A 3% pullback in Chesapeake Energy (NYSE: CHK) shares after quarterly earnings pushed energy exchange traded funds (ETFs) lower Tuesday morning.
Chesapeake after Monday’s closing bell said it swung to a first-quarter loss. However, Jefferies analysts in a note said results were “slightly ahead of expectations on higher volumes,” while costs were generally in line.
Elsewhere in the energy sector, Anadarko Petroleum (NYSE: APC) shares were down about 1% in light premarket trading Tuesday. The company said its first-quarter net income fell from the year-ago period.
Energy Select Sector SPDR Fund (NYSEArca: XLE) was down about 0.6% in preopen action.
Energy Select Sector SPDR Fund
The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.