Stressed Out: Early Movers, Oil Rallies, Freeport-McMoRan Falls

 | Jan 28, 2016 | 11:10 AM EST
  • Comment
  • Print Print
  • Print
Stock quotes in this article:








This article is part of a Real Money series on 20 companies investors should consider adding to their distressed watch list.

Oil continued yesterday's rally into Thursday as crude oil futures touched above $34 a barrel in early morning trading. A number of holdings in Real Money's "Stressed Out" index are going along for the ride while others are tanking.

Shares of Ultra Petroleum (UPL), Encana (ECA). and Chesapeake Energy (CHK) all soared on a Reuters reports that stated Russia plans to speak to Saudi Arabia and other OPEC countries about cutting production to boost prices. Specifically, Reuters reported that Russian Energy Minister, Alexander Novak said Saudi Arabia proposed cutting production by 5% in oil-producing nations. 

However, Bloomberg reported that OPEC denied any such talks occurred and the companies have pared down their gains since then.

As of mid-morning trading, shares of Chesapeake Energy were up as high as 5% and shares of Ultra Petroleum and Encana were up 9% and 6%, respectively. Rumors move markets, it seems.

The Deal: Petrobras in talks to sell slice of gas distribution unit to Mitsui

Elsewhere, shares of Freeport-McMoran are down 9% in Thursday morning's trading. The company reported significant losses and announced plans earlier this week to reduce its debt load. Perhaps also adding to the share's decline is a report from Bloomberg that said the company's export license in Indonesia expired without an extension.

For more on Real Money's 20 distressed companies to watch:

Stressed Out: Introducing Real Money's Distressed Index

Stressed Out: Petrobras and 2 Other Fallen Angels From Abroad

Columnist Conversations

Spent a good amount of time with PayPal CEO Dan Schulman this week...and came away fully understanding why thi...
Has quietly taken a mini beating over the past few weeks. Might be worth a look on Monday given everything tha...



News Breaks

Powered by


Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.