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Stock Market & Financial Investment News

News Breaks
March 21, 2014
13:20 EDTAPC, BPAnadarko emails demonstrate role in Macondo well incident, Bloomberg reports
According to emails, Anadarko (APC) officials urged BP (BP) to continue drilling deeper into the Macondo well in the Gulf of Mexico, despite BP's hesitation, Bloomberg reports. Reference Link
News For APC;BP From The Last 14 Days
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February 2, 2016
05:54 EDTBPBP reports Q4 adjusted profit $196M
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February 1, 2016
19:09 EDTAPCOn The Fly: After Hours Movers
UP AFTER EARNINGS: Alphabet (GOOG, GOOGL), up 5.2% and 4.7%, respectively... Mattel (MAT), up 5.6%... Anadarko Petroleum (APC), up 4%... AFLAC (AFL), up 1.5%. ALSO HIGHER: PVH Corp. (PVH), up 8.1% after giving guidance for fiscal 2015 and entering a license agreement with G-III Apparel (GIII) for Tommy Hilfiger womenswear collections. DOWN AFTER EARNINGS: Integrated Device (IDTI), down 15.8%... Rent-A-Center (RCII), down 9.6%. ALSO LOWER: Pixelworks (PXLW), down 5.7% after giving fourth quarter guidance and announcing the resignation of its CEO... PDL BioPharma (PDLI), down 14.3% after cutting its quarterly dividend to 5c per share from 15c per share.
16:15 EDTAPCAnadarko expects to reduce capital program by nearly 50% for 2016
The company said, "As we consider capital allocation for 2016, greater market dislocation appears likely, and the need to again materially lower our capital spending, while continuing to pursue value creation and preservation, is our best course of action. In light of this, we anticipate recommending to our Board an initial 2016 budget of approximately $2.8 billion, which would be nearly 50 percent lower than our actual 2015 capital investments and almost 70 percent lower than 2014. On March 1, we will host an investor conference call and look forward to going into greater detail at that time about our definitive 2016 capital plans and expectations. We believe the accomplishments achieved in 2015, coupled with the steps we are taking in 2016 to materially reduce our capital spending, leverage our competitive advantages and protect our balance sheet, will serve our shareholders well. These actions should enable us to successfully manage through the current market volatility and position Anadarko for future success."
16:13 EDTAPCAnadarko reports Q4 adjusted EPS (57c), consensus ($1.09)
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15:36 EDTAPCAnadarko volatility elevated into Q4 and outlook
Anadarko February weekly call option implied volatility is at 107, February is at 77, March is at 65; compared to its 52-week range of 23 to 86, suggesting large near term price movement into the expected release of Q4 results today after the market close.
14:32 EDTAPCNotable companies reporting after market close
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13:59 EDTBPBP volatility elevated into Q4 and outlook
BP February weekly call option implied volatility is at 45, February is at 36, March is at 34; compared to its 52-week range of 16 to 46, suggesting large near term price movement into the expected release of Q4 results on February 2.
13:49 EDTBPS&P cuts rating on Shell, puts several other EU oil majors on watch
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11:45 EDTBPKinder Morgan closes acquisition of 15 BP terminals
Kinder Morgan, Inc. (KMI) closed the previously announced plan to acquire 15 refined products terminals from BP Products North America (BP) in a transaction valued at approximately $350M. Kinder Morgan and BP Products North America have also formed a joint venture limited liability company terminal business to own 14 of the acquired assets, which Kinder Morgan will operate and market on the JV's behalf. The fifteenth terminal will be owned and operated solely by KMI. In connection with the transaction, BP has entered into commercial agreements securing long-term storage and throughput capacity from the JV, which will market additional capacity to third-party customers. Kinder Morgan owns a 75% interest in the JV, with BP owning the balance. This investment is included in Kinder Morgan's 2016 capital plan as discussed in its Jan. 27 investor conference, the company noted.
10:51 EDTAPCActive calls; INTC CVS TWTR APC BAC
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10:35 EDTAPCAnadarko technical comments ahead of earnings
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10:19 EDTBPBP appoints Lamar McKay to deputy group chief executive
BP announced the appointment of Lamar McKay to the new position of Deputy Group Chief Executive. McKay, currently chief executive of BP's Upstream segment and a 35-year veteran of BP, will be based in London and take up the role following a suitable handover period. McKay will be succeeded as Upstream chief executive by Bernard Looney, currently chief operating officer, production, in the Upstream segment. In addition to assuming some duties currently borne by BP's Group Chief Executive, McKay's responsibilities will include strategy and long-term planning, safety and operational risk, technology, and corporate governance - including ethics and compliance. BP America will continue to report to him. These appointments headline a reorganisation of BP's executive team that includes other adjustments which will follow the retirement of Katrina Landis, executive vice president of corporate business activities, who leaves the company on May 1 following a career of 24 years with BP. Landis will not be replaced on the executive team and her current role's responsibilities will be assigned to other members of the team. Reference Link
January 29, 2016
07:36 EDTAPC, BPAnalysts still predicting mergers as oil slump drags on, WSJ reports
Bankers and analysts have been predicting a wave of merger activity will come almost since crude prices began to fall from over $100 a barrel, but the only big acquisition by an oil major so far has been Shell's (RDS.A) purchase of BG Group (BRGYY), said The Wall Street Journal, which added that analysts still believe deal-making is likely to return this year if prices continue to languish. With Chevron (CVX) set to report today and its big peers soon to follow, analysts are expecting the four biggest publicly traded Western oil companies to have their weakest combined profits since 1998, the Journal noted. The report noted that U.S. shale oil producers, such as Apache (APA) and Whiting Petroleum (WLL), were previously targeted though potential sellers were reluctant to accept offers as they hoped for a rebound in oil prices and potential buyers wondered if any deal struck would look expensive if crude prices fell further, but "both impediments are gone now," the Journal contends. Reference Link
January 28, 2016
10:55 EDTBPOPEC delegates say no plan for meeting Russia about production, Bloomberg says
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10:54 EDTAPCAnadarko management to meet with Jefferies
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08:06 EDTAPCWestern Gas Partners downgraded at Stifel
As noted earlier, Stifel downgraded Western Gas (WES) to Hold from Buy. he firm thinks that other MLPs have more favorable characteristics than Western Gas, and it believes that Western Gas's cash flows may not be sustained due to its increasing dependence on contributions from Anadarko (APC).
January 27, 2016
12:35 EDTBPBP management to meet with Evercore ISI
Meeting to be held in New York on February 3 hosted by Evercore ISI.
09:34 EDTAPCAnadarko downgraded to Underweight from Neutral at Atlantic Equities
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05:14 EDTAPCAnadarko implied volatility of 91 at upper end of index mean range
January 26, 2016
08:38 EDTAPCCiti reiterates Buy on Anadarko amid balance sheet concerns
Citi analyst Robert Morris attributes the 33% year-to-date decline in shares of Anadarko Petroleum to concerns over the company's balance sheet and "perceived cash flow outspend." In a research note titled "Does Anadarko Belong In The 'Bad Balance Sheet Bucket'?", Morris reiterates a Buy rating on Anadarko with a $62 price target. The company is adamant that it will not outspend cash flow in 2016, which, like 2015, includes asset sales, Morris tells investors. The analyst believes Anadarko could fund up to $1B or more with asset sales. In almost any scenario, Morris does not think Anadarko will breach its financial covenant or seek to issue equity.
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