What’s Moving These Hot Stocks: Chesapeake, Avon, Citigroup, Sprint

Chesapeake Energy Corporation’s (NYSE:CHK) most-traded bond (due in 2020) plummeted 5% to 91.64c on the dollar after Chesapeake reported its new $3B short-term loan, which was meant to soothe investors’ worries regarding its cash deficit. This was noted by the Wall Street Journal, which referenced pricing data from Benchmark Solutions. Chesapeake shares traded at $14.68 recently, down %0.85 or 5.41%.

Avon Products Inc. (NYSE:AVP): Coty’s May 9th missive sparked Avon to respond by revealing it on May 10th, and pointing to its Board considering the letter’s contents. Following that, on May 13th Avon’s Board announced a coming response to Coty’s letter within one week following consideration of it together with management and financial and legal advisors. Yesterday, Coty withdrew its proposal. Avon shares traded at $18.59 recently, down $2.14 or 10.32%.

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Citigroup’s (NYSE:C) joint venture with Morgan Stanley Smith Barney’s buyout by Morgan Stanley is not likely to be sped up thanks to market uncertainty of late, lowered stock prices, and increased regulatory attention, the Wall Street Journal reports (on feedback from insiders). Talks about the next step in Morgan Stanley’s eventual takeover have not been started, although Morgan can increase its stake to 65 June 1. Citigroup shares traded at $28.25 recently, up $0.11 or 0.36%.

Sprint Nextel Corp. (NYSE:S): LightSquared reported that it began voluntarily reorganization cases under Chapter 11 of the U.S. Bankruptcy Code to allow for time to resolve regulatory concerns that have delayed its building of a nationwide integrated satellite 4G wireless network. Normal operation is predicted throughout the process, as well as continuation of the company’s current management team. Sprint shares traded at $2.49 recently, down $0.01 or 0.2%.

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