Chesapeake Energy and Shutterfly Sink to New Stock Price Lows
Here’s the news dragging Chesapeake Energy and Shutterfly to new 52 week lows today:
Oversupply of natural gas is hitting its prices, according to Chesapeake Energy (NYSE:CHK). So much gas is being extracted by U.S. energy firmsand prices are dropping–down 5.7% yesterday–with no end in sight. Having been traded in a 52-weel range of $21.87 to $35.95, CHK shares closed at $21.41, down $0.76 or 3.43% on the day.
Roth Capital expects the resignation of the CEO of Shutterfly (NASDAQ:SFLY) to weigh on the stock in the near-term. This will also cause investors to believe that the company is experiencing stronger than expected competition. However, Roth maintains a Buy rating as it thinks that the company’s long-term outlook is positive. Having traded in a 52-week range of $21.56 to $66.70, shares closed at $22.70, down $1.36 or 5.65% on the day.