The first rule of bank runs is: If you're going to panic, panic early.
It's the same thing with stocks, with Chesapeake being down another 17% yesterday the headlines are oddly amusing:
All of these are via Yahoo Finance:
MarketWatch
Chesapeake stock falls to lowest price in 25 years as ‘going concern’ warning weighs
Barron's
Chesapeake Energy shares took another dive Tuesday, pushing them well below $1 to hit their lowest price in more than 25 years as the natural-gas producer’s going-concern warning continued to reverberate in the equity markets and beyond....
MarketWatch
Crestwood Equity's stock falls again on fears of fallout from Chesapeake Energy's 'going concern' warning
Bloomberg
Frack-Sand Supplier Tumbles After ‘Going Concern’ Warning
MarketWatch
Chesapeake Energy's stock keeps sinking, heads for 5th-straight loss after 'going concern' warning
What's that you say? Something About a 'Going Concern Warning'?
The reason the headlines are oddly amusing is that Reuters had the story, which we dutifully relayed, on November 5th.
And on November 7th the story was:
Chesapeake Energy Downgraded At Tudor Pickering, Price Target Lowered to $0.00 (CHK)
Nothing really new here, maybe the suppliers being in trouble if the big dog collapses, it's just that sometimes markets are inscrutable. Here's the bank run:
"Hey, what the hell is my money doing in your house Fred?
