Chesapeake Energy lost more than $1 billion in stock-market value in 46 minutes of trading on Friday after the company disclosed it might be forced to delay plans to sell assets to fund its operations this year.
Myriad Asset Management, led by Chief Investment Officer Carl Huttenlocher is reported to have sold the bulk of its Alibaba Group Holding Ltd (NYSE:BABA) stake last year. The strategic move was executed in an attempt to financially gain from Alibaba’s record-breaking IPO of $25 billion.
Chesapeake Energy Corp. Chief Executive Officer Aubrey McClendon will resign from the company he built into the second-largest U.S. natural gas producer after scrutiny of his personal finances and a corporate cash crunch erased as much as 43% of its market value last year.
The baseline credit of Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) was downgraded by Moody’s Corporation (NYSE:MCO) yesterday following recent developments related to the bribery and money-laundering scandal. The ongoing corruption case has caused Petrobras to delay financial results for the third-quarter until next week. This is the second downgrade in two months for the Brazilian state-owned oil giant.
Airbnb Inc., one of the fastest-growing private tech companies in the world, is in talks with investors for a potential employee stock sale, which will increase the valuation of the rentals site by $3 billion to $13 billion.
According to people familiar with the matter, instead of issuing an entirely new set of shares, the San Francisco-based company will sell stock already owned by employees. The cash raised will not be invested into the company, but be disseminated amongst employees.
By Devon Shire: Being an outside investor is hard. Any time the shares of a publicly traded company you own start underperforming its peer group you wonder if there isn’t something going on that you don’t know. You are just an outsider and perhaps other people have better information than you do?
Dean Foods (DF) announced its second-quarter (2Q) earnings for fiscal 2014 (FY14) today, and reported a loss of 14 cents per share compared to analysts’ expectations of 6 cents loss per share. The adjusted EPS declined 154% YoY, as the second quarter proved to be more challenging than the company had anticipated.
Apache Corp., this year’s third-worst performing oil and natural gas producer on Standard & Poor’s energy index, plans to sell US$4-billion in assets by the end of this year and buy back shares.
Apache, based in Houston, will use initial proceeds of US$2-billion to pay down debt, according to a statement today. The balance may be used to buy back as many as 30 million shares.
By Osman Gulseven:Chesapeake Energy (CHK) is among the most widely followed energy companies in the U.S. Established in 1989, the Oklahoma-headquartered company is primarily engaged in the natural gas and oil development in North America. The company holds substantial interests in several natural gas resource basins, as well as liquids-rich resource plays.
MILAN — Fiat shares jumped on Thursday after it struck a US$4.35 billion deal to gain full control of Chrysler Group LLC, but doubts remained over whether the Italian carmaker can use the merger to cut losses in Europe.
Investors welcomed the deal struck by Chief Executive Sergio Marchionne under which Fiat will buy the 41.46% of the No. 3 U.S. automaker it does not already own, without raising funds from the stock market.