Eagle & Beagle
This week's eagle wrapped up a wild week with a phenomenal Friday.
SandRidge Energy has been in the news lately as some disgruntled shareholders have challenged the Oklahoma City firm's management. But traders appeared to shrug off the complaints, pushing SD shares up 24.6 percent last week.
The stock closed Friday at $7.29, precisely where it was on Oct. 18. The chart between then and now forms a sharp “V.” Trading has been heavy during that period, including on Nov. 9 when 76 million shares of SD changed hands.
Shorts sellers may be getting out, which would boost volume and prices. It may be that the activist shareholders have persuaded traders that change is coming that might goose prices. It could be that some big spenders believe the company's share price simply doesn't reflect the value of SandRidge's assets.
Whatever the cause, it's good news for long-term shareholders.