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Friday's Energy Stocks: GE speaks on fraud allegations, stock jumps nearly 10%

Wall Street continued gains on Friday, Aug. 16, led by the consumer and technology sectors. Energy-specific indexes also benefited from the general market trend.

The Dow Jones Industrial Average grew 1.20% to 25,886.01, and the S&P 500 added 1.44% to wrap a tumultuous week at 2,888.68.

General Electric Co.'s shares rallied 9.74% on nearly 4x average volume to close at $8.79, a day after the stock sank on the allegations that the industrial conglomerate has committed fraud in hiding its losses in 2018, using the Baker Hughes, a GE company acquisition as the tool. Baker Hughes' shares were up 1.69% to close an active session at $21.06.

Oil major Exxon Mobil Corp. has entered into an underwriting agreement with Barclays Capital Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC as managers of several underwriters for the issuance and sale of floating-rate notes and the fixed-rate notes. Exxon Mobil shares closed a roughly average outing up 1.56% at $68.30.

ONEOK Inc. stock closed an average trading day up 1.99% to $69.30. The company closed its $2.0 billion offering of senior notes, raising approximately $1.97 billion of net proceeds.

Cheniere Energy Inc. stock closed an average session growing 1.59% to $59.98. A Texas appeals court has ruled that Cheniere Energy cannot start foreclosure proceedings against the subsidiary of a former business partner that it accused of failing to pay back a $46 million loan to develop LNG projects.

Cimarex Energy Co. stock jumped 6.62% to $41.05 in active trading; EQT Corp. shares added 5.01% to $12.36 in below-average trading; and Apache Corp. stock picked up 4.57% to wrap an average session at $20.84.

The S&P 500 Energy Index increased 1.19% to 419.03, and the Alerian MLP Index climbed 1.70% to 228.76.

Among big movers in the electric and diversified utilities sector were merchant generators. Vistra Energy Corp. shares advanced 4.78% to $23.69 in average trading; NRG Energy Inc. shares rose 3.35% to $35.47 in somewhat below-average trading; AES Corp. stock added 2.91% to $15.20 in nearly average trading; and Pattern Energy Group Inc. shares gained 2.73% to $26.37 in above-average trading.

MGE Energy Inc. stock picked up 1.40% to wrap a slow session at $75.46. The company raised its quarterly common stock dividend by 4% to 35.25 cents per share.

Itron Inc. stock advanced 3.20% to $69.70 in brisk trading. S&P Global Ratings has raised the outlook on the smart meter manufacturer to stable from negative, based on improvements in its profitability and debt leverage in 2019.

S&P Global Ratings has upgraded the issuer credit ratings on Entergy Corp.'s utilities to A- from BBB+ with a stable outlook, concluding that they are sufficiently insulated from the parent in case of a financial stress. Entergy stock inched up 0.17% to close at $109.19 on low volume.

In the renewables sector, Vivint Solar Inc. stock climbed 8.42% to $7.98 and Sunrun Inc. shares grew 4.77% to $15.39, both in roughly average activity. First Solar Inc. ended up 4.10% at $61.69 and SunPower Corp. units increased 3.79% to $12.88, both in below-average trading.

The S&P 500 Utilities Index increased 0.36% to 309.93.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.

Market prices and index values are current as of the time of publication and are subject to change.