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Stock Market & Financial Investment News

News Breaks
March 26, 2014
05:40 EDTCGG, BHIBaker Hughes, CGG SA sign exclusive long-term RoqSCAN agreement
CGG SA (CGG) announced that it has signed an exclusive agreement with Baker Hughes (BHI) for RoqSCAN technology offered by CGG. RoqSCAN is a real-time, fully portable, quantitative and automated rock properties and mineralogical analyzer. Developed by Robertson, a CGG company, and Carl Zeiss Microscopy Ltd., RoqSCAN delivers highly quantitative compositional and textural mineralogical data from drilling cuttings or core pieces, revealing the mineralogical DNA of the reservoir. This service can be provided at the wellsite during drilling operations, or later in core stores, field offices and laboratories. Baker Hughes will include RoqSCAN in its shale reservoir evaluation services as part of the Shale Science Alliance with CGG. The agreement further strengthens the strategic relationship between the two companies, which is designed to help operators better understand shale plays and predict "sweet spots" based on the combination of seismic attributes and accurate wellbore measurements.
News For BHI;CGG From The Last 14 Days
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December 19, 2014
13:08 EDTBHIBaker Hughes reports U.S. rig count down 18 to 1875
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December 18, 2014
10:01 EDTBHIOn The Fly: Analyst Upgrade Summary
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06:16 EDTBHIBaker Hughes upgraded to Outperform from Sector Perform at RBC Capital
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December 17, 2014
12:51 EDTBHINY state to ban fracking next year, CNBC reports
Publicly traded companies in the oil services space include Baker Hughes (BHI), Diamond Offshore (DO), Halliburton (HAL), Nabors Industries (NBR), Noble Corp. (NE), Rowan Companies (RDC), Schlumberger (SLB), Transocean (RIG) and Weatherford (WFT).
10:02 EDTBHIOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Google (GOOG) upgraded to Buy from Hold at Pivotal Research... Twitter (TWTR) upgraded to Buy from Hold at Pivotal Research... Aaron's (AAN) upgraded to Buy from Hold at KeyBanc... Calpine (CPN) upgraded to Buy from Hold at Deutsche Bank... Check Point (CHKP) upgraded to Buy from Hold at Deutsche Bank... Columbia Sportswear (COLM) upgraded to Buy from Neutral at Goldman... Dakota Plains Holdings (DAKP) upgraded to Buy from Hold at Canaccord... SunCoke Energy (SXC) upgraded to Outperform from Neutral at Credit Suisse... Taylor Morrison (TMHC) upgraded to Buy from Hold at Evercore ISI... Teck Resources (TCK) upgraded to Buy from Neutral at UBS... VeriFone (PAY) upgraded to Overweight from Equal Weight at Barclays... Motorola Solutions (MSI) upgraded to Buy from Hold at Argus... Approach Resources (AREX) upgraded to Neutral from Reduce at Global Hunter... HealthSouth (HLS) upgraded to Outperform from Market Perform at Raymond James... QLogic (QLGC) upgraded to Overweight from Equal Weight at Morgan Stanley... Baker Hughes (BHI) upgraded to Focus List from Outperform at Howard Weil... Kansas City Southern (KSU) upgraded to Overweight from Equal Weight at Stephens... BlackBerry (BBRY) upgraded to Buy from Hold at BGC Financial.
08:53 EDTBHIBaker Hughes upgraded to Focus List from Outperform at Howard Weil
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December 15, 2014
16:36 EDTCGGOn The Fly: Closing Wrap
The Dow began the session with triple digit gains, but the move was short lived and so was the positive start for the equities market, which tumbled with oil prices and struggled for the remainder of the session. The day’s economic reports, which included the Empire Manufacturing report, industrial production and capacity utilization reports, and the NAHB housing market index, had little effect on the market. Stocks recovered a bit but did not get back into the green before the close, with investors wondering how the Fed, which begins its final FOMC meeting of the year tomorrow, will view its strategy in light of the recent weakness in oil. ECONOMIC EVENTS: In the U.S., the Empire State manufacturing index fell to -3.6 in December, which was significantly worse than the expectation for it to rise to 12.4 from its prior 10.2 reading. Industrial production jumped 1.3% in November, which was better than the expected 0.7% increase. The NAHB homebuilder sentiment index fell one point to 57 in December, versus expectations for a one point rise to a 59 reading. Near noon, WTI crude was down more than 2% and was trading below $57 per barrel. COMPANY NEWS: Riverbed Technology (RVBD) rose $1.57, or 8.38%, to $20.31 after the company agreed to be acquired by private equity investment firm Thoma Bravo and the private investor department of Ontario Teachers’ Pension Plan. Riverbed stockholders will receive $21 per share in cash, or a total of approximately $3.6B, which Wells Fargo views as a "good decision" and good deal for the company given the challenges in its business... PetSmart (PETM) advanced $3.30, or 4.25%, to $80.97 after the company agreed to be acquired by a consortium led by BC Partners at a price of $83.00 per share in cash. However, the private equity backers of Petco that were not allowed to participate in the auction process because of competition concerns, Leonard Green & Partners and TPG, could still make a rival offer, according to The Deal Pipeline, citing a source familiar with the situation. MAJOR MOVERS: Among the notable gainers was Sorrento Therapeutics (SRNE), which advanced $1.50, or 25.86%, to $7.30 after the company announced that it has entered into a binding agreement with NantWorks founder Dr. Patrick Soon-Shiong to establish a strategic collaboration to jointly develop next generation immunotherapies for the treatment of cancer and auto-immune diseases. Also higher was Cirrus Logic (CRUS), which rallied $4.12, or 21.87%, to $22.96 after Barclays upgraded the stock two notches to Overweight from Underweight and said the company is poised to make significantly more money per each iPhone sold next year. Among the noteworthy losers was CGG SA (CGG), which was downgraded to Underperform at Raymond James and dropped $2.41, or 28.29%, to $6.11 after Technip (TKPPY) said that it does not plan to file a tender for the company after talks between the companies did not result in a deal. Also lower were shares of Habit Restaurants (HABT), which fell $7.20, or 17.19%, to $34.69 as analysts rolled out coverage of the stock following its IPO about a month ago. Amid the coverage initiations, Habit Restaurants shares were initiated with a Neutral and $41 price target at RW Baird, with a Market Perform rating at Wells Fargo, with an Equal Weight at Stephens and with an Overweight rating and $48 target at Piper Jaffray. INDEXES: The Dow fell 99.99, or 0.58%, to 17,180.84, the Nasdaq dropped 48.44, or 1.04%, to 4,605.16, and the S&P 500 declined 12.70, or 0.63%, to 1,989.63.
12:37 EDTCGGOn The Fly: Midday Wrap
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10:00 EDTCGGOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: UPS (UPS) downgraded to Hold from Buy at Deutsche Bank... CGG SA (CGG) downgraded to Underperform from Market Perform at Raymond James... Ford (F) downgraded to Hold from Buy at Deutsche Bank... Cenovus Energy (CVE) downgraded to Market Perform from Outperform at BMO Capital... Cobalt (CIE) downgraded to Neutral from Buy at Goldman... Gastar Exploration (GST) downgraded to Neutral from Buy at SunTrust... Itau Unitbanco (ITUB) downgraded to Neutral from Buy at Goldman... Methanex (MEOH) downgraded to Outperform from Strong Buy at Raymond James... OGE Energy (OGE) downgraded to Hold from Buy at Jefferies... SandRidge Energy (SD) downgraded to Neutral from Buy at SunTrust... Sempra Energy (SRE) downgraded to Neutral from Overweight at JPMorgan... HollyFrontier (HFC) downgraded to Neutral from Buy at BofA/Merrill... CNA Financial (CNA) downgraded to Market Perform from Outperform at William Blair... Allergan (AGN) downgraded to Hold from Buy at Stifel... RF Micro Devices (RFMD) downgraded to Neutral from Buy at DA Davidson.
06:47 EDTCGGCGG SA downgraded to Underperform from Market Perform at Raymond James
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December 14, 2014
15:04 EDTCGGTechnip ends plans to acquire CGG after talks on deal disappoint
Technip said in a press release: "On November 10 Technip (TKPPY) approached CGG's (CGG) board of directors with a view to making an offer on CGG and sought to engage in a constructive dialogue with CGG to review this project. Further to press leaks, Technip set out the main elements of its industrial project in a press release on November 20. Following CGG’s reaction to this approach, Technip put forward a number of alternative options to a tender offer, taking care as always to consider the social, strategic and financial aspects in each case. However, the discussions of these options did not result in any form of agreement. Under these circumstances, Technip informs the market that it does not intend to file a tender offer for CGG."
December 12, 2014
13:05 EDTBHIBaker Hughes reports U.S. rig count down 27 to 1893
Baker Hughes reported the U.S. rig count is down 27 rigs from last week to 1893, with oil rigs down 29 to 1546, gas rigs up 2 to 346, and miscellaneous rigs unchanged at 1.
December 11, 2014
13:03 EDTCGGOn The Fly: Midday Wrap
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12:43 EDTCGGFrench government reporedtly scrutinizing potential CGG deal, Reuters says
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