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

Natural gas, coal producers head higher in Monday trading

By Kyle Woodley, InvestorPlace Managing Editor

InvestorPlace Market RecapThe 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.
  • (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 As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here.

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