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Stock Market & Financial Investment News

News Breaks
June 9, 2014
06:18 EDTCHKChesapeake board of directors approves spin-off of oilfield services business
Chesapeake Energy Corporation announced that the spin-off of Chesapeake's oilfield services business into a stand-alone, publicly traded company called Seventy Seven Energy has been approved by the Chesapeake Board of Directors. The two companies will be separated through the distribution of SSE common stock to holders of Chesapeake common stock on a pro rata basis. Chesapeake shareholders will receive one share of SSE common stock for every 14 shares of Chesapeake common stock held at the close of business on the record date of June 19. No fractional shares of SSE common stock will be issued; however, shareholders entitled to receive a fractional share of SSE common stock in the distribution will instead receive the cash value of that fractional share. Subject to the satisfaction of the conditions to closing, the distribution is expected to occur following the close of business on June 30. Following the distribution of SSE common stock, SSE will be an independent, publicly traded company, and Chesapeake will retain no equity interest. SSE has applied to list its common stock on the New York Stock Exchange under the symbol "SSE." Chesapeake has received a private letter ruling from the Internal Revenue Service and expects to obtain an opinion of tax counsel, in each case, substantially to the effect that, based on certain facts, assumptions, representations, and covenants, and subject to certain limitations set forth therein, for U.S. federal income tax purposes, the distribution of SSE common stock generally will be tax-free to U.S. holders of Chesapeake common stock, other than with respect to any cash received in lieu of fractional share interests, which generally will be taxable to such holders as capital gain. Upon completion of the spin-off, Jerry L. Winchester and Cary D. Baetz will remain as CEO and CFO , respectively, of SSE.
News For CHK From The Last 14 Days
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January 23, 2015
10:02 EDTCHKOn the Fly: Analyst Initiation Summary
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10:02 EDTCHKOn the Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AmSurg (AMSG) upgraded to Overweight from Neutral at Piper Jaffray... Anglo American (AAUKY) upgraded to Neutral from Sell at Goldman... Autobytel (ABTL) upgraded to Buy from Hold at Ascendiant... Charles River Labs (CRL) upgraded to Outperform from Market Perform at William Blair... Chesapeake (CHK) upgraded to Outperform from Neutral at Credit Suisse... CubeSmart (CUBE) upgraded to Buy from Neutral at SunTrust... Cypress Semiconductor (CY) upgraded to Neutral from Underweight at JPMorgan... DreamWorks Animation (DWA) upgraded to Overweight from Neutral at Piper Jaffray... E-Trade (ETFC) upgraded at Credit Suisse... Kate Spade (KATE) upgraded to Buy from Neutral at Mizuho... LinkedIn (LNKD) upgraded to Strong Buy from Market Perform at Raymond James... Matthews (MATW) upgraded to Outperform from Neutral at Macquarie... Meridian Bioscience (VIVO) upgraded to Buy from Hold at Craig-Hallum... Michael Kors (KORS) upgraded to Buy from Neutral at Mizuho... NIC Inc. (EGOV) upgraded to Hold from Sell at Maxim... Natural Grocers (NGVC) upgraded to Overweight from Neutral at Piper Jaffray... Nucor (NUE) upgraded to Buy from Neutral at Goldman... ResMed (RMD) upgraded to Buy from Hold at Needham... Smith & Wesson (SWHC) upgraded to Buy from Neutral at Dougherty... Ternium (TX) upgraded to Neutral from Sell at Goldman... Union Pacific (UNP) upgraded to Buy from Hold at BB&T... ZAGG (ZAGG) upgraded to Buy from Hold at Craig-Hallum... lululemon (LULU) upgraded to Overweight from Neutral at JPMorgan.
07:41 EDTCHKChesapeake initiated with a Neutral at Susquehanna
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06:53 EDTCHKChesapeake upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse upgraded Chesapeake to Outperform based on relative valuation, an improved balance sheet, and increased financial strength that can be used to upgrade its asset base. Price target raised to $24 from $21.
January 22, 2015
12:48 EDTCHKCarl Icahn believes oil prices will go lower
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January 21, 2015
06:42 EDTCHKTotal to cut spending on North Sea, U.S. shale projects, Reuters says
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January 20, 2015
10:29 EDTCHKONGC speculated to potentially hold talks to buy Chesapeake, EnergyPlugged says
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