Apache Cleans Up Egyptian Asset Sale and 2 Other Hot Stocks to Watch
Apache Corp. (NYSE:APA): Current price $84.82
Apache shares are up around 7.5 percent Friday in heavy volume, and with good reason. The corporation did quite well in the sale of some of its assets in Egypt, reporting that it had set up a joint venture with Sinopec, selling the Chinese firm a 33-percent stake in its assets for $3.1 billion. Analysts at Simmons & Co. said that the transaction implied a total Egypt asset value at $9.3 billion, handily beating estimates of roughly $7.7 billion.