Basic Energy Services, Inc (NYSE: BAS)
Basic Energy Services didn't look like it was going to have the best of days in the market today. In fact, the stock was far into the red at the opening bell. Nonetheless, after a few minutes in the red, the stock shot upward like a rocket before being halted. Below, we'll talk about what we're seeing, why, and what we'll be watching for with regard to BAS ahead.
What We're Seeing From BAS
As mentioned above, Basic Energy Services wasn't off to the best of starts in today's trading session. In fact, pre-market trading brought the stock into the red. Following the opening bell, we saw further declines. However, things started to change minutes ago as the stock started to spike. At the moment (9:54), BAS is trading at $44.75 per share after a gain of $5.75 per share (14.74%) thus far today. We're also hearing that the stock has been halted.
Why We're Seeing What We're Seeing
As usual, our partners at Trade Ideas first alerted us to the run on BAS. As soon as they did, the CNA Finance team went to work to see what was causing the movement. In this particular case, we were unable to dig up much of anything. We didn't see any fundamental news, nor did we see rumors in social.
Nonetheless, there is one thing that we do know; Basic Energy Services was halted. Any time a stock is halted, we generally see big news following the move. All of that said, we are just as excited as investors to figure out just what that news will be.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a very close eye on BAS. In particular, we'll be watching to see what the cause of the halt is and how the stock performs once it reopens. We'll be keeping a very close eye on the stock and bringing you the news as it breaks!
Update: BAS has re-opened quite a bit lower. The stock is currently (10:11) trading at $40.01 per share after a gain of $1.01 per share, or 2.59%.
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