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Stock Market & Financial Investment News

News Breaks
January 22, 2014
10:45 EDTAAPL, BP, GM, MU, CMG, APCBP, Anadarko advance after Einhorn discloses stakes
Shares of BP (BP) and Anadarko (APC), which produce oil and gas, are climbing after David Einhorn's Greenlight Capital disclosed that it had obtained stakes in both companies. WHAT'S NEW: Greenlight Capital, a hedge fund founded by well-known investor David Einhorn, accumulated "medium size" stakes in BP and Anadarko last quarter, Einhorn wrote in a letter to investors dated January 21. Anadarko's stock is cheap compared with its peers, he contended. Noting that the company is involved in a legal battle stemming from its 2006 acquisition of oil and gas assets from Kerr-McGee, Einhorn predicted that Anadarko will have to pay $5 billion in penalties related to the case, rather than the maximum potential damages of $14 billion. As for BP, Einhorn contends that the company is worth $70 per share. As a result, it can create significant value by selling some of its assets and using the proceeds to buy back some of its own stock, he believes. BP has been taking this approach, and the market should begin to appreciate the company more as its legal issues subside, Einhorn wrote. WHAT'S NOTABLE: Greenlight also added a large position in flash memory maker Micron (MU), Einhorn reported. The hedge fund maintained long positions in Apple (AAPL), GM (GM), and Marvell (MRVL), and short positions in Chipotle (CMG) and US Steel (X), Einhorn indicated. PRICE ACTION: In mid-morning trading, BP added about 1.1% to trade near $49, while Anadarko advanced 2.75% to $83.42.
News For BP;APC;MU;AAPL;CMG;GM From The Last 14 Days
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April 3, 2014
16:00 EDTAAPLOptions Update; April 3, 2014
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15:20 EDTAPCAnadarko volatility decreases after confirms settlement
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15:05 EDTMUMicron April weekly 24 straddle priced for 8.6% move into Q2
14:24 EDTAPCAnadarko confirms settlement of Tronox Adversary Proceeding
Anadarko Petroleum announced that it has entered into an agreement with the plaintiffs in the Tronox Adversary Proceeding to resolve all claims against Kerr-McGee Corporation and certain of its subsidiaries and affiliates, which stemmed from alleged actions by Kerr-McGee prior to its acquisition by Anadarko in 2006. Kerr-McGee is now a wholly owned subsidiary of Anadarko. "This settlement agreement with the Litigation Trust and the U.S. Government eliminates the uncertainty this dispute has created, and the proceeds will fund the remediation and cleanup of the legacy environmental liabilities and tort claims," said Anadarko Chairman, President and CEO Al Walker. "Investor focus can now return to the tremendous value embedded in Anadarko's asset base, allowing our peer-leading operational and exploration results to again become the basis for valuation. We are grateful to our stakeholders who have maintained their confidence and trust in our people and our assets." In exchange for a complete release of all claims asserted against Kerr-McGee, Anadarko has agreed to pay a total of $5.15B to the plaintiffs, which represents a principal sum of approximately $3.98B and 6% interest thereon from the filing of the complaint in May 2009. Under the terms of the settlement agreement, the Litigation Trust and Kerr-McGee have agreed to mutually release claims against each other, and the U.S. Government and Kerr-McGee have provided mutual covenants not to sue. The U.S. Government also will provide contribution protection from third-party claims seeking reimbursement from Kerr-McGee at more than 4,000 sites covered by the covenants. The settlement agreement is subject to recommendation by the U.S. Bankruptcy Court and approval of the U.S. District Court, both in the Southern District of New York, and the issuance of an injunction barring similar claims from being asserted by third parties. The company expects the Tronox Adversary Proceeding to be stayed pending final approval of the settlement agreement. The settlement payment is to be made after the District Court's approval of the settlement agreement and issuance of the injunction are final and non-appealable. The claims asserted in the Tronox Adversary Proceeding will be dismissed with prejudice after the settlement payment is made. This process is currently expected to be completed prior to the end of the third quarter of 2014. The company's significant cash position and available $5B credit facility provide flexibility in funding the settlement payment. The company expects the impact of the settlement agreement to be reflected in its first-quarter financial statements. The company estimates it will record a gross tax benefit of approximately $1.65B associated with the settlement, offset by approximately $1.10B in uncertain tax positions, currently resulting in a net tax benefit of approximately $550M.
14:06 EDTAPCAnadarko to pay $5B-$6B to U.S. in Tronox settlement, Bloomberg says
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13:28 EDTAPCAnadarko up more than 7% after Bloomberg says company settles with U.S.
13:27 EDTAPCAnadarko settles with U.S. on Tronox liabilities, Bloomberg says
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12:57 EDTGMCourt may order GM to tell customers to stop driving cars, Bloomberg reports
A court will hold a hearing tomorrow on whether to order GM to tell owners of 2.59M of its small cars to refrain from driving them, Bloomberg reported this morning. Reference Link
10:43 EDTGMGM retains Jeff Eller to consult on crisis communications, Bloomberg says
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10:00 EDTBPOn The Fly: Analyst Initiation Summary
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09:37 EDTAAPLActive equity options trading on open
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09:30 EDTAAPLApple, Pfizer others create 'go slow' patent lobby group, Reuters says
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09:22 EDTAPCAnadarko management to meet with Deutsche Bank
Meeting to be held in Philadelphia on April 3 hosted by Deutsche Bank.
08:43 EDTBPBP initiated with a Market Perform at BMO Capital
07:41 EDTGMGM CEO grilled, pushed for faster change by senators, WSJ says
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07:40 EDTAAPLApple bulls bet new products to prompt stock revival, Bloomberg says
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07:19 EDTGMGM accused of 'criminal deception' due to switch defect, Bloomberg says
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07:16 EDTMUMicron April volatility elevated into Q2 and outlook
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07:01 EDTGMGeneral Motors recall not likely to have a long-term impact, says UBS
UBS said automotive industry forecaster, IHS Automotive, has not seen a large change in General Motors production schedules following news of the recall. Based on prior recalls at at Toyota and Ford, the analyst does not expect GM to experience a long-term impact. Shares are Buy rated.
06:57 EDTGMDelphi's role in GM recall could be put to test, Reuters says
Delphi Automotive's (DLPH) name does not appear on the outside of the 2.6M vehicles recalled by GM (GM) since February, but the company is getting drawn into an increasing wave of litigation for its role in making the faulty ignition switch which sparked the recalls, reported Reuters. Reference Link
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