Cenovus Energy (CVE) - Get Report shares tanked more than 13.7% to $11.28 on Thursday after the company announced that it was purchasing divested ConocoPhillips (COP) - Get Reportproperties for $13.2 billion.
Meanwhile, ConocoPhillips shares closed up 8.81% to $50 on more than four times its regular volume following the deal. Investors applauded the Conoco's decision to sell, which will turn out to be a boon for shareholders Real Money's Jim Collins wrote today. Cenovus may be a different story as the company just acquired assets that are tough to make profitable at current oil prices.
U.S. Steel (X) - Get Report shares closed trading up 3.36% to $33.88 Thursday after Jefferies analyst Seth Rosenfeld upped his price target on the company to $50 from $45. Rosenfeld believes there is a cyclical recovery occurring in the sector that will drive demand.
Shares of drugmaker Valeant (VRX) continued to decline more than 1% on heavy volume after activist investor Bill Ackman said that he was "deeply and profoundly sorry" for his investment in the company. Valeant's banks on Wednesday agreed to extend the date of its credit commitment by two years, a move that boosted the company's shares briefly.
Lululemon Athletica (LULU) - Get Report slumped 23% after issuing a weak outlook for the first quarter. The athletic apparel brand anticipates first-quarter revenue no higher than $515 million and earnings between 25 cents to 27 cents a share. Analysts anticipated earnings of 39 cents a share on sales of $552 million. Fourth-quarter earnings also missed estimates.