Chesapeake

Discussion in 'Stock Market' started by DanK, Dec 10, 2008.

  1. DanK
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    DanK Administrator Staff Member

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    I have a question about Chesapeake that just has me steaming mad today. I purchased CHK when it dropped from $70 to $20 as a good long term play on nat gas. I believed in the CEO and felt it was a good investment that had been knocked down by hedge funds. Last week the company announced two filings to issue more shares and the stock got cut in half. I decided to take my losses and and sell fearing the company was heading down even further. Not even a few days later the company canceled the plans to issue more stock and CHK bounces back. How can they do that and not follow through? It almost seems like the intentially knocked the stock down. Also a directer purchased shares the day it was down so much. Something just doesn't seem right about this, I feel I've been cheated.


    Sec Form 4 - Nickles Donald L - Chesapeake Energy Corp - For 12/09/08
     
  2. NOBama
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    NOBama Senior Member

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    Man, that really sucks.

    I'd check around on some stock boards to see if anybody's talking "class action". Try iHub, that's a pretty active board.

    Nothing will come of it, but it wouldn't hurt to dash a letter off to the SEC about it.

    I'd be looking for opportunities to short their asses too...
     
  3. NOBama
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    NOBama Senior Member

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    Keep an eye on SKF. When the current rally ends, there'll be day trading dollars written all over this bad boy. It's currently up 4+ in PM but, there's no volume to speak of. Also, with the VIX pulling back over the last few days, it gives me reason for pause right now.
     
  4. DanK
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    DanK Administrator Staff Member

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    Thanks, I'll keep an eye on it. Maybe a good one for my CNBC PC :) Already up 5% today.
     
  5. Baruch Menachem
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    Baruch Menachem '

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    Things change.

    The price of oil is almost at $40 a barrel. Drilling domestically is stupid at that price. Chesapeake was looking to drill domestically. It no longer makes sense, and the CEO went with the flow.

    Now at $90, a domestic drilling program makes it a hot buy. And I am pretty sure Chesapeake is ready for lots of drilling if/when the price goes up again.
     

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