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Stock Market & Financial Investment News

News For DUK;GS;HRZN;SPRD;CTRP;YOKU;CUB;MEMP;CRZO From The Last 14 Days
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February 24, 2015
06:44 EDTCRZOCarrizo Oil & Gas reports Q4 oil production of 22,130 Bbls/d
Reports Q4 total production of 37,696 Boe/d. year-over-year production growth was driven primarily by strong results from the Company's Eagle Ford Shale assets. Oil production during the fourth quarter of 2014 averaged 22,130 Bbls/d, an increase of 70% versus the fourth quarter of 2013 and 11% versus the prior quarter; natural gas and NGL production averaged 93,413 Mcfe/d during the fourth quarter of 2014. Fourth quarter of 2014 production exceeded the high end of Company guidance for both oil and natural gas and NGLs due primarily to strong performance from the Company's Eagle Ford Shale assets and a lower-than-expected amount of voluntary production curtailments from its Marcellus Shale assets.
06:44 EDTCRZOCarrizo Oil & Gas reports Q4 adjusted EPS 32c, consensus 30c
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06:26 EDTMEMPMemorial Production acquires oil and gas properties
Memorial Production announced that it has consummated a transaction with Memorial Resource Development Corp. whereby MRD exchanged its East Texas and non-core Louisiana properties for all of MEMP's interests in the Terryville Field in North Louisiana and cash consideration of approximately $78M, subject to customary purchase price adjustments. Terms of the transaction were approved by the board of the general partner of MEMP and by the board's conflicts committee, which was comprised entirely of independent directors. The transaction closed on February 23, 2015 and has an effective date of January 1, 2015. MRD will receive, in addition to the cash consideration, all of MEMP's position in the Terryville Field in North Louisiana, which includes interests in 5.1 net wells. Total proved reserves are estimated to be approximately 20 Bcfe and estimated December 2014 net production was approximately 5 MMcfe/d. In exchange, MEMP will receive properties primarily located in the Joaquin Field in Shelby and Panola counties in East Texas. The acquired properties consist of 165.3 net wells in East Texas and West Louisiana. MEMP will operate approximately 71% of the acquired producing wells. The transaction is expected to be immediately accretive to distributable cash flow and net asset value, estimated net proved reserves of 267 Bcfe, estimated December net production of 27 MMcfe/d, and proved reserve to production ratio of 27 years.
06:15 EDTGSBanks probed for possible rigging of precious metals markets, WSJ reports
Officials in the U.S. are investigating at least 10 major banks for potential rigging of precious-metals markets, sources tell The Wall Street Journal. The DOJ's antitrust unit are investigating the price-setting process for gold, silver, palladium and platinum in London, while the CFTC has begun a civil investigation, with both agencies making requests for information, including a subpoena to HSBC (HSBC) from the CFTC. According to a source, Credit Suisse (CS), JP Morgan (JPM), UBS (UBS), Societe Generale (SCGLY), Bank of Nova Scotia (BNS), Barclays (BCS), Goldman Sachs (GS) and Deutsche Bank (DB) are also under investigation. Reference Link
06:01 EDTMEMPMemorial Production upgraded to Overweight from Neutral at JPMorgan
JPMorgan upgraded Memorial Production Partners to Overweight saying the company's distribution looks sustainable. The firm raised its price target for shares to $18 from $16.
February 23, 2015
07:37 EDTDUKCredit Suisse to hold a summit
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06:52 EDTGSGoldman Sachs sees $3B in possible legal costs above reserves
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February 20, 2015
16:23 EDTDUKDuke Energy, U.S. reach proposed agreement on Dan River coal ash spill
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February 19, 2015
07:12 EDTGSWharton Health Care Club to hold a conference
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06:47 EDTGSReport shows subprime consumer loans at pre-2007 levels, WSJ says
Equifax (EFX) has released a report stating nearly 40%, or 50M, of auto loans, credit cards, and personal loans during the first 11 months of 2014 were made to subprime customers, the highest levels since the 2007 financial crisis, reports the Wall Street Journal. LendingTree (TREE) Chief Marketing Officer Gabriel Dalporto attributes the growth to nonbank lenders under less regulatory scrutiny than large banks. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
February 18, 2015
16:09 EDTCUBCubic combines defense segments
Cubic Corporation announced effective it has combined its two defense operating segments into a single segment called Cubic Global Defense, CGD, to better align its organizational structure with customer requirements, increase operational efficiencies and improve collaboration and innovation across the enterprise. The formation of CGD also supports the companyís announcement to streamline its functions across the enterprise to improve profitability and competitiveness. Cubicís defense business totals approximately $800M in annual revenues and serves a diverse U.S. and international customer base concentrated in live, virtual, constructive and gaming training domains, leader and doctrine development, national security programs, special operations and secure communications in the C4ISR market. The consolidated CGD is comprised of six business units with more than 5,500 employees. William J. Toti, former president of Cubicís Mission Support Services segment, has been named president of CGD. Prior to joining Cubic, Toti led a $1.3B business unit in Hewlett-Packardís Enterprise Services sector for the U.S. Navy and Marine Corps Next Generation Enterprise Network program. Prior to HP, Toti was vice president of the Mission Support Operations unit at Raytheon. He also served more than 26 years in the U.S. Navy.
16:05 EDTCUBCubic implements cost-saving initiatives to improve profitability
Cubic Corporation announced the next steps in streamlining its corporate and business segment operations as part of a company-wide activity to improve profitability and competitiveness through its One Cubic initiatives. The companyís new operating structure is effective immediately. These initiatives are anticipated to yield $15-16M in annualized pre-tax savings in fiscal year 2016. The company will incur a pre-tax charge in the second quarter of fiscal year 2015 of approximately $6M due to the restructuring, but estimates cost savings for the balance of the year will result in the restructuring having a neutral impact on its earnings per share for fiscal year 2015.
10:41 EDTDUKDuke Energy sees 2013-2019 CAGR growth of 6%
Sees 2015-2017 long term retail load growth of approximately 1%. The company believes 2018 and 2019 earnings growth drivers include base rate case activity in the Carolinas, retail load growth, regulated grid and generation investments, and commercial investments.
10:40 EDTDUKDuke Energy sees FY16 CapEx $9.8B, FY17 CapEx $8B
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10:39 EDTDUKDuke Energy sees FY15 retail load growth of 0.5%-1%
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07:33 EDTGSGoldman Sachs vows legal battle with Bank of Portugal over loan, Reuters says
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07:21 EDTGSJPMorgan, Citi top government report of riskiest banks, Reuters reports
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07:08 EDTDUKDuke Energy in settlement discussions with U.S. related to Dan River spill
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07:08 EDTDUKDuke Energy to own, operate business to access $2.7B in foreign earnings
The company has completed a strategic review of its International Energy business. As a result, Duke Energy will continue to own, operate and create value with the business. Additionally, a plan has been developed giving the company access to $2.7 billion in foreign earnings through 2022. Reported results for the quarter include a $373 million, or 53c per share, tax charge resulting from this plan. This charge has been excluded from the company's adjusted diluted EPS results for 2014.
07:08 EDTDUKDuke Energy targets long-term adjusted EPS growth of 4%-6% through 2017
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