Early Buzzers: Chesapeake Cleans House, Facebook Shares Bleed
Shares of Chesapeake Energy Corp. (NYSE:CHK) gained more than 3 percent before Monday’s opening bell. The natural gas giant agreed to replace four members of its nine-member board, due to pressure by investor Carl Icahn. “We greatly appreciate the substantial contributions of all of our directors, but recognize our shareholders’ desire for change,” director Merrill Pete Miller said in a prepared statement Monday. Aubrey McClendon will stay the company’s chief executive officer.
Walgreen Co. (NYSE:WAG) shares jumped 2 percent in pre-market trading. Reports indicate that Walgreen and Express Scripts (NASDAQ:ESRX) have canceled legal claims made against each other. Walgreen issued a statement explaining, “The parties have agreed to dismiss their respective claims, and no other action has been or will be taken by either party with respect to this case. These dismissals have no impact on the parties’ ability or inability to come to terms on a pharmacy agreement.”
Facebook (NASDAQ:FB) shares fell 1.7 percent in early trading. The social-media company continues to have problems finding a significant bottom. AllThingsD reported late Sunday that Facebook and Yahoo! Inc. (NASDAQ:YHOO) are in talks to settle their patent litigation.
Walt Disney Co. (NYSE:DIS) shares edged slightly lower in early Monday trading. The company raised its price of one-day single-park ticket to $89 this past weekend, representing a 4.7 percent increase.
Despite receiving a price downgrade, shares of McDonald’s Corp. (NYSE:MCD) traded mostly flat this morning. Deutsche Bank reduced its price target on the fast-food company from $108 to $100, citing European slowdown concerns impacting margins.
Investor Insight: Analyst’s Prophetic Prediction: Apple Can Sell This Many Million TVs