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Stock Market & Financial Investment News

News Breaks
June 25, 2014
07:25 EDTSLBSchlumberger 2016 EPS can reach $8, says RBC Capital
After Schlumberger provided margin targets yesterday, RBC Capital thinks the company's EPS can grow at an annualized pace of 20%, versus the Street's outlook for 15% growth. The firm believes that the company's guidance suggests that its EPS will reach $8 in 2016. It keeps an Outperform rating on the shares.
News For SLB From The Last 14 Days
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February 5, 2016
13:00 EDTSLBSchlumberger, Cameron merger receives unconditional clearance from EU
Schlumberger Limited (SLB) and Cameron (CAM) jointly announced that the European Commission has cleared their proposed merger without any conditions following a Phase 1 review. As previously announced, the U.S. Department of Justice cleared the proposed merger in November 2015 without any conditions; Cameron stockholders voted on December 17 to adopt the merger agreement between Schlumberger and Cameron; and antitrust clearances have been obtained in Canada, Brazil, Russia, and Mexico. Under the terms of the merger agreement, Schlumberger and Cameron only await regulatory approval from the Ministry of Commerce of the People's Republic of China. The Chinese authorities started their 30-day Phase 1 review process on February 4, 2016. The closing of the proposed merger remains subject to the satisfaction or waiver of the remaining customary closing conditions contained in the merger agreement. Schlumberger and Cameron expect to close the merger in the first quarter of 2016. Until that time, the companies will continue to operate as separate and independent entities and continue to serve their respective customers.
06:45 EDTSLBSchlumberger's acquisition of Cameron cleared by EU, Reuters reports
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January 28, 2016
07:39 EDTSLBCameron expects transaction with Schlumberger to close in 1Q16
January 25, 2016
17:33 EDTSLBSchlumberger signs preliminary agreement for Fortuna FLNG project
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07:40 EDTSLBSchlumberger weakness a buying opportunity, says UBS
UBS said the weakness in Schlumberger is an attractive buying opportunity for long-term investors who wait patiently for an industry recovery. The company offers the least relative cyclicality in the sector, an attractive yield, and an $11B stock buyback program. UBS reiterated its Buy rating and $87 price target on Schlumberger shares.
06:41 EDTSLBSchlumberger to gain unconditional EU approval for Cameron deal, Reuters says
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January 24, 2016
11:02 EDTSLBStocks post weekly gain after oil rebounds
Stocks recovered late in the week to post their first weekly gain of the new year as equities continue to be correlated closely with the oil market. A plunge in oil led equities lower early in the holiday shortened week, but as oil prices rebounded to close the week out, the major averages followed suit. MACRO NEWS: In the U.S., the consumer price index fell 0.1% during December, versus expectations for a flat reading. The core reading, which excludes food and energy, showed prices rose 0.1% from the prior month, versus expectations for an increase of 0.2%. Initial jobless claims rose to 293,000 last week, topping the expectation for 278,000 first-time claims. Markit's flash manufacturing Purchasing Managers' Index for January rose 1.5 points to 52.7, better than the 51.0 reading that was expected. Existing home sales climbed 14.7% to a 5.46M rate in December, topping the 5.2M rate that was forecast... In Asia, China's national bureau of statistics estimated that GDP growth slowed to 6.8% in the last quarter of the year, dipping from 6.9% growth in the previous quarter. China's industrial output rose 5.9% from a year earlier in December, compared with the consensus forecast for a 6% increase. Japan's Nikkei average was down early in the week, even falling into bear market territory, but rallied nearly 6% on Friday after the Nikkei Asian Review said that the Bank of Japan is taking a "serious look" at additional easing... In Europe, the European Central Bank left its key interest rates unchanged. However, at an associated press conference, ECB President Mario Draghi acknowledged downside risks were increasing again, meaning the bank may need to "review and possibly reconsider" its monetary policy stance at its next meeting in March. Markit's flash PMI for the euro zone slid to an 11-month low of 53.5, missing expectations for a more modest dip to a 54.2 reading. The International Monetary Fund cut its global growth forecasts for the third time in less than a year. The IMF now estimates that the world economy will grow 3.4% this year and 3.6% next year, down from its prior forecasts of 3.6% and 3.8% growth, respectively. COMPANY NEWS: On Tuesday, Morgan Stanley (MS) advanced 1% after its earnings and revenue topped analysts' consensus forecast. Big bank peer Bank of America (BAC) slid 1% after its earnings also beat expectations but its revenue narrowly missed the consensus estimate... On Wednesday, IBM (IBM) slid nearly 5% after reporting better than expected earnings and revenue for the fourth quarter, but forecasting below-consensus profits for the new year... On Thursday, Verizon (VZ) was among the best performers on the Dow, advancing over 3% after its earnings, revenue and wireless subscriber additions all topped expectations. Conversely, fellow Dow member Travelers (TRV) slid almost 1% after releasing its own quarterly results... On Friday, American Express (AXP) sunk more than 12% after the card issuer reported stronger than expected quarterly results but its 2017 profit guidance came in below the consensus outlook. The company's pledge to take out $1B in costs by the end of 2017 did little to change the mood of analysts or investors. Fellow Dow member GE (GE) slid a bit more than 1% after reporting better than expected earnings but lower than expected quarterly revenue... Schlumberger (SLB) shares gained 6% after the oil services giant reported earnings that topped expectations, approved a quarterly dividend of 50c per share and a new share repurchase program of $10B and said it plans to cut 10,000 more jobs... Netflix (NFLX) reported fourth quarter earnings that beat analyst estimates, powered by better than expected international subscriber growth. The numbers were met with positive commentary by several research firms, though decelerating U.S. subscriber growth was highlighted by bears as a warning sign for the company... Deutsche Bank (DB) disclosed that it expects a EUR2.1B net loss for the quarter due to a number of charges, including expected litigation costs of EUR1.2B... Xilinx (XLNX) advanced after reporting its third quarter numbers. The news may have been overshadowed, however, by a regulatory filing showing new agreements with its top executives, with several analysts highlighting that the change could signal a takeover is in the cards in the future... Alkermes (ALKS) plunged more than 44% after disclosing that two of three Phase 3 studies of its experimental depression disorder treatment did not meet their primary efficacy endpoints. INDEXES: For the four-day week, the Dow gained about 0.67% to close at 16,093.51, the S&P 500 rose about 1.4% to close at 1,906.90, and the Nasdaq increased about 2.3% to close at 4,591.18.
January 22, 2016
16:36 EDTSLBOn The Fly: Top stock stories for Friday
Stocks opened sharply higher thanks to gains in oil prices and speculation on potential stimulus programs in Japan, China and the European Union. The averages had a midday swoon and lost about half of their gains, but the market was able to find a level where it reversed and regained upside momentum. The Nasdaq was the day's clear winner with gains of more than 2% and led the other indexes with its best gains of the week. ECONOMIC EVENTS: In the U.S., Markit's flash manufacturing Purchasing Managers' Index for January rose 1.5 points to 52.7, better than the 51.0 reading that was expected. Existing home sales climbed 14.7% to a 5.46M rate in December, topping the 5.2M rate that was forecast. In Europe, Markit's flash PMI for the euro zone slid to an 11-month low of 53.5, missing expectations for a more modest dip to a 54.2 reading. In Asia, Japan's Nikkei average rallied nearly 6%, with part of the strength attributed to a Nikkei Asian Review stating that the Bank of Japan is taking a "serious look" at additional easing. COMPANY NEWS: Shares of American Express (AXP) sunk 12.12% to $55.05 after the company reported stronger than expected quarterly results but its 2017 profit guidance came in below the consensus outlook. The company's pledge to take out $1B in costs by the end of 2017 did little to change the mood of analysts or investors... Apple (AAPL) rose 5.32% to $101.42 after Piper Jaffray analyst Gene Munster recommended buying the iPhone maker's shares ahead of its earnings report next week, contending that the stock will rally over the next six months. Munster believes shares of Apple could achieve upside of over 50% from current levels by the iPhone 7 launch in September. MAJOR MOVERS: Among the notable gainers was Golar LNG (GLNG), which rallied 50.67% to $17.99 after it signed a memorandum of understanding with Schlumberger (SLB) to jointly market gas monetization solutions. Meanwhile, Schlumberger shares gained 6.12% to $65.21 after the oil services giant reported earnings that topped expectations, approved a quarterly dividend of 50c per share and a new share repurchase program of $10B and said it plans to cut 10,000 more jobs. Among the noteworthy losers was Cardiovascular Systems (CSII), which dropped 29.86% to $8.74 and was downgraded to Underperform at Needham following its quarterly earnings report. Also lower were shares of Tutor Perini (TPC), which fell 16.69% to $10.68 after the Construction & Engineering company cut its FY15 forecast and gave lower than expected guidance for the next fiscal year as well. INDEXES: The Dow gained 210.83, or 1.33%, to 16,093.51, the Nasdaq rose 119.12, or 2.66%, to 4,591.18, and the S&P 500 added 37.91, or 2.03%, to 1,906.90.
12:32 EDTSLBOn The Fly: Top stock stories at midday
Stocks on Wall Street were higher at midday as they bid for their first two-day winning streak in what feels like a very long time amid a very tough start to 2016. The morning's strength was attributed to a continued rebound in oil prices and the prospects for economic stimulus in Japan, China and Europe. Oil prices remain higher by roughly 7% near noon and are holding solidly above $31 per barrel. As the first major winter storm bears down on the East coast, investor participation may slow down during the afternoon hours. ECONOMIC EVENTS: In the U.S., Markit's flash manufacturing Purchasing Managers' Index for January rose 1.5 points to 52.7, better than the 51.0 reading that was expected. Existing home sales climbed 14.7% to a 5.46M rate in December, topping the 5.2M rate that was forecast. In Europe, Markit's flash PMI for the euro zone slid to an 11-month low of 53.5, missing expectations for a more modest dip to a 54.2 reading. In Asia, Japan's Nikkei average rallied nearly 6%, with part of the strength attributed to a Nikkei Asian Review stating that the Bank of Japan is taking a "serious look" at additional easing. COMPANY NEWS: Shares of American Express (AXP) sunk 12% after the company reported stronger than expected quarterly results but its 2017 profit guidance came in below the consensus outlook. The company's pledge to take out $1B in costs by the end of 2017 did little to change the mood of analysts or investors, evidenced by Keefe Bruyette's downgrade of the stock as well as CNBC's David Faber reporting that ValueAct is no longer an American Express shareholder... Fellow Dow member GE (GE) slid 2% after reporting better than expected earnings but lower than expected quarterly revenue... Schlumberger (SLB) gained nearly 5% after reporting earnings that topped expectations, approving a quarterly dividend of 50c per share and a new share repurchase program of $10B and saying it plans to cut 10,000 more jobs. MAJOR MOVERS: Among the notable gainers was Golar LNG (GLNG), which rallied 41% after it signed a memorandum of understanding with Schlumberger to jointly market gas monetization solutions. Also higher was Canadian Pacific (CP), which gained 12% and was upgraded to Outperform from Sector Perform at RBC Capital following its quarterly results. In addition, Sprint (S) was 13% higher after saying it will release earnings on January 26, which was earlier than expected, and also after JPMorgan said that the company's 2016 cash burn fears are overdone. Among the noteworthy losers was Rockwell Collins (COL), which fell 3.5% after it reported quarterly earnings and issued fiscal 2016 EPS guidance. Also lower was Cardiovascular Systems (CSII), which dropped 33% and was downgraded to Underperform from Buy at Needham following its quarterly earnings report. INDEXES: Near midday, the Dow was up 131.77, or 0.83%, to 16,014.45, the Nasdaq was up 90.73, or 2.03%, to 4,562.79, and the S&P 500 was up 27.79, or 1.49%, to 1,896.78.
12:04 EDTSLBGolar shares rocket up after Schlumberger MoU seen as sign of confidence
Shares of midstream liquefied natural gas company Golar LNG (GLNG) are exploding after the company signed a Memorandum of Understanding, or MoU, with Schlumberger (SLB) to jointly market gas monetization solutions. WHAT'S NEW: Golar LNG announced this morning that it has signed an MoU with Schlumberger to co-operate on the global development of greenfield, brownfield and stranded gas reserves. Under the MoU, Golar and Schlumberger agreed to jointly market gas monetization solutions to owners, investors and governments. Golar will contribute the Floating LNG assets and technology while Schlumberger, via its special project management division, will provide upstream development knowledge, resources and capital. According to the company, the intention of this integrated offer is to gain access to a wide range of uneconomic gas reserves by delivering low-cost LNG production solutions. Golar LNG called the deal a "ground breaking agreement" that will provide resource holders with a completely integrated package both reducing risk and securing financing for gas projects. The main aim of the venture is to accelerate the time it takes to bring proven gas reserves into production. Both parties have initiated their activities and have already made solid progress expecting to announce the first project within the next two months. ANALYST REACTION: News of the MOU between Golar LNG and Schlumberger prompted positive research notes this morning from Cowen and Evercore ISI. Cowen analyst Sam Margolin sees the MoU as a vote of confidence for Floating LNG Assets and Technology known as FLNG Technology. The arrangement between Golar and Schlumberger indicates that FLNG's technology is competitive in the current commodity price environment, according to the analyst. Margolin, who maintained an Outperform rating and $80 price target on Golar shares, sees FLNG's low unit cost and absolute investment relative to on-land projects resulting in additional FLNG projects for the company. Jonathan Chappell, an Evercore ISI analyst, also sees positive signs from the MoU announcement. Chappell points out that the addition of a "blue-chip" company like Schlumberger to Golar's developing FLNG operations is a sign of confidence in FLNG technology. Chappell notes that that the MoU can be considered 'proof of concept' for FLNG technology as there are no FLNG assets in operation yet. According to Chappell, who has a Buy rating and $48 price target on Golar, past doubts about Golar's claims of the effectiveness of FLNG technology should be alleviated with the addition of Schlumberger to the development of FLNG operations. PRICE ACTION: In midday trading, shares of Golar are spiking 37%, or $4.40, to $16.31, while Schlumberger, which reported earnings last night, is up 3% to $63.30. OTHERS TO WATCH: Other companies in the Liquified Natural Gas space include Teekay LNG Partners (TGP) and Cheniere Energy (LNG) which are both up well over 5% in midday trading.
10:48 EDTSLBGolar LNG pact with Schlumberger came earlier than expected, says Evercore ISI
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10:47 EDTSLBCowen keeps $80 target on Golar LNG after Schlumberger deal
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09:55 EDTSLBSchlumberger says doesn't think 2017 will be worse than 2016
09:42 EDTSLBSchlumberger: Q1 EPS consensus a 'best case scenario,' consensus 55c
Says new tech sales significantly up compared to previous downturns. Sees lower rig counts in Q1 from lower oil prices. Says Q1 EPS consensus a "best case scenario." The consensus for EPS in Q1 is 55c.
09:32 EDTSLBGolar LNG, Schlumberger sign MoU
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09:30 EDTSLBSchlumberger sees positive movement in oil prices in 2016
Says any significant recovery in near future to be seen in 2017.
09:24 EDTSLBSchlumberger continuing to target small tech companies for M&A
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09:21 EDTSLBSchlumberger says in most severe industry downturn in 30 years
09:17 EDTSLBSchlumberger: North America land fack prices are unsustainable
Says many customers ran out of cash before mid-Q4. Says North America land frack prices are unsustainable. Says Q4 revenue was also down in the Middle East.
09:12 EDTSLBSchlumberger says one third of Q4 revenue decline attributable to pricing
Says roughly 1/3 of Q4 revenue decline is attributable to pricing. Says did not end see year-end surge in consumer-end sales that it typically sees in Q4. Sees ETR in 2016 around 20%. Says cash flow generation remains strong despite making $800M in severance payments in 2015. Says spent $627M on CapEx in Q4. Says negative market sentiments increased in Q4. Says worsening market conditions prompted operators to make further cuts to investment levels, which were already low. Says operating environment increasingly difficult to navigate as a result of low oil prices. Comments taken from Q4 earnings conference call.

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