Midday movers: Chesapeake, McDonald's, Molina
Stocks are higher ahead of a number of potentially market-moving events expected over the weekend.
Chesapeake Energy (CHK) was in focus as it held its annual shareholder meeting. Two current directors resigned after shareholder voting and a proposal to amend the company's long term incentive plan passed.
The company also announced three separate transactions to sell its midstream assets for total proceeds of more than $4 billion, including the sale of its general partner interests in Chesapeake Midstream Partners (CHKM) to Global Infrastructure Partners for $2 billion.
McDonald's (MCD) reported disappointing worldwide same-store sales growth of 3.3% in May, as results were dragged down by the company's performance in Asia, the Middle East and Africa. The fast-food giant also warned that its second-quarter results could be pressured by austerity measures in Europe, foreign currency effects and macro headwinds, sending shares down a bit more than 0.75%.
Among the notable gainers Friday are Molina Healthcare (MOH), which rebounded from a slide yesterday to gain more than 27% today, after the company announced last night that it will continue as a Medicaid managed care provider in Ohio. Centene (CNC), up 10%, also benefited from Ohio reversing its earlier decision and recommending the company for a Medicaid contract.
Noteworthy losers include ATP Oil & Gas (ATPG), down more than 13%, after the company said it was unable to come to an employment agreement with recently hired CEO Matt McCarroll, resulting in his resignation, and Progress Software (PRGS), down 13%, following its warning that its second-quarter earnings and revenue will fall short of consensus estimates.
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All hail the bull market, which ended the week with a big rally. But it also is starting to look a little like 1987, which suffered an epic blow-out.
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