Black Friday Big Movers: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Many U.S. consumers are out hitting the stores for Black Friday deals, but that didn't stop InterOil (NYS: IOC) , TransAtlantic (ASE: TAT) , and JinkoSolar (NYS: JKS) from making big moves in the market today.
So what: Investors were boosting shares of InterOil today after the company announced it had signed an agreement with Gunvor Singapore to supply 1 million tonnes of liquefied natural gas per year from the company's Gulf LNG Project in Papua New Guinea. The announced agreement isn't a binding one, but is an incremental step forward in what would be a big deal for InterOil.
Market watchers were bidding down oil and natural gas player TransAtlantic after the company announced late on Wednesday that three of its workers had been killed after armed assailants attacked a facility in Turkey. Though the company said the attack "appears to be an isolated event," some investors are obviously uneasy in its wake.
Finally, JinkoSolar continued its retreat following worse-than-expected third-quarter results announced earlier in the week. As my fellow Fool Harsh Chauhan notes, the woes at JinkoSolar underscore the tighter times that the solar industry in general has been facing.
Now what: With a half day on the major U.S. markets today, and many investors probably still shaking off the effects of yesterday's gorging on tryptophan, volume in all of these stocks was below normal-trading-day levels. The news may be worth working into your investment thesis, but it's tough to try to read too much into the swings during a post-holiday, half-day session like today.
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