Street Relieved With Chesapeake's Q4 Report, Shares Up 20%

Cheapeake Energy Corporation CHK shares are trading higher by $0.40 at $2.69 in Wednesday session. The Street is applauding its inline Q4 report with slightly better revenues.

After a higher open, it retreated and found support at $2.35 and resumed its move higher. At this time, it breached Tuesday's high ($2.71), reaching $2.74 and is struggling to hold $2.70.

The issue has not closed over $3 since February 5, when it ended the session at $3.06. The next day it lost over a buck, falling to $2.04, when rumors of the company restructuring swept the Street.