Shares of Southwestern Energy (SWN) are doing well this morning. The company reported a first-quarter loss of $1.26 a share compared with a 31-cent gain last year. However, Southwestern took a $907 million charge, so excluding that the company earned 31 cents a share which was in line with Wall Street’s consensus. The stock continues to be an excellent buy.
In other news this morning, the government has told Bank of America (BAC) and Citigroup (C) that they need to improve their capital base as part of the stress test. Executives at the banks are planning to rebut the charges, but I think the stock prices are telling us everything we need to know.