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Stock Market & Financial Investment News

News For BTE;CNQ;COP;ERF;IMO;IVAN;KWK;MUR;PWE;SU;TLM From The Last 14 Days
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December 16, 2014
10:57 EDTSU, TLM, CNQ, IMOCanadian energy stocks rise after Talisman acquired by Repsol
Shares of Canadian energy companies are higher this morning after Repsol (REPYY) announced plans to buy Talisman Energy (TLM) for $8 per share in cash. WHAT'S NEW: Canada-based Talisman announced that it has agreed to be acquired by Spain's Repsol in a transaction valued at approximately $13B, including debt. Under the terms of the agreement, Repsol will buy all outstanding common shares of Talisman for $8 per share in cash. Also under the deal, Talisman will pay aggregate cash dividends of 18c per common share prior to closing. The Talisman board is recommending shareholders accept the deal at a special meeting to be held in mid-February 2015. The transaction is expected to close in the second quarter of 2015, Talisman said. Talisman Chairman Chuck Williamson noted that the deal will create "significant and immediate value" for the company's investors. WHAT'S NOTABLE: Repsol first explored a bid for Talisman in July, but talks slowed in late August. Earlier this month, Bloomberg reported the companies revived talks and The Wall Street Journal said "talks moved quickly" from there. Canada Pension Plan Investment Board, which initially considered buying parts of Talisman, was also weighing a bid for the whole company, according to Bloomberg, citing people with knowledge of the matter. ANALYST REACTION: Talisman Energy was downgraded this morning to Market Perform from Outperform at Bernstein. PRICE ACTION: Talisman Energy is up $2.43, or 47.5%, to $7.55 in morning trading and Repsol shares trading in New York are down 1.5% to $19.15. OTHERS TO WATCH: Other Canadian energy companies traded in New York include Encana (ECA), Suncor (SU), Canadian Natural Resource (CNQ) and Imperial Oil (IMO). Of note, Encana this morning announced a 2015 capital program of $2.7B-$2.9B, with about 80% directed to the Montney, Duvernay, Eagle Ford and Permian, its highest margin growth plays. The company expects total cash flow between $2.5B-$2.7B, reflecting the impact of higher margin production and continued cost efficiencies, partially offset by anticipated lower commodity prices. In morning trading, Encana shares rose 9.2% to $12.69, Suncor gained 5.3% to $28.33, Canadian Natural Resource added 4.8% to $28.62 and Imperial Oil advanced 2.5% to $40.88.
10:34 EDTTLMOptions with decreasing implied volatility
Options with decreasing implied volatility: TLM LE CIEN LULU RH ATHN PAY
10:18 EDTTLMTalisman Energy downgraded to Market Perform from Outperform at Bernstein
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10:16 EDTTLMHigh option volume stocks:
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09:28 EDTMURMurphy Oil downgraded to Sector Perform from Outperform at Howard Weil
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09:16 EDTTLMOn The Fly: Pre-market Movers
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06:37 EDTTLMTalisman Energy to host conference call
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05:29 EDTTLMRepsol to acquire Talisman for $8 per share in cash
Talisman Energy (TLM) announced overnight that it has entered into a definitive agreement with Repsol (REPYY) under which Repsol will acquire all of the outstanding common shares of Talisman for $8.00 per share in cash. Total transaction value is approximately $13B, including Talisman's current debt. In addition, under the transaction, Talisman will be allowed to pay aggregate cash dividends of 18c per common share prior to closing, including the dividend declared and payable on December 31. Talisman's board has unanimously approved the transaction and recommends that Talisman's common shareholders and preferred shareholders vote in favor of the arrangement at a special meeting of shareholders to be held mid February 2015. The transaction is targeted to close in Q2 of 2015. "This deal creates significant and immediate value for Talisman stakeholders," said Chuck Williamson, Chairman of Talisman's Board of Directors. "Importantly, the deal underscores Repsol's strong belief in the high quality portfolio that Talisman has worked hard to develop. Repsol is a world-class operator with a solid track record and the financial capability to continue the development of these assets within their international portfolio. I am proud of the company that our employees, past and present, have built and I believe this transaction represents new opportunities for them in Canada and around the world."
December 15, 2014
11:43 EDTTLMTalisman Energy confirms discussions with Repsol on potential transaction
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10:57 EDTTLMRepsol to submit for consideration of board possible transaction with Tailsman
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09:37 EDTTLMTalisman Energy bid being weighed by Canada Pension Board, Bloomberg says
Canada Pension Plan Investment Board, which initially considered buying parts of Talisman Energy (TLM), is now also weighing a bid for the whole company, according to Bloomberg, citing people with knowledge of the matter. The pension board may be competing with Spain's Repsol (REPYY), which is reportedly in talks to make a bid to buy Talisman, as previously reported. Talisman shares in New York are up about 20% in early trading. Reference Link
09:09 EDTTLMTalisman Energy bid being weighed by Canada Pension, Bloomberg says
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08:55 EDTMURMurphy Oil coverage resumed with a Neutral at Goldman
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08:48 EDTTLMTalisman Energy confirms talks with Repsol
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08:42 EDTKWKQuicksilver Resources appoints Vanessa Gomez LaGatta as CFO
Quicksilver Resources announced that Vanessa Gomez LaGatta, Quicksilver's VP since 2009, will be appointed to the position of SVP - CFO and treasurer effective January 1, 2015. LaGatta has served as Quicksilver's VP treasurer since September 2009.
December 14, 2014
17:07 EDTCOPOPEC's Badri says group will withstand oil price fall, Reuters says
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December 12, 2014
16:19 EDTTLMOn The Fly: Closing Wrap
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13:04 EDTTLMOn The Fly: Midday Wrap
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09:16 EDTTLMRepsol in talks to buy Talisman Energy for $6-$8 per share, FT says
Spain's Repsol (REPYY) is in talks to acquire Canada's Talisman Energy (TLM) and is currently negotiating a purchase price in a range between $6 and $8 per share, said Financial Times. Such a the deal would give Talisman an enterprise value of about $10B-$12B, including debt, the report added. The Fly notes that an earlier foreign-language report from the business newspaper Expansion said that Repsol was preparing to make a bid for Talisman that values the Canadian company at around EUR 4B, or about C$6 per share. Shares of Talisman trading in New York are up 25% to $4.60 with about 15 minutes to go until the opening bell. Reference Link
09:13 EDTTLMOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Adobe (ADBE), up 5.5% after reporting first quarter results and that it will acquire Fotolia for approximately $800 in cash. ALSO HIGHER: ChemoCentryx (CCXI), up 107.1% after Phase II clinical trial in diabetic nephropathy with CCX140 met its primary endpoint... Oncothyreon (ONTY), up 15.8% after announcing exclusive agreement with Array BioPharma (ARRY)... Talisman Energy (TLM), up 24.4% after a report that Repsol (REPYY) is preparing to make a C$6.00 per share bid... GoPro (GPRO), up 4.4% after being upgraded to Overweight from Neutral at JPMorgan. LOWER: Emerald Oil (EOX), down 18% after cutting fiscal 2015 guidance, naming new COO, and providing an updated fiscal 2015 development plan... Goodrich Petroleum (GDP), down 8.2% after being downgraded to Underweight from Overweight at JPMorgan... MEI Pharma (MEIP), down 3.9% after 10M share Secondary priced at $4.00... Heritage-Crystal Clean (HCCI), down 6.6% after 3.1M share Secondary priced at $10.00.
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