Energy Stocks Get a Jolt — Monday’s IP Market Recap
by Kyle Woodley | January 23, 2012 4:31 pm
[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
- Zagg Inc. (NASDAQ:ZAGG[11]): Up 5.5% (47 cents) to $9.03.
- Kinross Gold (NYSE:KGC[12]): Up 4.5% (46 cents) to $10.67.
- Youku.com (NASDAQ:YOKU[13]): Up 3.8% (79 cents) to $21.76.
Three Down
- Pan American Silver (NASDAQ:PAAS[14]): Down 9.8% ($2.43) to $22.29. (Read more about PAAS here.[15])
- Netflix (NASDAQ:NFLX[16]): Down 6.3% ($6.28) to $93.96.
- Green Mountain Coffee Roasters (NASDAQ:GMCR[17]): 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[18].
- [Image]: https://investorplace.com/hot-topics/investorplace-market-recap/
- CHK: http://studio-5.financialcontent.com/investplace/quote?Symbol=CHK
- SWN: http://studio-5.financialcontent.com/investplace/quote?Symbol=SWN
- CCR: http://studio-5.financialcontent.com/investplace/quote?Symbol=CCR
- FST: http://studio-5.financialcontent.com/investplace/quote?Symbol=FST
- PCX: http://studio-5.financialcontent.com/investplace/quote?Symbol=PCX
- ANR: http://studio-5.financialcontent.com/investplace/quote?Symbol=ANR
- RIMM: http://studio-5.financialcontent.com/investplace/quote?Symbol=RIMM
- Jim Balsillie and Mike Lazaridis stepped down: https://investorplace.com/2012/01/research-in-motion-still-toast-rim-rimm-balsillie-lazardis-ceo/
- drastic change wasn’t needed at RIM: https://investorplace.com/2012/01/research-in-motion-ceo-thorsten-heins-rimm/
- ZAGG: http://studio-5.financialcontent.com/investplace/quote?Symbol=ZAGG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- YOKU: http://studio-5.financialcontent.com/investplace/quote?Symbol=YOKU
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- Read more about PAAS here.: https://investorplace.com/2012/01/gold-silver-prices-pan-american-silver-paas-gld-mining-stocks/
- NFLX: http://studio-5.financialcontent.com/investplace/quote?Symbol=NFLX
- GMCR: http://studio-5.financialcontent.com/investplace/quote?Symbol=GMCR
- here: https://investorplace.com/hot-topics/investorplace-market-recap/
Source URL: https://investorplace.com/2012/01/energy-stocks-chesapeake-energy-chk-rimm/