Chesapeake Energy Drifts to 52-Week Lows With These Stocks
As bulls pushed the markets a tad higher today, some companies were less fortunate and were hit by shareholder selling pressure. Here’s why these companies saw their stock prices hit new lows:
Chesapeake Energy (NYSE:CHK): Natural gas down 3 percent more with temperate weather and a burgeoning supply. amongst abundant supplies and a mild winter. Oil drilling at Goodrich Petroleum (NYSE:GDP) is just burning gas off. Jon Wolff, expects production declines and says, “Nearly all U.S. gas drilling is uneconomic,” while CHK CEO Aubrey McClendon thinks, “The market needs a rest.” CHK shares closed at $22.17, down $0.41 or 1.82 percent. Their 52-week trading range had been $22.00 to $35.95.
Etablissements Delha (NYSE:DEG): Delhaize will close additional stores in the U.S. and Europe, along with 5000 jobs. The move takes 2.4 percent off revenues this year. A U.S. store closing charge of $152 million charge is expected in the fourth quarter. Brussels has shares off 7.4, premarket U.S. has shares down 8.6 percent. The shares closed at $53.72, down $5.88 or 9.87 percent. Their 52-week trading range had been $54.72 to $88.86.
Ferrellgas Partners (NYSE:FGP): The company seems to be paying for its recent acquisition of Rio Grande Valley Gas Inc. The shares closed at $17.34, down $0.31 or 1.76 percent. Their 52-week trading range had been $10.20 to $29.00.
Bill Barrett Corp. (NYSE:BBG): Macquarie downgraded Bill Barrett to Neutral. Natural gas prices prompt Macquarie’s downgrade from Outperform to Neutral and target lowered from $48 to $41. The shares closed at $31.39, down $0.65 or 2.03 percent. Their 52-week trading range had been $31.36 to $52.13.
China Telecom Corp (NYSE:CHA): All Things Digital is reporting China Radio Management, the country’s official certify for cell phones, has approved an iPhone. The device seems to be designed for China Telecom’s (NYSE:CHA) CDMA2000 network. Apple’s only known partner, for iPhone in China, is China Unicom (NYSE:CHU). The shares closed at $54.71, down $0.16 or 0.29 percent. Their 52-week trading range had been $54.33 to $67.97.
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