Chesapeake’s Wild Stock Ride Continued Yesterday – Down 66%

Yesterday MDN brought you the news that Chesapeake Energy’s stock price had risen some 500% over the previous two days (see Chesapeake Stock Soars, Bankruptcy Rumors Soar Too). We also told you that a single news story, by the leftists at Bloomberg, published early yesterday in an attempt to splash a bucket of cold water on Chessy’s good fortune, claimed “sources” say the company will soon declare bankruptcy with a plan to shaft existing stockholders and instead give most of the equity in the company to debtholders. That one Bloomberg story caused Chesapeake’s stock to lose two-thirds (66%) of its value yesterday in a wild ride down.

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