Valero, Tesoro, Chesapeake, Bucyrus Rise

Mayank Mehta
04 Jan, 2010
New York City

Energy related stocks gained after a rally in natural gas and crude oil. Total SA investment in Chesapeake Energy controlled energy field also helped the sector. Deutsche Bank

[R]1:30 PM New York – Energy related stocks gained after a rally in natural gas and crude oil. Total SA investment in Chesapeake Energy controlled energy field also helped the sector. Deutsche Bank’s positive comments lifted oil refiners.[/R]

Of the stocks in S&P 500 index, 448 increased, 52 declined and none were unchanged.

Southwest Airlines Co led the decliners in the S&P 500 index with a loss of 2.6% followed by losses in Teradata Corporation of 1.8% and in The Dun & Bradstreet Corporation of 1.5%, in The Gap, Inc of 1.4% and in NVIDIA Corporation of 1.2%.

Wynn Resorts, Limited led gainers in the S&P 500 index with a rise of 8.5% followed by gains in AK Steel Holding Corporation 6.8%, in Tesoro Corporation of 6.7% and in Chesapeake Energy Corporation of 6.5%.

Other Movers

Alcon, Inc ((ACL)) fell 4.9% to $8.20 after $156.15 after the Swiss pharmaceutical giant exercised its option to acquire majority stake in the company for $180 a share from Nestle SA and offered 2.8 shares for each share held by minority shareholders. The offer for minority shareholder values each share at $153.

The Boeing Company ((BA)) rose 3.4% or $1.84 to $55.97 after the commercial-plane maker was raised to “overweight” from “equal-weight” at Barclays.

Bucyrus International, Inc ((BUCY)) surged 10.3% or $5.83 to $62.20 after Barclays Plc lifted its price target to $73 from $64 on better than expected earnings in 2011 and after.

Chesapeake Energy Corporation ((CHK)) increased 6.4% or $1.68 to $27.56 after the oil producer today announced the execution of an agreement for a $2.25 billion joint venture with a wholly-owned subsidiary of Total S.A. whereby Total will acquire a 25% interest in Chesapeake''s upstream Barnett Shale assets and pay immediately $800 million and additional $1.45 billion over six years.

Chevron Corporation ((CVX)) the energy producer climbed 2.3% or $1.80 to $78.79.

Home Inns & Hotel Management Inc ((HMIN)) surged 9.7% or $3.47 to $38.76 on five times normal volumes after China related stocks traded higher. China earlier reported manufacturing expansion and indicated that current year growth is ahead of the target rate of 8%.

Intel Corporation ((INTC)) increased 2.7% or 55 cents to $20.95 after the chipmaker was upgraded to “outperform” from “neutral” at Robert W. Baird & Co.

Japan Airlines Corporation ((JALSY)) the carrier surged 25.8% or $1.10 to $5.35 after government controlled Development Bank of Japan revised its credit limit to 200 billion yen or $2.2 billion easing concerns that the troubled carrier will file bankruptcy.

Las Vegas Sands Corp ((LVS)) surged 8.7% or $1.29 to $16.23 after the casino company was upgraded to “buy” from “neutral” at UBS AG.

Morgan Stanley ((MS)) added 5.1% or $1.53 to $31.14 after the lender was upgraded to “outperform” from “neutral” at Credit Suisse.

Tesoro Corp ((TSO)) added 7.7% to $14.60 and Valero Energy Corp increased 6.4% to $17.81. Oil refiners gained after positive comments from Deutsche Bank and freezing temperatures lifted prices of refined crude products.

Wynn Resorts, Limited ((WYNN)) rose 8.4% or $4.92 to $63.15 after the casino company was raised to “buy” from “neutral” at UBS.