Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers W > Headlines for Whiting Petroleum Corp. > News item |
SunEdison gains on restructuring plans; Whiting, Chesapeake Energy extend swap gains
By Rebecca Melvin
New York, Oct. 7 – Many U.S. convertibles players were listening in on the SunEdison Inc. investor call early Wednesday, and those issues rose on an outright basis in active trade as varying opinions of the company’s new strategy plans played out, a New York-based trader said.
“The SUNE news is something that a lot of people were listening in on as it’s one of the market’s most volatile names. The call clarified things in terms of general guidance and what direction management is looking to go,” the trader said, characterizing the session overall as “decently active.”
Overall there was some indecision in the equity markets, which started out strong, slumped mid-session, but still ended the day higher.
Energy shares also swung around after weekly inventory numbers showed that U.S. stockpiles of crude oil and petroleum products rose to a new high. Nevertheless, there was still upside to the energy sector, and the convertibles of names like Whiting Petroleum Corp. and Chesapeake Energy Corp. extended swap gains.
Gains among these beaten-down names seemed to have a salutary effect on the overall convertibles market.
“It’s a pretty good snapback; everything is much better today,” a New York-based trader said.
Whiting was better on a dollar-neutral, or swap, basis by 0.5 point to 0.75 point on Wednesday and better on swap by about 1.5 points to 2 points in the last few sessions.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.