MARKET CURRENTS
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MARKET CURRENTS
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Monday, May 20
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4:15 PM Market recap: Stocks pulled back after the Dow and S&P hit new all-time highs, as comments from the Fed's usually-dovish Charles Evans on the improving economy added to views that he would support tapering QE bond purchases. Energy issues posted strong gains, balanced by lagging consumer staples. Gold and silver each rose more than 2% after big early losses, likely due to short covering. Comment!
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5:15 AM Directors at Chesapeake Energy (CHK) recruit Anadarko (APC) senior VP of international and deep-water operations Robert Douglas Lawler to succeed Aubrey McClendon as CEO, WSJ says. Lawler, a seasoned industry veteran, will join CHK on June 17 and says he "looks forward to generating value for shareholders in the years ahead." Besides plugging a multi-billion dollar gap between the company's spending and cash flow, Lawler's greatest challenge might be dealing with McClendon, whose contractual well investment rights mean he will likely be a part of the picture at CHK even if he isn't at the helm. 4 Comments
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