Jim Cramer reveals why blue chip stocks like Walmart and Proctor and Gamble may work best in this market.
, saw its stock rise to $36 and later plunge to about $16 surrounding its takeover of Rice Energy in 2017. EQT CEO Rob McNally visited Cramer to discuss changes that the company has made as it gears up for a proxy fight with shareholders.
A proxy fight is when shareholders team up to influence a corporate vote. McNally became chief in August after the stock collapsed more than 50%. "We think the plan that we have put forward, however, is one that is based in reality," said McNally, who took a shot at Rice Energy's idea for a turnaround plan for not being "based in reality."
"Just in the time that we've been in control of the company, we've cut $150 million worth of costs out of the system and generated $300 million of free cash flow between the fourth quarter of 2018 and the first quarter of '19."
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