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Stock Market & Financial Investment News

News Breaks
March 18, 2013
13:32 EDTRDC, HAL, PDE, RIG, WFT, BHI, SLB, DO, NBROil services stocks fall after Schlumberger calls North America weak
A number of oil services stocks are falling after the leader in the sector, Schlumberger (SLB), stated on slides for the Howard Weil Conference that activity in North America has been below expectations in the first quarter. The company's customers have activated fewer rigs on the continent than they had previously indicated, Schlumberger explained. Schlumberger also stated that it was temporarily reducing its activity in Venezuela due to "collection issues." The company forecast that its earnings per share would grow by double digit percentage levels this year, in-line with its previous outlook, as long as North American land activity and prices meet its previous forecast and issues resolve in Venezuela. Meanwhile, the company forecast that demand for oil would increase just 1% in 2013 compared to 2012. The increase will be driven by developing markets, with China generating 50% of the growth, Schlumberger stated. In mid-afternoon trading, Schlumberger fell 3% to $77, Baker Hughes (BHI) gave back 2% to $47, Weatherford (WFT) lost 1.5% to $12, and Halliburton (HAL) lost 1.6% to $41.23.
News For SLB;RIG;RDC;BHI;PDE;NBR;WFT;HAL;DO From The Last 14 Days
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August 26, 2015
07:06 EDTNBRNabors Industries board authorizes repurchase up to $400M of common shares
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07:00 EDTSLBSchlumberger volatility elevated into acquiring Cameron in a $14.8B deal
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06:21 EDTSLBSchlumberger to host conference call
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06:11 EDTSLBCameron volatility elevated into Schlumberger agrees to acquire in $14.8B deal
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06:04 EDTSLBSchlumberger agrees to acquire Cameron in deal valued at $14.8B
Schlumberger Limited (SLB) and Cameron (CAM) jointly announced a definitive merger agreement in which the companies will combine in a stock and cash transaction. The agreement was unanimously approved by the boards of both companies. Under the terms of the agreement, Cameron shareholders will receive 0.716 shares of Schlumberger common stock and a cash payment of $14.44 in exchange for each Cameron share. Based on the closing stock prices of both companies on August 25, the agreement places a value of $66.36 per Cameron share, representing a 37.0% premium to Cameron's 20-day volume weighted average price of $48.45 per share, and a 56.3% premium to Cameron's most recent closing stock price of $42.47 per share. Upon closing, Cameron shareholders will own approximately 10% of Schlumberger's outstanding shares of common stock. The total transaction has a value of $14.8B as of August 25. Schlumberger expects to realize pretax synergies of approximately $300M-$600M in the first and second year, respectively. Initially, the synergies are primarily related to reducing operating costs, streamlining supply chains, and improving manufacturing processes, with a growing component of revenue synergies in the second year and beyond. Schlumberger also expects the combination to be accretive to EPS by the end of the first year after closing. The transaction combines two complementary technology portfolios into a "pore-to-pipeline" products and services offering to the global oil and gas industry. On a pro forma basis, the combined company had 2014 revenues of $59B. The transaction is subject to Cameron shareholders' approval, regulatory approvals and other customary closing conditions. It is anticipated that the closing of the transaction will occur in Q1 of 2016.
06:01 EDTSLBSchlumberger agrees to acquire Cameron in deal valued at $14.8B
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August 25, 2015
18:47 EDTRIGOn The Fly: After Hours Movers
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18:11 EDTDO, RDC, RIGTranocean 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
13:05 EDTBHIBaker Hughes reports U.S. rig count up 1 to 885
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August 19, 2015
18:52 EDTRIGTransocean provides fleet update summary
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13:30 EDTWFTOptions with increasing put volume;
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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.
07:33 EDTSLBCameron and Schlumberger's Subsea to supply pump system for Stones development
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August 17, 2015
12:16 EDTRIGStocks with call strike movement; RIG TWTR
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08:04 EDTSLBAccenture to acquire Schlumberger Business Consulting
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05:52 EDTWFTStocks with implied volatility movement; XLU WFT
Stocks with implied volatility movement; Utilities SPDR (XLU) 16, Weatherford (WFT) 61 according to iVolatility.
August 14, 2015
17:17 EDTSLBPoint72 gives quarterly update on stakes
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13:56 EDTBHI, WFT, DO, HAL, SLB, NBR, RDC, RIGU.S. greenlights crude oil export swaps with Mexico
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13:03 EDTBHIBaker Hughes reports U.S. rig count unchanged at 884 rigs
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