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Stock Market & Financial Investment News

News Breaks
August 4, 2014
10:28 EDTORIG, ATW, DO, HERO, RDC, RIG, PACD, SDRL, ESVTransocean, peers slip after Deutsche downgrades several in sector
Shares of companies that provide offshore drilling services are falling after Deutsche Bank wrote that investors are underestimating the weakness of the sector's dynamics and lowered it ratings on several of the stocks in the industry. WHAT'S NEW: The rates and utilization of older drilling rigs are dropping rapidly and significantly, Deutsche Bank analyst Mike Urban wrote in a note to investors earlier today. Meanwhile, the amount of rigs available continues to increase quickly, Urban wrote. Investors believe that self-elevating rigs, known as jackups, will not suffer similar price decline, the analyst stated. However, the supply of jack-ups is poised to increase "dramatically" in the second half of 2014 and through 2017, Urban believes. Demand is highly unlikely to keep up with supply growth and jackup rates and utilization should consequently be pressured starting in the second half of 2014 and well into 2015, Urban believes. Offshore drilling stocks are likely to drop an average of 13% from current levels, and consensus estimates for the sector are an average of 23% too high, Urban estimated. He downgraded Diamond Offshore (DO), Ensco (ESV), and Transocean (RIG) to Sell from Hold. The analyst downgraded Noble Corp (NE) to Hold from Buy. Urban kept Hold ratings on Atwood Oceanics (ATW), Rowan Companies (RDC), and Seadrill Limited (SDRL). He maintained Buy ratings on Hercules Offshore (HERO), Ocean Rig (ORIG) and Pacific Drilling (PACD). PRICE ACTION: In early trading, Transocean fell 2.3% to $39.53, Diamond Offshore lost 0.3% to $46.30, Ensco lost 0.9% to $50.49, Noble Corp. gained 0.6% to $26.93, Atwood Oceanics fell 1% to $48, Rowan declined 1% to $30.29, Seadrill dropped 0.6% to $35.96.
News For RIG;DO;ESV;RDC;ATW;SDRL;HERO;ORIG;PACD From The Last 14 Days
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August 31, 2015
17:03 EDTRDCRowan Companies provides fleet contract status update
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August 28, 2015
16:00 EDTRIGOptions Update; August 28, 2015
iPath S&P 500 VIX Short-Term Futures up 2.06 to 26.77 Option volume leaders: AAPL FB BAC FCX NFLX RIG INTC TSLA CVX
August 27, 2015
15:19 EDTRIGOptions Update; August 27, 2015
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06:04 EDTSDRLSeadrill reports Q2 operating profit $384M
Operating profit for the quarter was $384 million compared to $703 million in the preceding quarter. The decrease was primarily due to the gain on deconsolidation of SeaMex during the first quarter, and a loss on the sale of the West Polaris to Seadrill Partners during the second quarter. Taken together, these items account for approximately $261 million, or 82%, of the sequential decline in operating profit. Excluding these non-recurring items, operating profit declined 11% sequentially. On a like for like basis, the decline in operating profit can be primarily attributed to the deconsolidation of SeaMex and increased idle time across the fleet.
06:04 EDTSDRLSeadrill achieves 83% economic utilization for floater fleet in Q2
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06:03 EDTSDRLSeadrill reports Q2 EPS 77c, consensus 63c
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August 26, 2015
16:26 EDTRIGOn The Fly: Top stock stories for Wednesday
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15:59 EDTRIGOptions Update; August 26, 2015
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12:47 EDTRIGOn The Fly: Top stock stories at midday
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10:57 EDTSDRLEuropean oilfield service names boosted by M&A speculation, says JPMorgan
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10:44 EDTRIGStocks with call strike movement; FCX RIG
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09:25 EDTRIGOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Abercrombie & Fitch (ANF), down 15.1%... Express (EXPR), up 9.8%... Frontline (FRO), up 10.4%... Chico's FAS (CHS), up 9.3%. ALSO HIGHER: Oshkosh (OSK), up 11.9% after being awarded a $6.7B contract by the U.S. Army... EMC Corporation (EMC), up 5.8% after Re/code reported that the board is considering a VMware (VMW) downstream merger proposal... Google (GOOG), up 4.6% after being upgraded to Conviction Buy from Neutral at Goldman... Ford (F), up 2.4% after Bloomberg reported that the company is considering returning production of Bronco and Ranger to the U.S. NOTABLE: Cameron International (CAM), up 45.4% after announcing that it will be acquired by Schlumberger (SLB). Schlumberger is down 1.9%. LOWER: WisdomTree (WETF), down 3.6% after being downgraded to Sell from Buy at Citi... Transocean (RIG), down 3.4% after proposing to cancel Q3 and Q4 dividends.
August 25, 2015
18:47 EDTRIGOn The Fly: After Hours Movers
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18:11 EDTRIG, ATW, SDRL, DO, RDC, PACD, ORIG, ESVTranocean tanks after proposing dividend cancellations, peers follow
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17:00 EDTRIGTransocean may cancel Q3, Q4 dividend
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August 21, 2015
10:02 EDTPACDOn The Fly: Analyst Downgrade Summary
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09:31 EDTATWAtwood Oceanics downgraded to Neutral from Accumulate at Global Hunter
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09:31 EDTPACDPacific Drilling downgraded to Neutral from Buy at Global Hunter
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August 19, 2015
18:52 EDTRIGTransocean provides fleet update summary
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11:09 EDTRIGStocks with call strike movement; ABX RIG
Barrick Gold (ABX) January 9 call option implied volatility increased 2% to 59, Transocean (RIG) November 16 call option implied volatility increased 3% to 57 according to iVolatility.
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