CHK up 30% mid-day after Investor Update and Uprgade to Overweight at JP Morgan

CHK scrapped its plans to issue new shares in the beginning of 09' and also announced further reduced cap-ex for 09 and 2010. Further, the company projects that they will maintain a cash neutral budget (0 FCF) and will reduce rig count even further to 110-115 range for Q1 09. The company continues to do the right things during these hectic times in the market and I continue to believe that despite short term weakness in energy demand, the original thesis still holds.