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Stock Market & Financial Investment News

News For MMR;FCX;CVX From The Last 14 Days
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July 31, 2015
16:22 EDTCVXStocks end week higher in U.S. despite selloff in China
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16:18 EDTCVXOn The Fly: Top stock stories for Friday
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12:11 EDTCVXOn The Fly: Top stock stories at midday
The Wall Street averages began the session slightly lower, soon turned mixed and have all returned to positive ground near midday. The Nasdaq has been the strongest of the indexes throughout. The S&P 500 is trying to hold onto its gain of about 1.5% for the month as July comes to a close. ECONOMIC EVENTS: In the U.S., the employment cost index for the second quarter increased 0.2%, versus expectations for an increase of 0.6%. The Chicago PMI business barometer index bounced to 54.7 in July, topping the expected reading of 50.8. The final reading of the University of Michigan consumer confidence index for July came in at 93.1, which was down from the 93.3 flash reading and below the 94 that was expected. In Europe, Athex stated that the Athens Stock Exchange will reopen on August 3. COMPANY NEWS: Shares of Exxon Mobil (XOM) and Chevron (CVX) declined 2.9% and 3.6%, respectively, after both energy majors reported lower than expected earnings due to falling oil prices. Exxon noted that its Downstream and Chemical segment earnings increased significantly from the second quarter of last year, but that those higher earnings were more than offset by the impact of weaker Upstream realizations and lower asset management gains. Chevron, meanwhile, recorded impairments of $1.96B and other charges of approximately $670M relating to project suspensions and adverse tax effects, all of which stemmed from a downward revision in the companyís longer-term crude oil price outlook. MAJOR MOVERS: Among the notable gainers was Coca-Cola Enterprises (CCE), which rose 13% after the Wall Street Journal reported that the company is in advanced merger talks with Coca-Cola bottlers for Germany and the region of Spain, Portugal and Andorra. Also higher following their earnings reports were MoneyGram (MGI), which gained 27%, Expedia (EXPE), which added 10%, and SkyWest (SKYW), which rallied 20%. Among the noteworthy losers was FireEye (FEYE), which fell 5% after reporting quarterly results and announcing that CFO Michael Sheridan intends to leave the company. Also lower following their earnings reports were Ocwen Financial (OCN), which fell 28.5%, and Hanesbrands (HBI), which dropped 10%. INDEXES: Near midday, the Dow was up 10.36, or 0.06%, to 17,756.34, the Nasdaq was up 18.60, or 0.36%, to 5,147.38, and the S&P 500 was up 3.98, or 0.19%, to 2,112.61.
11:47 EDTCVXChevron CFO says will cover dividend at 'any' crude prices
Chevron CFO Patricia Yarrington said on the company's Q2 earnings call that the company is confident that it can and is committed to scaling its C&E outflows in a manner that will allow it to continue its "27-year record" of annual dividend payment increases. Yarrington acknowledged the company said previously it would cover its dividend from free cash flow at a crude price of $70, adding "we intend to cover the dividend from free cash flow at whatever the ensuing price is. That is a firm commitment on the part of the company and we have tremendous flexibility really in our 2017 C&E to flex that down."
11:37 EDTCVXChevron to reduce 2016, 2017 capital programs
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11:29 EDTCVXChevron says about $3B in spending reductions identified
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09:56 EDTCVXOptions with increasing volume on open
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08:36 EDTCVXChevron CEO: Q2 results reflect crude price decline of nearly 50% vs. last year
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08:35 EDTCVXChevron reports six months cash flow from operations of $9.5B
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08:34 EDTCVXChevron reports Q2 worldwide net oil equivalent production 2.6MBpd
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08:33 EDTCVXChevron reports Q2 EPS 30c including items, may not compare to consensus
Consensus is $1.16. Reports Q2 revenue $40.36B, consensus $30.91B. Included in the quarter were impairments of $1.96 billion and other charges of approximately $670 million relating to project suspensions and adverse tax effects, all of which were non-cash charges stemming from a downward revision in the companyís longer-term crude oil price outlook. Partially offsetting were gains on asset sales totaling $1.80 billion in the current quarter. Foreign currency effects decreased earnings in the 2015 quarter by $251 million, compared with a decrease of $232 million a year earlier.
July 30, 2015
15:47 EDTCVXChevron technical comments ahead of results
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15:04 EDTCVXNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Exxon Mobil (XOM), consensus $1.11... Chevron (CVX), consensus $1.16... Seagate Technology (STX), consensus 64c... Tyco (TYC), consensus 56c... Newell Rubbermaid (NWL), consensus 62c... LifePoint Health (LPNT), consensus 99c.
July 29, 2015
14:07 EDTCVXChevron volatility elevated into Q2 and outlook
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13:04 EDTCVXSaudi Arabia to lower oil production after summer, WSJ reports
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11:18 EDTFCXStocks with call strike movement; FCX RIG
Freeport McMoRan (FCX) January 14 call option implied volatility decreased 4% to 55, Transocean (RIG) January 18 call option implied volatility decreased 2% to 52 according to IVolatility.
July 28, 2015
10:54 EDTFCXFreeport McMoRan announces cost reduction plans in mining, oil and gas business
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10:43 EDTFCXFreeport McMoRan rises, levels to watch
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10:38 EDTFCXOptions with increasing implied volatility
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09:42 EDTFCXActive equity options trading on open
Active equity options trading on open: AAPL BIDU FB NFLX F T FCX TWTR
08:36 EDTFCXFreeport McMoRan recent selloff overdone, says Morgan Stanley
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08:11 EDTFCXIndonesia grants export permit extension to Freeport, Reuters reports
Indonesia will allow Freeport-McMoRan to export up to 775,000 tonnes of copper over the next six months and may also lower Freeport's export tax to 5%-7.5%, reported Reuters yesterday. The government and the company continue to negotiate terms of a contract or license that could extend to 2041, the report added. Reference Link
July 27, 2015
10:56 EDTFCXOptions with increasing implied volatility
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July 24, 2015
10:37 EDTFCXOptions with increasing implied volatility
Options with increasing implied volatility: LOCK DUST JNUG CHK LINE ABX TCK GDX LNKD FCX
July 23, 2015
11:57 EDTFCXOptions with increasing put volume
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10:39 EDTFCXFreeport McMoRan sees 2016 CapEx approximately $5.6B
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10:27 EDTFCXFreeport McMoRan sees FY16 sales of copper 5.4B pounds, sales of gold 1.9M oz
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10:12 EDTFCXFreeport McMoRan says improving operating trends at Grasberg
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10:10 EDTFCXFreeport McMoRan says company highly leveraged to copper prices
Slowdown of economy in China has had an impact. Doesn't see a hard landing for China economy. Comments made on Q2 earnings call.
08:07 EDTFCXFreeport McMoRan files registration statement for possible IPO of O&G stake
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08:05 EDTFCXFreeport McMoRan sees consolidated sales of 1B pounds of copper in Q3
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08:04 EDTFCXFreeport McMoRan sees consolidated sales of 4.2B pounds of copper in FY15
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08:02 EDTFCXFreeport McMoRan reports Q2 adjusted EPS 14c, consensus 7c
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July 22, 2015
13:47 EDTFCXEarnings Watch: Morgan Stanley positive on Freeport-McMoRan ahead of Q2 results
Freeport-McMoRan (FCX) is expected to report second quarter earnings on Thursday, July 23, before the market open with a conference call scheduled for 10:00 am ET. Freeport-McMoRan is a natural resource company with an industry portfolio of mineral assets, oil and natural gas resources, and a production profile. EXPECTATIONS: Analysts are looking for earnings per share of 7c on revenue of $4.28B, according to First Call. The consensus range for EPS is (15c)-17c on revenue of $3.68B-$5.11B. LAST QUARTER: Freeport-McMoRan reported first quarter adjusted EPS of (6c) against estimates for (7c), on revenue of $4.15B against estimates for $4.06B. Consolidated sales for Q1 totaled 960M pounds of copper, 263K ounces of gold, 23M pounds of molybdenum and 12.5M barrels of oil equivalents, compared with 871M pounds of copper, 187K ounces of gold, 27M pounds of molybdenum and 16.1 MMBOE in Q1 of last year. Consolidated sales for 2015 are expected to approximate 4.2B pounds of copper, 1.3M ounces of gold, 95M pounds of molybdenum and 52.3 MMBOE. The company forecast FY16 sales of copper at 5.4B pounds and sales of gold at 1.9M oz. It sees FY17 sales of copper at 5B pounds and sales of gold at 2.4M oz. Capital expenditures are expected to approximate $6.5B for 2015, including $2.5B for major projects at mining operations and $2.8B for oil and gas operations. Freeport-McMoRan said it has taken actions to reduce or defer capital expenditures and other costs and is evaluating funding alternatives to advance growth projects in its oil and gas business, including consideration of a sale of public equity for a minority interest in its oil and gas subsidiary. On its Q1 conference call, management said they were optimistic for mid-term and long-term prospects for business. STREET RESEARCH: Sentiment on the Street leading up to Freeportís Q2 report has been positive. On April 28, Morgan Stanley upgraded Freeport-McMoRan to Overweight from Equal Weight with a $29 price target. The firm had reduced concerns about financing due to ramping volumes and cost declines. Morgan Stanley believed Freeport-McMoRan's copper growth projects were near an inflection point and production increases would drive a 28% volume increase at a lower cost and reduced capex. On June 9, Morgan Stanley said Freeport-McMoRanís valuation was attractive. The firm believed Freeport's Q1 was a multi-year trough for earnings and free cash flow. Morgan Stanley saw minimal execution risk at three key projects and expected costs to decline 22% in 2016. Morgan Stanley viewed Freeport's valuation as attractive and reiterated its Overweight rating and $29 price target. PRICE ACTION: Freeportís shares are down about 25% since the company's Q1 report and have plummeted more than 60% over the past twelve months. In afternoon trading ahead of Thursday's Q2 report, Freeportís shares are down about 4.7%.
06:39 EDTCVXEuro, U.S. oil and gas groups to find tough competition in Iran, WSJ says
European and U.S. oil and gas firms drawn to Iran as sanctions lessen can expect not only opportunities, but also Iranian companies offering tough competition or joint ventures, the Wall Street Journal reports. Though no Iran-based companies have the clout of firms such as Exxon Mobil (XOM) or Schlumberger (SLB), companies that can take on engineering tasks are emerging and growing in Iran, the report says. If the Iran nuclear agreement comes into effect and sanctions are lifted against Iran sometime soon, those Iranian companies will be well positioned to compete for tens of billions of dollars worth of service contracts, the report adds. Other publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Royal Dutch Shell (RDS.A) and Total (TOT). Reference Link
July 20, 2015
13:10 EDTFCXFreeport McMoRan 30-day call volatility increases as gold pulls back
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10:00 EDTFCXFreeport McMoRan hits new 52-week low, levels to watch
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