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petewd

petewd
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  • After a sweeping rebuke representing "total collapse of investor confidence" in Chesapeake's (CHK +3%) board - shareholders rejected two directors up for re-election and only 20% approved CEO compensation - is Aubrey McClendon's ouster next? Two-thirds of CHK’s board could be new appointees by July 1, and McClendon won’t have hand-picked any of them.  [View news story]
    I imagine that Aubrey McClendon feels suitably chastened and shackled by today's events but to get rid of him would be ridiculous. His recent unwise personal business activity aside he is one of the most knowledgeable in the industry and as such a valuable asset. I would wager almost anything that Carl Icahan would be amongst, if not the, first to ask him to stay on. I have suffered the same reversal as most other shareholders but feel that recent events have stabilized a very shaky situation and that long term the company is a very worthwhile investment.
    Jun 8 04:46 PM | 4 Likes Like |Link to Comment
  • Corning (GLW +5.8%) rallies after beating Q1 estimates and offering a relatively upbeat outlook for its pressured LCD glass business. Corning predicts glass price declines "will be much more moderate" in Q2 than in prior quarters, with volumes flat for Corning's internal glass ops and up slightly for Samsung Corning, which recently lost a major deal. In addition, the Specialty Materials business is expected to grow 10%-15% thanks to strong Gorilla Glass sales.  [View news story]
    No thanks.
    Apr 25 02:03 PM | Likes Like |Link to Comment
  • Chesapeake Energy (CHK) CEO McClendon has borrowed $1.1B (with his shares in the company as collateral) over the last 3 years to invest in thousands of the company's wells. The loans are used to fund a perk which allows him to invest 2.5% in every well drilled by the company. McClendon and the company say the loans pose no conflict of interest nor did they need to be disclosed. Shares -2.2% premarket.  [View news story]
    auto44 you are absolutely right.
    Apr 18 10:16 AM | Likes Like |Link to Comment
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