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: Shares of Forest Oil Corporation (NASDAQOTH: SOGC ) jumped 13% today after its merger deal appeared to be back on.
So what: Yesterday, shares of Forest Oil fell after reports surfaced that its merger with Sabine Oil & Gas had come into question because of a delay in an $850 million loan, but today, the deal is back on. Sabine's CEO David Sambrooks said, "All parties remain fully committed to this transaction."
Now what: The issue appears to be on the bank level, where Barclays Plc is shopping financing to investors, but that doesn't impact the financing commitment they made. As I said yesterday, the delay wasn't worth investors panicking over, and some of the jitters should be gone today. Shares are nearly back to where they started the day yesterday, and unless something major changes, I'd expect the merger to go through as planned.
Do you know this energy tax "loophole"?
You already know record oil and natural gas production is changing the lives of millions of Americans. But what you probably haven't heard is that the IRS is encouraging investors to support our growing energy renaissance, offering you a tax loophole to invest in some of America's greatest energy companies. Take advantage of this profitable opportunity by grabbing your brand-new special report, "The IRS Is Daring You to Make This Investment Now!," and you'll learn about the simple strategy to take advantage of a little-known IRS rule. Don't miss out on advice that could help you cut taxes for decades to come. Click here to learn more.