Chesapeake's numbers don't interest us nearly as much as the guidance they will be giving, both for themselves and for the industry.
First up, Whisper Numbers:
Expected basic materials sector earnings reports and the whisper number impact for Tuesday, May 1st:And from Reuters:
Chesapeake Energy (CHK): The whisper number is $0.28, one cent behind the analysts estimate. CHK has a 49% positive surprise history (having topped the whisper in 17 of the 35 earnings reports for which we have data). The average price movement (starting at next market open) within ten trading days of these thirty-five earnings reports is -1.4%.
The strongest price movement of -1.7% comes within ten trading days when the company reports earnings that beat the whisper number, and +9.4% within thirty trading days when the company reports earnings that miss the whisper number (opposite reactor). Last quarter the company reported earnings three cents short of the whisper number. Following that report the stock realized 5.3% gain in twenty trading days before turning and seeing a 6.5% loss in thirty trading days....MORE
Chesapeake says to replace McClendon as chairman
Chesapeake Energy Corp (CHK) said on Tuesday it would name a non-executive chairman to replace current Chairman Aubrey McClendon in the near future.
McClendon, who is also Chesapeake's founder and chief executive, will also end a controversial program that grants him minority stakes in Chesapeake's wells as of June 30, 2014, a year-and-a-half before the program was scheduled to end.
McClendon will receive no compensation of any kind in connection with the early termination of that program, the company said.