Newell, Office Depot, Anadarko Petroleum, and More: Why These Stocks Are Moving

Anadarko Petroleum Corporation (NYSE:APC) and PDC Energy Inc. (NASDAQ:PDCE) are each higher by over 5% after voters in Colorado rejected a proposal that would have made it more difficult to drill for oil and gas in the state. Voters in the state rejected Proposition 112, which would have mandated at least 2,500 feet separation between drilling activities and vulnerable or occupied areas. Opponents of the proposition have argued that the measure would cost the state as much as $169-$217 billion over 12 years. Now that the proposal isn’t going to effect any time soon, Anadarko and PDC have more freedom to produce. Anadarko Petroleum Corporation (NYSEMKT:APC) was in 48 elite fund portfolios while PDC Energy Inc. (NASDAQ:PDCE) was in 15 top fund portfolios (among the around 650 elite funds we track) at the end of Q2.

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