioedema drug failed to meet its primary endpoint. In addition, DexCom (DXCM) was 17% lower after it was downgraded to Neutral from Outperform at Baird. INDEXES: Near midday, the Dow was down 317.14, or 1.96%, to 15,887.83, the Nasdaq was down 101.02, or 2.32%, to 4,262.12, and the S&P 500 was down 36.43, or 1.94%, to 1,843.62.
11:53 EDTCHKChesapeake trading resumes, shares down 82c to $2.25
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11:37 EDTCHKChesapeake halted for volatility after moving off lows
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11:37 EDTCHKChesapeake trading resumes, shares down 85c to $2.21
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11:19 EDTCHKChesapeake says no plans to pursue bankruptcy
Chesapeake Energy said in a statement that Kirkland & Ellis LLP has served as one of its counsel since 2010 and "continues to advise the company as it seeks to further strengthen its balance sheet following its recent debt exchange." Chesapeake added that it "currently has no plans to pursue bankruptcy and is aggressively seeking to maximize value for all shareholders."
10:54 EDTCHKChesapeake trading halted, pending news
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10:43 EDTCHKChesapeake trading halted for volatility after dropping 47% to $1.62
10:35 EDTCHKChesapeake trading resumes, shares down 42% to $1.78
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10:30 EDTCHKChesapeake Energy brings in restructuring lawyers, Reuters reports
Chesapeake Energy has brought in restructuring lawyers from Kirkland & Ellis, Reuters reports, citing people familiar with the matter. Reference Link
09:45 EDTCHKChesapeake halted for circuit-breaker after falling 35% to $2.00
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09:36 EDTCHKActive equity options trading on open
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09:17 EDTCHKOn The Fly: Pre-market Movers
HIGHER: Apollo Education (APOL), up 26.6% after announcing that it will be acquired for $9.50 per share... Sprouts Farmers Market (SFM), up 5% after being added to S&P 400... GoPro (GPRO), up 3.4% after signing a licensing agreement with Microsoft (MSFT). LOWER: BioCryst Pharmaceuticals (BCRX), down 60.9% after reporting OpuS-2 clinical trial results... CTI BioPharma (CTIC), down 55.4% after the FDA placed a partial clinical hold on pacritinib studies... Tableau (DATA), down 5.5% after being downgraded to Equal Weight at Morgan Stanley... HSBC (HSBC), down 3.6% after being downgraded to Underweight from Equal Weight at Morgan Stanley... Chesapeake Energy (CHK), down 21% after Hedgeye analyst Kevin Kaiser said in an interview with Barron's that Chesapeake could go to zero... Twitter (TWTR), down 2.9% after backlash over its new algorithmic timeline.
09:00 EDTCHKHedgeye analyst Kaiser says Linn, Chesapeake could go to zero, Barron's reports
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08:56 EDTCHKChesapeake hires restructuring attorneys Kirkland & Ellis, Debtwire reports
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February 5, 2016
05:38 EDTCHKStocks with implied volatility movement; XLU CHK
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February 1, 2016
16:01 EDTCHKOptions Update; February 1, 2016
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January 28, 2016
10:05 EDTCHKOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Azure Midstream Partners (AZUR) downgraded at Stifel... Chesapeake (CHK) downgraded to Hold from Buy at Wunderlich... CorEnergy (CORR) downgraded at Stifel... DCP Midstream (DPM) downgraded to Hold from Buy at Stifel... DynCorp (DCP) downgraded at Stifel... Ericsson (ERIC) downgraded on challenging outlook at BMO Capital... H&E Equipment (HEES) downgraded to Neutral from Buy at UBS... Halcon Resources (HK) downgraded to Hold from Buy at Wunderlich... InvenSense (INVN) downgraded to Market Perform from Outperform at Barrington... Invitae (NVTA) downgraded to Market Perform from Outperform at Leerink... Kirby (KEX) downgraded to Sector Perform from Outperform at RBC Capital... MEG Energy (MEGEF) downgraded to Equal Weight from Overweight at Barclays... Metro (MTTRY) downgraded to Underweight from Neutral at JPMorgan... OSI Systems (OSIS) downgraded to Hold following Q2 miss at BB&T... Oasis Petroleum (OAS) downgraded to Hold from Buy at Wunderlich... Pan American Silver (PAAS) downgraded to Market Perform from Outperform at FBR Capital... Qualcomm (QCOM) downgraded to Market Perform from Outperform at William Blair... Range Resources (RRC) downgraded to Equal Weight from Overweight at Barclays... Rockwell Automation (ROK) downgraded to Underperform from Market Perform at Bernstein... Royal Gold (RGLD) downgraded to Market Perform from Outperform at FBR Capital... SEI Investments (SEIC) downgraded to Underperform at Keefe Bruyette... SandRidge Energy (SD) downgraded to Sell from Hold at Wunderlich... Seadrill (SDRL) downgraded to Equal Weight from Overweight at Morgan Stanley... ServiceNow (NOW) downgraded to Neutral from Buy at MKM Partners... State Bank Financial (STBZ) downgraded to Hold from Buy at Sandler O'Neill... Sunoco Logistics (SXL) downgraded at Stifel... Tallgrass Energy GP (TEGP) downgraded to Hold from Buy at Stifel... Tallgrass Energy (TEP) downgraded to Hold from Buy at Stifel... Textron (TXT) downgraded to Hold from Buy at Drexel Hamilton... TripAdvisor (TRIP) downgraded to Underperform from Market Perform at Raymond James... Tupperware Brands (TUP) downgraded to Neutral from Overweight at Piper Jaffray... U.S. Steel (X) downgraded to Hold from Buy at Argus... United Rentals (URI) downgraded to Neutral from Buy at UBS... Welltower (HCN) downgraded to Hold from Buy at Evercore ISI... Western Gas Partners (WES) downgraded to Hold from Buy at Stifel... Whiting Petroleum (WLL) downgraded to Hold from Buy at Wunderlich.
09:01 EDTCHKChesapeake downgraded to Hold from Buy at Wunderlich
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January 26, 2016
05:19 EDTCHKStocks with implied volatility movement; CHK FTR
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