Markets are all over the place on Tuesday. Grim news from the International Monetary Fund (IMF) pointed to continued global uncertainty, but was quickly overshadowed by the potential that OPEC may freeze production levels.
The S&P 500 and Dow Jones Industrial are up 0.5% and 0.66% respectively, while the Nasdaq is down on the day.
Oil Stocks on the Rise
Ahead of OPECs meeting on Sunday in Qatar, investors have showed hope that a potential freeze agreement can be made. West Texas Intermediate added 1.7% on the news, pushing prices up by over $1 a barrel.
Several stocks are up on the day as a result:
- BP (BP) rallied in early morning trading, up 2.3%.
- Exxon Mobil (XOM) pushed past the $84 mark, up 1.2% on the day.
- PetroChina (PTR) is soaring, up 2.6% in early afternoon trading.
Expect Sunday’s OPEC meeting to cause dramatic shifts for oil stocks, positive or negative.
Aloca Stock Tumbles
Aloca (AA) started the earnings season with weak sales for Q1, causing the stock to fall 5%. Further announcements that the company may slash 2,200 jobs in addition to the 600 jobs lost and additional 400 planned cuts were also released.
Juniper Networks Slumps
Juniper Networks (JNPR) is having a rough day following a cut to the company’s Q1 forecast. The company cut earnings forecasts to 35 – 37 cents a share, far below analyst expectations of 45 cents a share.
Juniper’s stock is down 8% on the day, trading at $22.89 a share.
Chesapeake Energy Soars
Chesapeake Energy Corporation (CHK) is soaring. It’s not often that a stock gains 27.65% in a day. The company’s stock is climbing on its agreement with lenders to amend the company’s credit facility. Chesapeake was fighting to survive potential bankruptcy, which has put a hamper on the company’s stock.
The company is far from out of the risk zone.
Chesapeake released a statement showing the company’s pledge of more collateral to creditors. The company pledged $4 billion in collateral to gain relief. It pledged nearly all of its assets to secure debt.