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Stock Market & Financial Investment News

News Breaks
March 5, 2014
09:05 EDTXOMExxon Mobil to start production of new oil, gas projects in FY14
Exxon Mobil expects to start production at 10 major projects in FY14, adding new capacity of approximately 300K net oil equivalent barrels per day and contributing to profitable production growth. ExxonMobil’s capital spending will decline to $39.8B this year from a peak of $42.5B in FY13. Excluding potential acquisitions, CapEx is expected to average less than $37B per year from FY15-FY17. A liquefied natural gas project in Papua New Guinea and the largest offshore oil and gas platform in Russia are among significant projects scheduled for startup this year. Others include a heavy oil expansion project in Canada and deepwater projects in the Gulf of Mexico. ExxonMobil anticipates additional project startups in the next few years in several countries, including Australia, Indonesia, Canada, Nigeria and the U.S. All of these projects are expected to add about 1M net oil equivalent barrels per day by FY17. In North America, ExxonMobil’s near-term production outlook is made up of significant high-margin, low-risk liquids growth. The company’s production outlook also reflects strategic choices made to improve unit profitability while maintaining disciplined capital allocation.
News For XOM From The Last 14 Days
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February 5, 2016
16:37 EDTXOMStocks end week lower as tech melts down despite strong Alphabet report
Stocks ended the week lower, with the Nasdaq index the clear laggard, as a number of well-known tech stocks felt the brunt of the market pullback. The week was bookended by a strong report Monday night from Google parent Alphabet (GOOGL), which still ended the week lower despite its better than expected earnings, and weak guidance Thursday evening from social media name LinkedIn (LNKD), which was severely punished by investors and analysts alike in the wake of its outlook. MACRO NEWS: In the U.S., nonfarm payrolls rose 151,000 in January, versus expectations for an increase of 190,000. The unemployment rate fell to 4.9%, versus expectations for it to stay at 5.0%. Average hourly earnings climbed 0.5% month-over-month, versus the consensus forecast for them to rise 0.3%. The trade deficit widened 2.7% to $43.4B in December, as exports dipped 0.3% and imports rose 0.3%. Markit's manufacturing purchasing managers index for January dipped to 52.4 in the final January reading, down from the 52.7 flash reading and below the 52.6 reading that was expected. The Institute for Supply Management's manufacturing index for January came in at 48.2, below the 48.4 that analysts expected. Markit's services PMI came in at 53.2, versus the consensus 53.7 forecast. The Institute for Supply Management's non-manufacturing index came in at 53.5 for January, down from 55.3 in the previous month and below the 55.1 reading forecast by analysts. The Labor Department said that productivity fell at an annual rate of 3% in the fourth quarter, marking the biggest quarterly decline in nearly two years and worse than the expected decline of 2%. Labor costs rose 4.5% in the fourth quarter, versus expectations for an increase of 4.3%... In Asia, China's National Development and Reform Commission set its economic growth projection range for this year at 6.5%-7%, noting that attempts to curb overcapacity will increase unemployment in provinces with high output of steel and coal. The Chinese government's official manufacturing purchasing managers index fell to 49.4 in January from 49.7 in December. The private Caixin manufacturing PMI edged up to 48.4 from 48.2 in the prior reading, but both figures still remain in contraction territory. The Caixin services PMI for China climbed to 52.4 in January from 50.2 in December, while Japan's services PMI rose to 52.4 from 51.5 in the prior month... In Europe, Markit's manufacturing PMI for the euro zone dropped to 52.3 from December's 53.2, in-line with the earlier flash estimate. The European Commission lowered its 2016 economic growth forecast for the 19-nation single currency area to 1.7% from the 1.8% expansion the commission had forecast in November. The Bank of England also cut its economic growth forecasts, saying it now expects Britain's economy to grow 2.2% this year and 2.3% next year, which is down from the 2.5% growth for 2016 and 2.6% in 2017 that it previously predicted. Additionally, the BoE maintained its bank rate and held the size of its asset purchase program steady. COMPANY NEWS: After the closing bell Monday, Alphabet reported better than expected quarterly earnings and revenue, along with breaking the results of its core Google businesses out from its "Other Bets" for the first time. The report was followed by analysts around Wall Street hiking their price targets on the stock, with Deutsche Bank notably raising its target to $1,080 per share, but the company's Class A shares only gained a bit more than 1% on Tuesday and finished the week down by nearly 8%... Shares of Yahoo (YHOO) declined nearly 5% on Wednesday after the embattled Internet company reported fourth quarter results and announced plans to simplify its product portfolio and reduce its workforce by roughly 15%. Maynard Webb, Yahoo's chairman, said the board is committed to its turnaround efforts and supportive of management's plan, but also believes that exploring additional strategic alternatives is in the best interest of its shareholders, but the assurance that the company will listen to offers from potential suitors did little to help its stock performance this week... GoPro (GPRO) shares sunk to all-time lows on Thursday after the action camera maker reported fourth quarter revenue that fell $60M short of expectations and guided first quarter revenue even further below analyst forecasts... LinkedIn (LNKD) plunged over 40% on Friday after the professional network reported stronger than expected fourth quarter results, but its 2016 guidance came in significantly below expectations. At least nine Wall Street research firms responded to the guidance miss by downgrading the stock. "Big Data" software provider Tableau (DATA) similarly issued full-year guidance significantly below expectations and also fell sharply, tumbling nearly 50%... In addition to tech companies, it was a big week for earnings reports from names in the oil space. Exxon Mobil (XOM) posted better than expected revenue and profits in the fourth quarter, but its shares slid 2% on Tuesday after the report. Fellow oil major BP (BP) plunged more than 8% the same day after reporting a steep quarterly loss, largely due to $2.6B in charges related to impairments of Upstream assets as well as restructuring. ConocoPhillips (COP) declined nearly 9% on Thursday after the oil and gas explorer reported a worse than expected quarterly loss and slashed its dividend to 25c from 74c per share. CEO Ryan Lance said the decision to reduce the dividend was a "difficult one," but the company believes it is prudent to plan for lower commodity prices for a longer period of time... Among the many others reporting earnings this week, Dow Chemical (DOW), Comcast (CMCSA), Michael Kors (KORS), Mattel (MAT), Sysco (SYY), and Aetna (AET) gained immediately following their reports, while Chipotle Mexican Grill (CMG), General Motors (GM), Mondelez (MDLZ), Match Group (MTCH), Cardinal Health (CAH), ADT (ADT), Royal Caribbean (RCL), Ralph Lauren (RL) and Kohl's (KSS) all slid following their own... On the M&A front, Syngenta (SYT) agreed to a $43B-plus takeover offer from ChemChina. Alere (ALR) surged after Abbott (ABT) agreed to acquire the company for $56 per share at a total expected equity value of $5.8B. Questar (STR) jumped on Monday as well after Dominion Resources (D) agreed to acquire it for $25 per share, or about $4.4B. Lowe's (LOW) fell 6% on Wednesday after agreeing to acquire Canada's RONA in a deal valued at $2.3B... Sumner Redstone stepped down as executive chairman of both CBS (CBS) and Viacom (VIA, VIAB), being replaced by the CEOs of the companies in both cases. CBS shares were up fractionally Thursday after Leslie Moonves was named the next chair of its board, while Class A shares of Viacom gained 2% after Philippe Dauman was selected to succeed Redstone... Like Chipotle has been in the past months, Buffalo Wild Wings (BWLD) shares were punished by food safety worries after one of its restaurants was named a suspected source of new norovirus-like cases in suburban Kansas City, though the company disputed a link between its location and the illnesses. Late in the week, the Department of Health of Johnson County, Kansas, confirmed one case of norovirus associated with an area Buffalo Wild Wings location, according to Bloomberg. INDEXES: For the week, the Dow fell 1.6% to 16,204.83, the Nasdaq lost 5.4% to 4,363.14, and the S&P 500 declined 3.1% to 1,880.02.
February 4, 2016
15:39 EDTXOMWhite House 'clean transportation' plan proposes $10 per barrel fee on oil
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February 3, 2016
16:00 EDTXOMOptions Update; February 3, 2016
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February 2, 2016
16:23 EDTXOMOn The Fly: Top stock stories for Tuesday
Stocks began the session in negative territory and remained there throughout the entire session. The early weakness was attributed to oil prices, which were down early and never recovered during the day. The losses of more than 5% brings the loss over the past two days to more than 10%, pushing WTI crude back below $30 a barrel and squashing equities in the process. Any hope that oil prices would de-couple from stock prices will have to wait another day as the two continue to move in lockstep with each other. Even a solid earnings report from tech bellwether Alphabet (GOOG) could not help the market. ECONOMIC EVENTS: In the U.S., the economic calendar was quiet. In Europe, statistics agency Eurostat reported that unemployment across the eurozone decreased by 49,000 to a total of 16.75M in December dropping the unemployment rate to its lowest since September 2011 at 10.4%. In central bank news, the Reserve Bank of Australia and Reserve Bank of India both held their benchmark interest rates steady, as expected. COMPANY NEWS: Class A shares of Alphabet (GOOGL) advanced 1.3% to $780.91 after its better than expected quarterly results were followed by analysts around Wall Street hiking their price targets for shares, including Deutsche Bank analyst Ross Sandler, who raised his target on the parent of Google to $1,080 from $900... Exxon Mobil (XOM) reported better than expected revenue and profits in the fourth quarter, but its shares slid 2.2% to $74.61 amid the renewed weakness in oil prices. Shares of fellow oil major BP (BP) plunged 8.5% to $29.02 in New York trading after reporting a steep quarterly loss, largely due to $2.6B in charges related to impairments of Upstream assets as well as restructuring... Ford (F) shares fell 4.6% after the company reporting that its U.S. sales declined 3% last month versus a year ago. Peer General Motors (GM) slid 1.5% after reporting that its U.S. sales grew 0.5% in January... Dow Chemical (DOW) jumped 5.75% to $45.03 after posting better than expected earnings and revenue. Of note, Dow CEO Andrew Liveris said he plans to transition out of the company when it completes its planned merger with DuPont (DD). MAJOR MOVERS: Among the notable gainers were Michael Kors (KORS) and Mattel (MAT), which rose nearly 24% and almost 14%, respectively, following their earnings reports. Also higher was Pacific Biosciences (PACB), which jumped 24% to $12.67 after Reuters said Roche (RHHBY) has recently approached the company to discuss a potential acquisition. Among the noteworthy losers following earnings were Integrated Device (IDTI), which fell 26.8%, ADT (ADT), which dropped 15.7%, and Royal Caribbean (RCL), which declined 15.2%. INDEXES: The Dow fell 295.64, or 1.8%, to 16,153.54, the Nasdaq lost 103.42, or 2.24%, to 4,516.95, and the S&P 500 declined 36.35, or 1.87%, to 1,903.03.
16:02 EDTXOMOptions Update; February 2, 2016
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15:16 EDTXOMS&P takes rating actions on U.S. investment-grade E&P companies
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12:03 EDTXOMOn The Fly: Top stock stories at midday
Wall Street began the session in negative territory and the averages have remained there throughout the day as oil once again weighs on stocks. The price of oil has slid another 4%, giving the commodity a roughly 10% loss over the past two trading sessions. The market's late day rally yesterday gave hope for a decoupling between equities and oil prices, but that appears to be a one day reprieve as the stocks are back in lock-step with crude prices. ECONOMIC EVENTS: In the U.S., the economic calendar was quiet. In Europe, statistics agency Eurostat reported that unemployment across the eurozone decreased by 49,000 to a total of 16.75M in December dropping the unemployment rate to its lowest since September 2011 at 10.4%. In central bank news, the Reserve Bank of Australia and Reserve Bank of India both held their benchmark interest rates steady, as expected. COMPANY NEWS: Class A shares of Alphabet (GOOGL) advanced 5% in the wake of its report of better than expected quarterly earnings and revenue, pushing Google's parent company to overtake Apple (AAPL) as the world's most valuable publicly-traded company in the process... Exxon Mobil (XOM) reported better than expected revenue and profits in the fourth quarter, but its shares slid 2.5% amid the renewed weakness in oil prices. Shares of fellow oil major BP (BP) plunged 8% in New York trading after reporting a steep quarterly loss, largely due to $2.6B in charges related to impairments of Upstream assets as well as restructuring... Pfizer (PFE) reported better than expected fourth quarter results, but forecast 2016 revenue and earnings below analysts' estimates, pushing its shares down fractionally. MAJOR MOVERS: Among the notable gainers was Syngenta (SYT), which rallied 4.5% after Bloomberg reported that ChemChina was close to a deal to buy the company for nearly $43B. Also higher were Mattel (MAT), Michael Kors (KORS), and Fabrinet (FN), which gained 12%, 22%, and 12.5%, respectively, after reporting quarterly earnings. Among the noteworthy losers was Twitter (TWTR), which fell 8% after it was downgraded to Sell at Stifel and following a report claimed that tweets on the service are down 50% from their peak. Also lower were AGCO (AGCO), Harris (HRS), and Pitney Bowes (PBI), which were down 10%, 9.5%, and 11%, respectively, after reporting quarterly earnings. In addition, Ford (F) and General Motors (GM) lost 4% and 3.6%, respectively, after reporting U.S. sales for the month of January. INDEXES: Near midday, the Dow was down 239.86, or 1.46%, to 16,209.32, the Nasdaq was down 64.83, or 1.4%, to 4,555.54, and the S&P 500 was down 27.87, or 1.44%, to 1,911.51.
09:36 EDTXOMActive equity options trading on open
Active equity options trading on open: FB AAPL BAC GOOGL NFLX GOOG XOM TWTR LVS
08:08 EDTXOMExxon Mobil does not see reducing shares outstanding in Q1
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08:07 EDTXOMExxon Mobil reports Q4 petroleum product sales of 5.7M barrels per day
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08:06 EDTXOMExxon Mobil reports Q4 oil-equivalent production up 4.8%
Upstream earnings were $857M, down $4.6B from the fourth quarter of 2014. Lower liquids and gas realizations decreased earnings by $3.7B, while volume and mix effects increased earnings by $100M, benefiting from new developments. All other items, including the absence of both the prior year U.S. deferred income tax effects and recognition of a favorable arbitration ruling for expropriated Venezuela assets, decreased earnings by $960M. On an oil-equivalent basis, production increased 4.8% from the fourth quarter of 2014. Liquids production totaled 2.5M barrels per day, up 299,000 barrels per day. Project ramp-up, work programs and entitlement effects were partly offset by field decline.
08:04 EDTXOMExxon Mobil CEO says scale, diversity provide confidence to invest
"While our financial results reflect the challenging environment, we remain focused on the business fundamentals, including project execution and effective cost management. The scale and diversity of our cash flows, along with our financial strength, provide us with the confidence to invest through the cycle to create long-term shareholder value," said chairman and CEO Rex Tillerson. ExxonMobil completed six major Upstream projects during the year and achieved its full-year plan to produce 4.1M oil-equivalent barrels per day. These new developments in Canada, Indonesia, Norway, the United States and West Africa added 300,000 oil-equivalent barrels per day of working interest production capacity.
08:01 EDTXOMExxon Mobil reports Q4 EPS 67c, consensus 63c
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07:17 EDTXOMIran still struggling to finalize oil drilling contract terms, WSJ says
Iran is still having difficulty finalizing terms under which foreign energy companies can drill for oil there, the Wall Street Journal reports. Iranian oil officials canceled a conference scheduled for this month in London where new contracts for Western companies were supposed to be presented, with official blaming the cancellations on the inability to secure enough U.K. visas for the event, the report says. Another reason for the cancellation are conservative factions thinking that the contracts drawn up by president Hassan Rouhani's oil ministry are too generous to foreign entities, the report says, citing people familiar with the matter. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). Reference Link
06:24 EDTXOMOptions expected to be active
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February 1, 2016
14:32 EDTXOMNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Exxon Mobil (XOM), consensus 64c... Pfizer (PFE), consensus 52c... United Parcel Service (UPS), consensus $1.42... Dow Chemical (DOW), consensus 70c... Emerson Electric (EMR), consensus 51c... Archer-Daniels-Midland (ADM), consensus 66c... Baxter (BAX), consensus 32c... Sirius XM (SIRI), consensus 3c... Royal Caribbean Cruises (RCL), consensus 92c... Ally Financial (ALLY), consensus 51c... Michael Kors (KORS), consensus $1.46... ADT Corp. (ADT), consensus 46c.
10:44 EDTXOMExxon Mobil technical comments ahead of earnings
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08:39 EDTXOMExxon Mobil volatility elevated into Q4 and outlook
Exxon Mobil February weekly call option implied volatility is at 31, February is at 29, March is at 27; compared to its 52-week range of 13 to 40, suggesting large near term price movement into the expected release of Q4 results on February 2.
January 29, 2016
15:10 EDTXOMExxon Mobil volatility elevated into Q4 and outlook
Exxon Mobil February weekly call option implied volatility is at 33, February is at 29, March is at 27; compared to its 52-week range of 13 to 40, suggesting large near term price movement into the expected release of Q4 results on February 2.
07:36 EDTXOMAnalysts still predicting mergers as oil slump drags on, WSJ reports
Bankers and analysts have been predicting a wave of merger activity will come almost since crude prices began to fall from over $100 a barrel, but the only big acquisition by an oil major so far has been Shell's (RDS.A) purchase of BG Group (BRGYY), said The Wall Street Journal, which added that analysts still believe deal-making is likely to return this year if prices continue to languish. With Chevron (CVX) set to report today and its big peers soon to follow, analysts are expecting the four biggest publicly traded Western oil companies to have their weakest combined profits since 1998, the Journal noted. The report noted that U.S. shale oil producers, such as Apache (APA) and Whiting Petroleum (WLL), were previously targeted though potential sellers were reluctant to accept offers as they hoped for a rebound in oil prices and potential buyers wondered if any deal struck would look expensive if crude prices fell further, but "both impediments are gone now," the Journal contends. Reference Link
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