Newspaper article THE JOURNAL RECORD

Oil Price Drop Sends Journal Record Stock Index into Tailspin

Newspaper article THE JOURNAL RECORD

Oil Price Drop Sends Journal Record Stock Index into Tailspin

Article excerpt

Although the major markets managed to scramble onto higher ground as our session ended, TJR stocks were punished by the drop in oil prices, although refiners saw a bit of a boost.

The Journal Record Stock Index lost 26.12 points, or 2.38 percent, and closed at 1,069.37. SandRidge Energy joined the index this session.

Of the now 46 stocks tracked in the index, declining issues easily bested advancing issues by a 30-to-13 count.

Shares of Willbros tumbled $5.87, or 14.13 percent last session.

The company priced its offering of 6.9 million shares at $34 per share; another 1 million shares are available if demand is high.

The company expects the offering to net $219.3 million.

Willbros said it will use $200 million generated by the offering to finance part of its purchase of Integrated Service. The remainder will be used for general corporate purposes, and for capital equipment purchases.

Willbros closed at $35.66 and was the top dollar loser.

Bronco Drilling rose last week after the company announced it plans to acquire a 25-percent stake in Challenger Ltd. …

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