Energy Stocks Get a Jolt — Monday’s IP Market Recap

by Kyle Woodley | January 23, 2012 4:31 pm

Energy Stocks Get a Jolt — Monday’s IP Market Recap

IPMarketRecap Energy Stocks Get a Jolt    Monday's IP Market Recap[1]The energy sector lit up Monday after an announcement from Chesapeake Energy (NYSE:CHK[2]) 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[3]) stock jumped 10.3%, Range Resources (NYSE:CCR[4]) gained 9.2%, Forest Oil (NYSE:FST[5]) was up 8.8% and CHK shares finished up 6.4%. Meanwhile, coal producers like Patriot Coal (NYSE:PCX[6], +7.6%) and Alpha Natural Resources (NYSE:ANR[7], +4.3%) also made significant gains.

Unable to find any energy of its own was Research In Motion (NASDAQ:RIMM[8]), which finished down 8.5% Monday as co-CEOs Jim Balsillie and Mike Lazaridis stepped down[9], 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[10]. Not what many investors want to hear following 2011’s bloodbath.

Three Up

Three Down

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[18].

Endnotes:
  1. [Image]: http://investorplace.com/hot-topics/investorplace-market-recap/
  2. CHK: http://studio-5.financialcontent.com/investplace/quote?Symbol=CHK
  3. SWN: http://studio-5.financialcontent.com/investplace/quote?Symbol=SWN
  4. CCR: http://studio-5.financialcontent.com/investplace/quote?Symbol=CCR
  5. FST: http://studio-5.financialcontent.com/investplace/quote?Symbol=FST
  6. PCX: http://studio-5.financialcontent.com/investplace/quote?Symbol=PCX
  7. ANR: http://studio-5.financialcontent.com/investplace/quote?Symbol=ANR
  8. RIMM: http://studio-5.financialcontent.com/investplace/quote?Symbol=RIMM
  9. Jim Balsillie and Mike Lazaridis stepped down: http://investorplace.com/2012/01/research-in-motion-still-toast-rim-rimm-balsillie-lazardis-ceo/
  10. drastic change wasn’t needed at RIM: http://investorplace.com/2012/01/research-in-motion-ceo-thorsten-heins-rimm/
  11. ZAGG: http://studio-5.financialcontent.com/investplace/quote?Symbol=ZAGG
  12. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  13. YOKU: http://studio-5.financialcontent.com/investplace/quote?Symbol=YOKU
  14. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  15. Read more about PAAS here.: http://investorplace.com/2012/01/gold-silver-prices-pan-american-silver-paas-gld-mining-stocks/
  16. NFLX: http://studio-5.financialcontent.com/investplace/quote?Symbol=NFLX
  17. GMCR: http://studio-5.financialcontent.com/investplace/quote?Symbol=GMCR
  18. here: http://investorplace.com/hot-topics/investorplace-market-recap/

Source URL: http://investorplace.com/2012/01/energy-stocks-chesapeake-energy-chk-rimm/
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