Transocean shares rise, LDK rallies on financing deal
By Steve Gelsi, MarketWatch
NEW YORK (MarketWatch) -- Energy stocks either flattened or moved lower on Monday as a run-up in the previous session ran out of steam and commodity prices softened.
The Dow Jones Industrial Average (DJIA 10,838, -22.48, -0.21%) dropped 23 points, putting downward pressure on some names in the energy sector.
Crude oil futures fell 1% to $75.76. while natural gas prices dropped 3% to $3.88 per thousand British thermal units.
The NYSE Arca Oil Index (XOI 1,014, -0.61, -0.06%) dipped less than 0.1% to 1,014.
The NYSE Arca Natural Gas Index (XNG 523.70, +0.04, +0.01%) rose less than 0.1% to 524.
The Philadelphia Oil Service Index (OSX 192.39, -0.11, -0.06%) fell 0.1% to 192, after moving higher earlier in the day.
Shares of Transocean (RIG 62.69, +2.63, +4.38%) gained 4% to $62.56, but Nabors Industries (NBR 18.33, -0.66, -3.48%) fell 3.5% to $18.32.
ConocoPhillips (COP 56.15, -0.21, -0.37%) dropped 0.3% to $56.19 after it said it received notification from Lukoil that the Russian oil firm will buy back its stock from the Houston oil major. Proceeds from the latest transaction will be more than $2 billion.
LDK Solar (LDK 9.91, +1.06, +11.98%) shares rose 12% to $9.87 after it said it lined up nearly $9 billion in financing from China Development Bank.
