There was a lot of green on Thursday and even beleagured SunEdison (SUNE) posted a huge gain (more on that later). In the meantime, the S&P 500 closed up 1.13%, the Dow Jones Industrial Average up 1.29% and the Nasdaq up 0.87%.
The price of crude oil was up 2.43%, ending the day just below $33 a barrel even though energy names remained the biggest laggards in the S&P 500.
Meanwhile, Missouri-based SunEdison shot up 36% on Thursday after shareholders of Vivint Solar (VSLR) voted in favor of the board's plan to be acquired by SunEdison. Whether or not that transaction happens remains a question as Appaloosa Managment, which holds a stake in SunEdison's yieldco, Terraform Power (TERP), is trying to block the deal on grounds that SunEdison breached its fiduciary duty to Terraform Power.
Halliburton (HAL) announced on Thursday that it was cutting 5,000 jobs, or 8% of its workforce. Shares of the company closed flat at $32.50, though the stock is down 24% over the last year.
Scissors were also present at Apache (APA), which reported quarterly losses of $19.07 a share, or $0.06 a share on an adjusted basis. Apache also announced its capital spending for 2016 is expected to be in the range of $1.4 billion to $1.8 billion, down over 60% from 2015 levels. Spending will be adjusted on commodity prices and resulting cash flow, CEO John Christman said in the company's earnings release.
Kraft Heinz (KHC) reported earnings after the bell and beat analyst estimates. The company reported earnings of $0.62 a share on $7.12 billion on revenue. Analysts projected earnings per share of $0.58 on revenue of $7 billion. It was the second time the company reported earnings since the merger of Kraft Foods and Heinz. Earnings were driven in part by a " favorable volume/mix from innovation in Lunchables as well as strong growth in condiments and sauces," the company said in its earnings release.
Perhaps the recent rise in burger culture contributed to earnings?