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Stock Market & Financial Investment News

News Breaks
February 28, 2013
10:12 EDTSDRLSeadrill reports preliminary Q4 EPS 4c, may not compare to consensus 58c
Reports preliminary Q4 revenue $1.22B, consensus $1.11B. Reports Q4 EBITDA $604M.
News For SDRL From The Last 14 Days
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November 27, 2014
07:26 EDTSDRLSeadrill upgraded to Neutral from Sell at Goldman
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November 26, 2014
16:14 EDTSDRLOn The Fly: Closing Wrap
Stocks on Wall Street were modestly higher ahead of the Thanksgiving holiday. The market opened in relatively quiet fashion and remained that way throughout the day. There was little reaction to the host of economic reports that were released during the day as many investors prepared for the Thanksgiving holiday and tried to stay clear of the first winter storm of the season. The volume remained light as it has been all week as investors look toward Black Friday and its effect on the retail industry. ECONOMIC EVENTS: In the U.S., initial jobless claims rose to 313K last week from the prior week's 291K first-time claims. Expectations were for claims to fall to 288K. Consumer spending rose a seasonally adjusted 0.2% from the prior month in October, versus the forecast for a 0.3% rise. Personal income increased 0.2%, which also undershot the 0.4% increase that was expected. Durable goods orders rose 0.4% in October from a month earlier, beating expectations for overall orders to fall 0.5%. However, the rise largely reflected a surge in demand for defense aircraft and excluding transportation, orders fell 0.9%, which was the biggest drop since December 2013. The National Association of Realtors' pending home sales index fell 1.1% to 104.1 in October, versus expectations for it to have risen 0.5%. New home sales rose 0.7% to a 458K rate in October, which was bit below the 0.8% increase that was forecast. The University of Michigan consumer confidence final reading for November came in at 88.8, which was not quite as good as the preliminary reading of 89.4 but was up compared to October's 86.9 final figure. In Europe, European Central Bank VP Vitor Constancio said the central bank "will have to consider" buying other assets, including sovereign bonds in the secondary market, early next year if it decides that more aggressive stimulus measures are needed. COMPANY NEWS: Deere (DE) shares fell 72c, or 0.81%, to $87.07 after the company forecast a 20% decline in farm equipment sales for the recently started fiscal year. The company's just completed quarter was more profitable than expected, but its implied EPS forecast for the new fiscal year significantly trailed the consensus forecast. HP (HPQ) advanced $1.56, or 4.16%, to $39.19 after its fourth quarter earnings matched estimates and its revenue came in nearly in-line with the consensus forecast. Following the report, Citigroup said HP's Q4 results show the company's fundamentals are improving, while Wells Fargo believes the company is well-positioned in a number of areas and has "largely turned the corner." MAJOR MOVERS: Among the notable gainers was defense contractor Cubic (CUB), which rose 8.3% after the company’s fourth quarter results surpassed analysts’ consensus estimates and it raised its semi-annual dividend. GoPro (GPRO) was up 5.7% after announcing it was developing its own line of consumer drones. Among the noteworthy losers were two drilling contractors, Seadrill (SDRL) and North Atlantic Drilling (NADL), which fell 23% and 16% respectively after each of the companies announced that they have suspended their dividends. INDEXES: The Dow rose 12.81, or 0.07%, to 17,827.75, the Nasdaq added 29.07, or 0.61%, to 4,787.32, and the S&P 500 gained 5.80, or 0.28%, to 2,072.83.
12:56 EDTSDRLOn The Fly: Midday Wrap
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12:48 EDTSDRLSeadrill says would revive dividend when sure cycle has turned
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12:24 EDTSDRLSeadrill cautious on macro environment as oil price drops
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10:27 EDTSDRLSeadrill dives after suspending dividends, earnings results
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10:01 EDTSDRLSeadrill, North Atlantic Drilling plunge after suspending dividends
Shares of two drilling contractors, Seadrill (SDRL) and North Atlantic Drilling (NADL), are both trading sharply lower this morning after each of the companies announced that they have suspended their dividends. WHAT'S NEW: Seadrill reported third quarter earnings per share of 31c, which significantly missed the consensus 67c estimate. Third quarter revenues were $1.29B, compared to $1.22B in the second quarter and the consensus estimate of $1.23B. As of September 30, cash and cash equivalents were $638M, an increase of $95M compared to the previous quarter. However, Seadrill announced it is suspending dividend distributions and focusing on debt reduction and value creating opportunities due to "significant deterioration" in the broader markets. Also this morning, another offshore drilling contractor, North Atlantic Drilling, said that due to the delay of its agreement with Russia's Rosneft, combined with a market which has become "significantly weaker" in the past quarter, the board of directors has resolved to suspend the regular quarterly cash dividend. WHAT'S NOTABLE: On November 7, North Atlantic Drilling, Seadrill and Rosneft announced the companies had mutually agreed to delay their announced transaction until the end of May 2015. The break rights under the transaction have also been extended to the end of May 2015 and the parties remain committed to the transaction. On May 26, North Atlantic Drilling announced that it had entered into a transaction between the company, Seadrill and Rosneft Oil of Russia. PRICE ACTION: In morning trading, shares of Seadrill fell nearly 17% to $17.23 and North Atlantic Drilling dropped 15% to $2.69.
09:35 EDTSDRLActive equity options trading
Active equity options trading according to Track Data: AAPL HPQ SDRL TASR FB TXN NFLX AMZN TWTR PBR
05:43 EDTSDRLSeadrill reports Q3 EPS 31c, may not compare to consensus 67c
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November 21, 2014
11:34 EDTSDRLSeadrill December volatility elevated into Q3 and outlook
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