Diamonds and Dogs
Third strike for KKR. The private equity firm, KKR (KKR)fell 3% today after confirming privately held oil company, Samson Resources, who KKR purchased for $7.2 billion in 2011, agreed with its main creditors today to file for Chapter 11 bankruptcy. We should see more oil and fracking companies filing for Chapter 11 in the coming year as the low oil price is making it unsustainable for high debt oil companies to stay in business.
Zuliliy (ZU) jumped 49% today after agreeing to be acquired by QVC. This is good news for any new shareholders of the online retailer. However, even with the 49% jump today, the stock is still down over 30% for the year and 50% since coming public in 2014. Good time to go private again because the public market was not kind to Zulily.
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