The energy sector lit up Monday after an announcement from Chesapeake Energy (NYSE:CHK) regarding its natural gas production.
Chesapeake, one of the world’s top natural gas producers and responsible for 9% of the nation’s natural gas, said it will cut back its production by 8% and heavily reduce its drilling expenditures. Natural gas prices spiked by more than 8%, and CHK — as well as other natural gas producers and even coal companies — headed higher.
Southwestern Energy (NYSE:SWN) stock jumped 10.3%, Range Resources (NYSE:CCR) gained 9.2%, Forest Oil (NYSE:FST) was up 8.8% and CHK shares finished up 6.4%. Meanwhile, coal producers like Patriot Coal (NYSE:PCX, +7.6%) and Alpha Natural Resources (NYSE:ANR, +4.3%) also made significant gains.
Unable to find any energy of its own was Research In Motion (NASDAQ:RIMM), which finished down 8.5% Monday as co-CEOs Jim Balsillie and Mike Lazaridis stepped down, with Thorsten Heins taking the reins. Likely fueling the negativity was Heins’ too-optimistic view of the company — upon his promotion, among other things, he said drastic change wasn’t needed at RIM. Not what many investors want to hear following 2011’s bloodbath.
Three Up
- Zagg Inc. (NASDAQ:ZAGG): Up 5.5% (47 cents) to $9.03.
- Kinross Gold (NYSE:KGC): Up 4.5% (46 cents) to $10.67.
- Youku.com (NASDAQ:YOKU): Up 3.8% (79 cents) to $21.76.
Three Down
- Pan American Silver (NASDAQ:PAAS): Down 9.8% ($2.43) to $22.29. (Read more about PAAS here.)
- Netflix (NASDAQ:NFLX): Down 6.3% ($6.28) to $93.96.
- Green Mountain Coffee Roasters (NASDAQ:GMCR): Down 4.8% ($2.45) to $48.45.
Kyle Woodley is the assistant editor of InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here.
