If you liked playing on the seesaw as a child, then you must love following the price of oil and the companies it takes with it.
On Wednesday, the price of crude topped $38 a barrel and -- not surprisingly -- some of the biggest winners on the S&P 500 were energy companies. Cheseapeake Energy (CHK) led the charge and gained 7.67%, followed by Devon Energy (DVN), which grew 6.8%.
Meanwhile, the broader market also had a positive day as the S&P 500 added 0.51%, the Dow Jones Industrial Average increased 0.21%, and the Nasdaq gained 0.55%.
One company that faltered on Wednesday was Chipotle Mexican Grill (CMG) as shares fell 3.44% after the company announed it had to close a store in Massachusetts after an employee was confirmed to have contracted norovirus. The closure comes on the heels of an E. coli outbreak that hit the stores late last year. In an effort to win back customers, the company announced plans to spend $50 million in promotional efforts. With respect to Chipotle's trading, Real Money's resident chartist, Bruce Kamich, noted that while the company rebounded from its January low, it has yet to cross above its 200-day moving average.
Elsewhere, the $1.1 billion proposed merger between AMC Entertainment (AMC) and Carmike Cinemas (CKEC) is facing opposition from one of Carmike's largest shareholders. New York-based Mittleman Investment Management said via a filing with the Securities and Exchange Commission that it was urging fellow shareholders to vote against the deal based on its current terms, according to data provided by Thomson Reuters. Mittleman has a 47% stake in Carmike
"If Carmike is to be sold to AMC, we would accept no less than $35 per share in AMC stock, or $40 per share in cash," Mittleman said in the filing. "We would prefer $35 in AMC stock primarily because AMC is also undervalued at 8.1x EBITDA now, and we believe it has a very bright future, especially when combined with Carmike."
Amazon (AMZN) made waves on Wednesday when it announced that it leased 20 jets from Air Transport Services Group (ATSG) in an effort to build out its shipping infrastructure. Shares of Air Transport Services jumped 17% on the news while shares of Amazon closed the day relatively flat.
Finally, Facebook (FB) announced it was acquiring Masquerade Technologies, the company behind the popular MSQRD app, which is responsible for the face-swapping photos appearing in social media feeds. Financial details of the deal were not disclosed.