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Stock Market & Financial Investment News

News Breaks
February 29, 2012
10:21 EDTRWC, EEP, WMB, PSS, NS, CVC, CERS, PAA, CVXOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Chevron (CVX) upgraded to Buy from Hold at Deutsche Bank...Cablevision (CVC) upgraded to Buy from Neutral at Miller Tabak...Williams (WMB) upgraded to Conviction Buy from Buy at Goldman...Plains All American (PAA) upgraded to Buy from Neutral at Goldman...NuStar Energy (NS) upgraded to Neutral from Sell at Goldman...Enbridge Energy (EEP) upgraded to Neutral from Sell at Goldman...Cerus (CERS) upgraded to Outperform from Neutral at RW Baird...Collective Brands (PSS) upgraded to Above Average from Average at Caris...Rowan Companies (RWC) upgraded to Buy from Neutral at Pritchard.
News For CVX;CVC;WMB;PAA;NS;EEP;CERS;PSS;RWC From The Last 14 Days
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January 29, 2016
08:44 EDTCVXChevron falls after earnings
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08:42 EDTCVXChevron reports 2015 capital and exploratory expenditures drop to $34B
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08:41 EDTCVXChevron reports Q4 U.S. refinery crude oil input down 1%
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08:39 EDTCVXChevron International upstream operations earned $593M in Q4
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08:38 EDTCVXChevron reports Q4 net oil-equivalent production 2.67M boepd
Worldwide net oil-equivalent production was 2.67M barrels per day in fourth quarter 2015, up from 2.58M barrels per day in the 2014 fourth quarter. U.S. upstream operations incurred a loss of $1.95B in fourth quarter 2015 compared to earnings of $432M from a year earlier. The decrease was due to lower crude oil realizations, higher depreciation expenses, higher exploration expenses and lower gains on asset sales, partially offset by higher crude oil production. The increase in depreciation and exploration expenses was primarily due to impairments and project cancellations. The company's average sales price per barrel of crude oil and natural gas liquids was $35 in fourth quarter 2015, down from $66 a year ago. The average sales price of natural gas was $1.54 per thousand cubic feet, compared with $3.34 in last year's fourth quarter.
08:35 EDTCVXChevron added about 1.02B barrels of net oil-equivalent proved reserves in 2015
Chevron said that the company added approximately 1.02 billion barrels of net oil-equivalent proved reserves in 2015. These additions, which are subject to final reviews, equate to approximately 107 percent of net oil-equivalent production for the year. The largest additions were from production entitlement effects in several locations and drilling results for the Permian Basin in the United States and the Wheatstone Project in Australia. At year-end, balances of cash, cash equivalents, time deposits and marketable securities totaled $11.3B, a decrease of $1.9B from the end of 2014. Total debt at December 31, 2015 stood at $38.6B, an increase of $10.8B from a year earlier.
08:33 EDTCVXChevron Q4 earnings include impairments and other charges of $1.1B
"Our 2015 earnings were down significantly from the previous year, reflecting a nearly 50% year-on-year decline in crude oil prices. We're taking significant action to improve earnings and cash flow in this low price environment. Operating expenses and capital spending were reduced $9B in 2015 from 2014, and I expect similarly large reductions again in 2016. In addition, asset sales proceeds were $6B in 2015, with additional sales planned for 2016 and 2017," said Chairman and CEO John Watson.
08:32 EDTCVXChevron reports Q4 EPS with impariments and charges (31c), consensus 46c
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07:36 EDTCVXAnalysts 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
06:45 EDTNSNuStar Energy sees FY16 storage segment EBITDA $310M-$330M
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06:44 EDTNSNuStar Energy reports Q4 EPS 61c, consensus 56c
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January 28, 2016
16:40 EDTCERSOn The Fly: Top stock stories for Thursday
The Dow began the session with triple digit gains thanks in part to solid earnings reports from some of America's bellwether corporations and oil prices, which approached $34 a barrel. The market was unable to hold its opening gains and eventually crossed into negative territory. Before the losses became too big the averages reversed and moved back across the flat line. With oil holding onto its gains and closing above $33 a barrel, the averages closed in positive territory ahead of the next barrage of earnings reports. ECONOMIC EVENTS: In the U.S., initial jobless claims fell to 278,000 last week, versus the expected 281,000 first-time claims. Durable goods orders dropped 5.1% in December, versus expectations for a decrease of 0.7%. The core reading, which removes transportation items, was down 1.2%, versus expectations for a decline of 0.1%. The National Association of Realtors' pending home sales index for December rose 0.1%, versus expectations for it to be up 0.9%. COMPANY NEWS: Shares of Facebook (FB) surged 15.5% to $109.11 after the social media giant's fourth quarter earnings and revenue beat expectations. A number of Wall Street analysts increased their price targets for the stock following the report, including Piper Jaffray's Gene Munster, who hiked his target to a "Street-high" $170 per share. Facebook management made only one mention of macro concerns for the business in 2016, significantly different than Apple's (AAPL) earnings call on Tuesday night, Munster pointed out... Caterpillar (CAT) reported better than expected quarterly earnings, excluding certain items, but its revenue came in below the consensus forecast and the heavy equipment maker warned that it does not anticipate an improvement in the world economy or commodity prices in 2016. The stock, which had declined almost 20% in the last three months prior to this morning's report, rebounded 4.7% to $61.08 after the company jumped over the lowered bar that had been set by bearish analysts... Under Armour (UA), which had similarly been the focus of concern recently for some bearish analysts, posted better than expected results on the top and bottom line and backed its fiscal year revenue forecast, proving its doubters wrong and sending its share rocketing up 22.5% to $84.00. MAJOR MOVERS: Among the notable gainers were Intrexon (XON), Inovio (INO) and Cerus (CERS), which gained a respective 10%, 7.6% and 1.4% as the ongoing Zika virus scare brought attention to the companies' efforts fighting the illness. Also higher were SolarCity (SCTY), Sunrun (RUN) and Vivint Solar (VSLR), with the solar stocks jumping 8.5%, 20.5% and 3.6%, respectively, after the California Public Utilities Commission approved new net-metering rules. Meanwhile, Eagle Pharmaceuticals (EGRX) rose 12.2% to $74.44 after announcing commercial availability of its Bendeka injection in partnership with Teva (TEVA). Among the noteworthy losers was Yahoo (YHOO), which lost 3.2% to $28.75 despite a pre-market spike after SpringOwl Asset Management urged the company to seek an investment from a strategic partner. The news was also followed by reports that CEO Marissa Mayer has started restructuring efforts with an "invest/maintain/kill" list, as well as news that Verizon (VZ) denied a report that it had bid for the company's core Internet business. Also lower were OSI Systems (OSIS), Qualcomm (QCOM) and eBay (EBAY), which fell a respective 31.8%, 8.3% and 12.5% following their quarterly earnings reports. INDEXES: The Dow rose 125.18, or 0.79%, to 16,069.64, the Nasdaq gained 38.51, or 0.86%, to 4,506.68, and the S&P 500 advanced 10.41, or 0.55%, to 1,893.36.
14:29 EDTCVXNotable companies reporting before tomorrow's open
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13:20 EDTCVXChevron volatility elevated into Q4 and outlook
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12:49 EDTCERSCerus spikes as journal discusses treatment of Zika virus
Shares of Cerus (CERS) are rallying after a Transfusion journal article posted on Read Cube made its way through the investment community. The article describes a study, partially funded by Cerus, which showed that amotosalen combined with UVA light inactivates Zika virus in fresh-frozen plasma. Shares of Inovio (INO) are also higher today as news agencies report on more Zika virus cases. Cerus is up 36c to $5.55 in afternoon trading. Reference Link
12:41 EDTCERSCerus spike attributed to article on Zika virus inactication
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10:55 EDTCVXOPEC delegates say no plan for meeting Russia about production, Bloomberg says
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January 27, 2016
14:21 EDTWMBEnergy Transfer plans to keep Williams takeover terms, Bloomberg reports
Energy Transfer Equity LP (ETE) plans to keep unchanged the terms of its Williams Cos. (WMB) acquisition, Bloomberg reports, citing people familiar with the matter. To cover some of the deal costs, Energy Transfer intends to make lower than expected quarterly distributions, a source told the news agency. Reference Link
13:18 EDTWMBEnergy Transfer to keep terms of Williams takeover, Bloomberg says
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08:34 EDTRWCRelm Wireless receives blanket purchase order from Bureau of Land Management
RELM Wireless received a blanket purchase agreement from the U.S. Bureau of Land Management. The BPA encompasses the company's entire line of radio products and accessories operating in all the primary frequency bands. The BPA provides an eleven month base period expiring on December 14 and four one-year option periods, and limits each individual order to a maximum of $1.25M.
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