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News Breaks
January 24, 2014
07:43 EDTRIG, RDC, ATW, ESV, NE, DO, HEROOffshore Drilling sector cut to Underweight at Wells Fargo
Wells Fargo downgraded the Offshore Drilling sector two notches to Underweight from Overweight saying it sees the potential for a value trap in 2014. Wells sees the possibility for more serious rate cutting as the prospect for idle time increases. Within the sector, Wells downgraded shares of Diamond Offshore (DO), Ensco (ESV), Hercules Offshore (HERO), Noble Corp. (NE) and Transocean (RIG) to Market Perform from Outperform. The firm keeps Outperform ratings on Atwood Oceanics (ATW) and Rowan Companies (RDC).
News For DO;ESV;HERO;NE;RIG;ATW;RDC From The Last 14 Days
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November 11, 2014
07:49 EDTRIGTransocean needs to reduce or end its dividend, says UBS
UBS noted offshore conditions continue to weaken as oil prices dampens rig demand to anemic levels. The firm believes Transocean needs to eliminate or materially reduce its dividend to weather the cyclical downturn, which could last an estimated 1-3 years. UBS maintains its Neutral rating and lowers its price target to $28 from $38 on Transocean shares.
07:07 EDTRDC, HEROHercules Offshore promotes Troy Carson to Senior VP, CFO effective November 21
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07:01 EDTRDCRowan Companies appoints Stephen Butz as CFO
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06:13 EDTRIGTransocean says 'market pause' has evolved into 'cyclical downturn'
On its Q3 earnings conference call, Transocean CEO Steve Newman said that the "market pause" has evolved into a "cycnical downturn." He commented that the industry has been through these downturns before and "Transocean is well positioned to managed through this one." Newman also said the decline in oil prices observed over the last three months could "temporarily exacerbate" the offshore rig supply imbalance that has already resulted in day rate and utilization pressures and potentially delay the cyclical recovery. Newman said his long-term bullish view of offshore drilling remains "intact."
November 10, 2014
15:43 EDTRDCAmerican Petroleum Institute to hold a conference
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15:26 EDTATWNotable companies reporting after market close
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15:15 EDTHEROJefferies to hold a conference
2014 Global Energy Conference is being held in New York on November 11-12.
09:20 EDTRIGOn The Fly: Pre-market Movers
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05:35 EDTRIGTransocean reports Q3 net ss attributable to controlling interest was $2.22B
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05:25 EDTRIGTransocean reports Q3 adjusted EPS 96c, consensus 83c
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November 7, 2014
18:42 EDTRIGTransocean to issue Q3 earnings release on November 10
On November 7, Transocean issued a press release announcing that it had postponed its third quarter earnings release and conference call previously scheduled for 9:00 a.m. EST, 3:00 p.m. CET, Friday, November 7. The company also announced that it expects its third quarter results to include a non-cash charge of $1.97B related to the impairment of goodwill, and expects an impairment of the Deepwater Rig asset group of $788M due to the deterioration of the market outlook, reflecting the recent decline in dayrates and utilization for this particular asset class. Subsequently, also on November 7, the company issued a press release announcing that it intended to issue its earnings release for the third quarter on Monday, November 10, and that it had also rescheduled its quarterly earnings conference call to 8:00 a.m. EST, 2:00 p.m. CET, on Monday, November 10.
09:16 EDTRIGOn The Fly: Pre-market Movers
HIGHER: Sears (SHLD), up 22.5% after reporting Q3 same-store sales were flat with prior year, saying company is actively exploring a REIT transaction involving 200-300 owned properties through a rights offering... Gap (GPS), up 2.9% after reporting October same-store sales fell 3%, giving Q3 EPS guidance that beat estimates... Zynga (ZNGA), up 9%, upgraded at Needham following the company's Q3 earnings report... King Digital (KING), up 8.6% after Q3 results top expectations, company announces $150M share repurchase program... ChannelAdvisor (ECOM), up 30% after earnings, guidance, announcing acquisition of U.K. based E-Tale Holdings... Rockwell Medical (RMTI), up 25% after FDA committee recommends Triferic to treat iron loss in certain patients with chronic kidney disease... Repros Therapeutics (RPRX), up 23% following meeting with FDA regarding Androxal NDA filing. LOWER: Salix (SLXP), down 35%, downgraded at Mizuho, Stifel and William Blair after the company reported worse than expected Q3 earnings, gave lower than expected guidance and announced its CFO had resigned... Intercept (ICPT), down 19% after FLINT trial results published... CTI BioPharma (CTIC), down 20% after filing convertible preferred stock offering... Transocean (RIG), down 5% after delaying its Q3 earnings release and conference call, stating the company expects Q3 to include a non-cash charge of $1.97B for impairment of goodwill... General Mills (GIS), down 4% after lowering FY15 outlook. DOWN AFTER EARNINGS: Abercrombie & Fitch (ANF), down 12.6%... Ubiquiti Networks (UBNT), down 17%... Arista Networks (ANET), down 10.5%... First Solar (FSLR), down 6%... Magnum Hunter (MHR), down 2%.
08:11 EDTRIGOptions expected to be active
06:20 EDTRIGTransocean delays Q3 earnings release and conference call
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06:19 EDTRIGTransocean expects Q3 to include non-cash charge of $1.97B
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November 6, 2014
17:31 EDTRDCIntegrated Core Strategies reports 4.9% passive stake in Rowan Companies
15:27 EDTRIGNotable companies reporting after market close
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12:20 EDTRIGStocks with call strike movement; RIG GILD
Transocean (RIG) February 33 call option implied volatility decreased 7% to 42, Gilead (GILD) May 130 call option implied volatility increased 2% to 38 according to IVolatility.
09:59 EDTRIGOn The Fly: Analyst Initiation Summary
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07:48 EDTRIGTransocean initiated with a Sell at Canaccord
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