Following aninternal investigation into its finances that found "nosubstantial evidence" of fraud or willful misconduct of management,investors moved back into SunEdisonInc. Thursday, April 14, sending the shares up 58.09% to 59 centsin heavy trading.
Based on the review, which was aided by independent counseland accounting and financial advisors, SunEdison's independent directors are requiringthe company to implement a new cash-forecasting system with controls to manage,monitor and communicate changes in the outlook directly to the board, accordingto the April 14 filing. The independent directors are also demanding moretransparency regarding cash management practices.
SunEdison's yieldcos saw declines as fell 3.09% to$9.71 and TerraForm Global, Inc.ended 3.03% lower at $2.56.
AES Corp.shares earned 0.09% in light trading to close at $11.24, after Standard &Poor's Ratings Services raisedthe company's corporate credit rating to BB from BB- on April 13. The upgradewas based on S&P's revised project developer criteria which places AES'business risk assessment at satisfactory reflecting "the quality ofdistributions from subsidiaries to cover corporate-level obligations and theoverall level of industry risk and country origination of these distributions."
Southern Co.gained 0.18% to end the session at $50.45, after the Georgia Public ServiceCommission unanimously approveda settlement agreement in the acquisition of AGL Resources Inc.
Among other power stocks, First Solar Inc. shares fell 2.00% to settle at $60.42.Atlantic Power Corp.shed 1.87% to C$3.15, while CenterPointEnergy Inc. saw a 1.13% dip to $20.96 on weak volume.
The SNL Energy Index close down 0.37% to 261.06.
May natural gas futuresended the recent rally with a day of losses Thursday, April 14, as a stillhealthy natural gas supply, despite a larger-than-anticipated storage pulloutlined by the U.S. Energy Information Administration in its report out atmidmorning, weighed on values. The contract settled 6.6 cents lower at$1.970/MMBtu.
Arch Coal Inc.shares jumped 21.70% to 42 cents on the over-the-counter markets after itmoved to rid itselfof inactive assets with the sale of a collection of abandoned mines and otherassets in Knott County, Ky. The sale of those assets controlled by to QuestEnergy Inc. included in a filing to the court would include three prep plantsin addition to eleven abandoned mines.
Alpha NaturalResources Inc. shed 0.22% to 2 cents on the over-the-countermarkets after the Virginia Department of Mines, Minerals and Energy a limited objection to thesale of the company's assets located in the commonwealth in an effort to ensurereclamation obligations are met if and when the sale is complete.
CONSOL EnergyInc. shares slid 5.90% to $12.92 and dipped 1.30%to $15.94 in below average trading.
The SNL Coal Index saw a 3.76% drop to 44.01.
Midstream operator BreitburnEnergy Partners LP closed 35.00% lower to settle at 40 cents afterthe company said it suspendeddistributions on some preferred units and deferred interestpayments totaling $46.7 million on certain senior notes. The deferred interestpayments consist of about $33.5 million due April 14 on 7.875% senior notesmaturing in April 2022 and about $13.2 million on 8.625% senior notes maturingin October 2020.
Under the terms of the indentures, Breitburn has 30 daysafter the due date to make the interest payments before being considered indefault.
AnteroMidstream Partners LP lost 0.05% to $21.73, after the partnershipincreased itsquarterly distribution to 23.5 cents per unit for the first quarter, equatingto 94 cents per unit annualized.
The SNL Midstream Energy Index went down 0.63% to 100.56.
In gas utilities, GasNatural Inc. fell 2.56% to settle at $7.60. Shares of saw a1.73% decline to $51.01, and AtmosEnergy Corp. shares dropped 1.07% in weak trading to close at$73.10.
The Dow Jones Industrial Average gained 0.10% to 17,926.43and the S&P 500 rose 0.02% to 2,082.78.
Market prices andindex values are current as of the time of publication and are subject to change.
S&P Ratings andS&P Global Market Intelligence are divisions of McGraw Hill Financial Inc.