On Wednesday, Shares of Chesapeake Energy Corporation (NYSE:CHK), lost -3.91% to $7.87, as oil prices fell about 2 percent to three-week lows on Wednesday as the U.S. government reported a bigger build than expected in crude stockpiles, although significant drawdowns in gasoline and distillates prevented a steeper slide in crude futures, according to Reuters.
U.S. crude oil inventories rose 8 million barrels last week, the government-run Energy Information Administration (EIA) said.
The build was more than double the 3.9 million barrels forecast by analysts in a Reuters poll. It was also above the 7.1 million build reported by industry group American Petroleum Institute. Reuters Reports
Chesapeake Energy Corporation produces oil and natural gas through acquisition, exploration, and development of from underground reservoirs in the United States. It holds interests in natural gas resource plays, counting the Haynesville/Bossier Shales in northwestern Louisiana and East Texas; the Marcellus Shale in the northern Appalachian Basin of West Virginia and Pennsylvania; and the Barnett Shale in the Fort Worth Basin of north-central Texas.
Shares of Vale SA (ADR) (NYSE:VALE), inclined 1.79% to $4.54, during its last trading session.
Vale, is down -55.82% over 12 months and trades at 18.33 times forward earnings. The consensus price target is $6.34. The Company recently closed at $4.51, up 1.12%. The company has a market cap of $21.61B.
Vale S.A., together with its auxiliaries, engages in the research, production, and sale of iron ore and pellets, nickel, fertilizer, copper, coal, manganese, ferroalloys, cobalt, platinum group metals, and precious metals in Brazil and internationally. Its Bulk Material segment produces and extracts iron ore and pellet.
Finally, Shares of Frontier Communications Corp (NASDAQ:FTR), ended its last trade with -0.56% loss, and closed at $5.29.
AT&T is among the targets of one of the latest investigations launched by the Federal Communications Commission regarding alleged anti-competitive practices within business data services, also known as the special access market, according to Business Journals.
The FCC’s Wireline Competition Bureau has launched a probe into the pricing plans of for special access services offered by AT&T (NYSE: T), CenturyLink (NYSE: CTL), Frontier Communications (Nasdaq: FTR) and Verizon (NYSE: VZ). The FCC defines the special access market as that which transports voice and data over a dedicated transmission line at a rate of at least 1.5 megabytes per second. This could comprise high-capacity special access lines that transfer data from cell towers to mobile switching centers, which sends the call to the recipient. Consumers, small businesses, government offices, hospitals and ATMS use special access to complete transmissions via the Internet. Business Journals Reports
Frontier Communications Corporation, a communications company, provides regulated and unregulated voice, data, and video services to residential, business, and wholesale customers in the United States. The company offers residential services, such as fiber-to-the-home and fiber-to-the-node broadband, video, and voice over Internet protocol products, in addition to traditional copper-based broadband products; and commercial services, counting Ethernet, dedicated Internet, multiprotocol label switching, time division multiplexing, data transport services, and optical transport services.
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