Chesapeake, Credit Suisse, First Solar Battle 52-Week Stock Price Bottom Blues
Some companies waned in the red by recording 52-week stock price lows on May 15th. Here’s the latest insight into what is happening at each particular company:
Chesapeake Energy (NYSE:CHK): WSJ reports that, based on pricing data from Benchmark Solutions, Chesapeake Energy’s most-traded bond (due in 2020) dropped 5% to 91.64c after the company’s report of a new $3B short-term loan that was meant to soothe investors concerned about Chesapeake’s cash shortage. Shares of the company closed at yesterday at $14.65, down 5.61% ($0.87) on the day, having traded in a 52-week range of $14.49-$35.75. Shares are up over 1% to $14.85 today.
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Credit Suisse Group (NYSE:CS): Legislation transposing Basel III banking capital and liquidity stipulations has been passed into law by the European Parliament, opening the door for talks to start with the European Commission and Council regarding final wording, according to the Wall Street Journal. Shares of Credit Suisse closed at $20.14 yesterday, down $0.42 or 2.04% on the day. They were trading in a 52-week range of $20.46-$43.24. Shares are up .55% at $20.25 in trading action today.
First Solar (NASDAQ:FSLR): Digitimes is reporting that, based on word from Taiwanese component producers, Foxconn and Sharp may start working together on solar products on top of their recent plans to collaborate on TV and panel manufacturing. Shares of First Solar closed at $15.23 yesterday, down 5.75% ($0.93) on the day, having traded in a 52-week range of $15.68-$142.22. Shares are up .33% at $15.28 today.
Galectin Therapeutic (NASDAQ:GALT)’s first patient in a Phase 1/2 trial measuring the safety and effectiveness of a new treatment mixture to address advanced metastatic melanoma has been dosed. This trial is moving forward in conjunction with the Cancer Centre at the Cliniques universitaires Saint-Luc and the Ludwig Institute for Cancer Research. Shares of Galectin closed at $2.31 yesterday, down $0.23 or 9.06% on the day. These shares have traded in a 52-week range of $2.53-$8.28. Shares are down over 5% today.
Lsb Industries Inc. (NYSE:LXU)’s El Dorado, AR Chemical company subsidiary’s location went through notable damage to its DSN concentrated nitric acid plant and nearby equipment this morning during a reactor explosion. Thankfully, no one was injured and no environmental leak is believed to have taken place. The cause and reach of the damage is now being assessed, as well as the estimates for repair costs and time. Shares of LSB closed down $2.36 (7.29%) on the day at $30.01 yesterday, and have traded in a 52-week range of $24.85-$49.21. Shares are flat today.
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