Market Overview

Whiting Petroleum Lower After Goldman Sachs Downgrade

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Whiting Petroleum Corp (NYSE: WLL) shares are trading lower by $0.69, or nearly 9 percent, at $7.28 in Tuesday's session. The catalyst for the sharp decline appears to be a downgrade from Goldman Sachs. Before the open, the firm lowered its rating on the issue from Neutral to Sell.

After a lower open, it could only manage a $0.03 bounce to $7.65. before continuing its mover lower. It has continued to make new lows for the session, with the current one standing at $7.25. That far exceeds its former low for the move that was made on May 4 at $7.66.

The issue has not been under $7.00 since April 2016, when it bottomed at $6.75.

Posted-In: Short Ideas Technicals Commodities Intraday Update Markets Movers Trading Ideas

 

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