On a choppy day for the markets, natural gas and LNG player (NYSEMKT: TELL) was up 11.3% on the day.
The beleaguered company, which has seen its shares fall by 75% over the past year, gave an earnings update this morning, and apparently investors either liked what they heard, or short-sellers heard something that made them cover their bets.
Tellurian owns some natural gas drilling wells in the U.S., but its main asset is the yet-unbuilt Driftwood liquefied natural gas (LNG) export plant. Higher interest rates have wreaked havoc on Tellurian's financing plans, and plummeting natural gas prices have also hampered its drilling operations. Yet, perhaps because things were thought so dire, any amount of halfway-good news could have been enough to send the stock higher today.
Source Fool.com