After the agreement of OPEC and its partner countries to extend the production cut, shares in the energy sector were in demand. ExxonMobil rose 3.1 percent and chevron by 2.4 percent. Occidental petroleum even skyrocketed by 17.4 percent.
But all these blue chip stocks have nothing against CHK shares which went from $24.88 to $69.92 in one day. But all good things come to an end.
Looks like enough is enough, at least for now, for CHK stock. In a day when Chesapeake Energy (NYSE:CHK) soared incredible 181% we are now seeing that CHK is one of the leading losers in After-hours trading session. CHK stock even lost 20% at one moment and was selling for $58.65.
Whoever tweeted that $CHK is filing chapter 11 just wanted to have drop from $82 to $50, probably bought a ton of shares at $50... Now back to $65 and will soon be at $85 again, I'm sure.@SEC_Enforcement any thoughts on this??— Gene Shmunster (@NotaBubble) June 8, 2020
The loss came after some Twitter accounts reportedly tweeted how CHK is readying filing for Chapter 11 bankruptcy. While some investors joked how this is a good news since all bankrupted companies (such as HTZ, JCP and TUESQ) are soaring today, many started panic selling.
But CHK share price recovered soon and at the moment of writing this article it lost 7% AH.
On the other side of the spectrum, many investors see a potential in Chapter 11 news, such as Mark Painter.
$CHK filing chapter 11 and giving lenders control. Stocks are forward looking and the 176% gain must have been in anticipation of this filing looking for it to head up 400% after the filing of chapter 11 like $htz. Maybe a lesson on capital structure is in order?— Mark Painter (@markpainter17) June 8, 2020
We will all see what tomorrow brings when the opening bell sounds the start of the trading session.