Posts for Ticker ‘APA’

Bracing For Energy Giants’ Earnings (COP, APA, XOM, FSLR, CVX)

Money Stack ImageWe have already seen earnings from Valero Energy Corp. (NYSE: VLO) and BP Plc (NYSE: BP), and these figures are acting to keep a lid on oil stocks.  There is, of course, the notion of commodity price changes each day, but a key idea here is just how much the CFTC review is going to act against speculators in the near future in the energy and commodity markets.  ConocoPhillips (NYSE: COP), Apache Corporation (NYSE: APA), ExxonMobil Corporation (NYSE: XOM), First Solar, Inc. (NASDAQ: FSLR), and Chevron Corp. (NYSE: CVX) are all on deck this week for earning.  We have compiled basic expectations and technical data on what to watch for in these earnings.
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Top Analyst Upgrades (APA, BIDU, BHP, STD, BK, CENT, IVZ, QCOM, SVNT, STT, TXN)

These are the top analyst upgrades and positive research calls from Wall Street we have seen early this Wednesday morning with more than two hours until the market opens:

Apache (APA) Raised to Strong Buy at S&P.
Baidu (BIDU) Target Raised to $350 at Goldman Sachs.
BHP Billiton (BHP) Raised to Outperform at Macquarie.
Banco Santander (STD) Raised to Buy at BofA/Merrill.
Bank of New York Mellon (BK) Started as Buy at SunTrust Robinson Humphrey.
Central Garden (CENT) Raised to Buy at SunTrust Robinson Humphrey.
Invesco (IVZ) Raised to Strong Buy at S&P.
QUALCOMM (QCOM) Raised to Buy at Goldman Sachs.
Savient Pharmaceuticals (SVNT) Raised to Perform at Oppenheimer.
State Street (STT) Started as Buy at SunTrust Robinson Humphrey.
Texas Instruments (TXN) Raised to Buy at BofA/Merrill.

JON C. OGG

Oil & Energy Upgrades & Downgrades (APA, DNR, E, XOM, OXY, PXP, RDS.A, SPWRA)

oil-well-image4These are the top analyst calls we have seen in the oil patch and in the energy sector this Monday morning:

  • Apache (NYSE: APA) Raised to Outperform at Credit Suisse.
  • Denbury Resources Inc. (NYSE: DNR) Cut to Neutral at Credit Suisse.
  • ENI S.p.A. (NYSE: E) Raised to Overweight at JPMorgan.
  • Exxon Mobil (NYSE: XOM) Started as Buy at Citigroup.
  • Occidental Petroleum (NYSE: OXY) Cut to Neutral at Credit Suisse.
  • Plains Exploration (NYSE: PXP) Cut to Neutral at Credit Suisse.
  • Royal Dutch Shell (NYSE: RDS.A) Cut to Market Perform at Sanford Bernstein.
  • SunPower (NASDAQ: SPWRA) Cut to Underweight at Morgan Stanley.

JON C. OGG

Will Big Oil Go Shopping? (XOM, CVX, RDS, BP, COP, APA, DVN, APC)

Money_stack_pic_2Yesterday’s story about Venezuela opening the bidding for its oil resources raised an interesting question. What are the chances that Exxon Mobil Corporation (NYSE:XOM), with nearly $40 billion in cash at the end of the third quarter or Chevron Corporation (NYSE:CVX) with about $11 billion will acquire new assets or purchase smaller companies? Royal Dutch Shell plc (NYSE:RDS.A-B) is sitting on nearly $8 billion in cash, and BP plc (NYSE:BP) holds more than $6 billion.  If you have listened to what Big Oil operators have been saying, you can  assume that there is at least some interest in them looking at opportunistic acquisitions of companies, units, or reserve assets.

ConocoPhillips Corporation (NYSE:COP), though its market cap is near $75 billion, held more than $1 billion in cash at the end of the third quarter. Another substantial E&P player, Apache Corporation (NYSE:APA), has about $1.7 billion in cash and short-term equivalents.  Devon Energy Corporation (NYSE:DVN) has about $1.3 billion, and Anadarko Petroleum Corporation (NYSE:APC) has nearly $2 billion. 

What energy companies have right now that other industries might not have is at least a perceived ease of access or at least somewhat easier access to capital vie debt or equity sales.   

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IEA Cost Projections Bode Ill (XOM, COP, APA)

Oil_well_logo_2_2The International Energy Agency released its World Energy Outlook yesterday. The headline number is that the IEA predicts oil prices will rise to $200/b by 2030. The agency cites rising demand from the developing world and "surging costs of production" as oil is getting more difficult to pump out of the inhospitable places where we’re now finding it (the Arctic, the deep water ocean).

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The Devon in the Details, a Bunt (DVN, APA, XOM, CVX, COP)

Devon_logoBefore the market opened this morning, Devon Energy (NYSE:DVN) reported third quarter net income of $2.6 billion (EPS of $5.92) on revenue of $5.99 billion. After backing out a non-cash gain from derivatives of $1.6 billion, the company’s earnings were $3.09, three pennies higher than consensus estimates. Revenue handily surpassed estimates of $4.02 billion.

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Top Pre-Market Analyst Upgrades (APC, APA, AMAT, BBY, BP, CVX, CSCO, COP, XOM, KFT, NBL, SYMC, VLO)

These are some of the top analyst pre-market upgrades we are seeing early this Monday morning:

  • Anadarko Petroleum (APC) Raised to Outperform at Oppenheimer.
  • Apache (APA) Raised to Outperform at Oppenheimer.
  • Applied Material (AMAT) Raised to Buy at Goldman Sachs.
  • Best Buy (BBY) Raised to Neutral at Goldman Sachs.
  • BP plc (BP) Raised to Outperform at Oppenheimer.
  • Chevron (CVX) Raised to Outperform at Oppenheimer.
  • Cisco Systems (CSCO) Raised to Outperform at Morgan Keegan.
  • ConocoPhillips (COP) Raised to Outperform at Oppenheimer.
  • Exxon Mobil (XOM) Raised to Outperform at Oppenheimer.
  • Kraft (KFT) Raised to Buy at UBS.
  • Noble Energy (NBL) Raised to Outperform at Oppenheimer.
  • Symantec (SYMC) Raised to Outperform at Oppenheimer.
  • Valero (VLO) Raised to Outperform at Oppenheimer.

Jon C. Ogg
October 20, 2008

Is Everything Really Quiet in the Oil Patch? (XOM, CVX, CVP, APA, DVN, APC)

Oil_well_logo_2The ups and downs of the government’s attempts to get a bailout package for financial institutions is leading the major players in the oil patch to remain really quiet. Given the yelping not so long ago about the ban on offshore drilling, you might expect some gloating and even some boost in share prices given Congress’s decision to let the federal ban expire. Neither is happening.

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Upping Natural Gas Output Just In Time For Lower Prices (NFX, APA, APC, CHK, DVN)

Exploration and production companies have been loading up on natural gas assets in the US for the past several years, and now it looks like that might not have been the best thing they could have done. Five years ago, natural gas prices were around their historical level relative to crude oil, about $1.00 for every $6.00 of the oil price. The ratio reflected the fact that a barrel of oil contains roughly six times more energy than a thousand cubic feet of natural gas. The most recent EIA natural gas report noted gas prices of $7.26/million BTUs, compared with crude oil prices of $18.90/million BTUs. So, what happened? And is it going to continue?

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Energy Watch Part III: Big Oil Well Off Highs (XOM, COP, RDS.A, CVX, BP, MRO, PCZ, APA)

Oil_well_logo_2Even with oil prices well off of recent highs, these are still very much considered as above historical highs.  The large integrated oil companies have experienced either declines or very small gains in value over the last year, and these are generally well off of their 52-week highs.  Exxon Mobil (NYSE:XOM) has declined almost 4.5% over the last year but is down about 20% from its 52-week highs. BP (NYSE:BP) has fallen over 25% from its highs; Royal Dutch Shell (NYSE:RDS.A) is down 22% from its highs. ConocoPhillips (NYSE:COP) is off about 18% from its highs and Chevron (NYSE:CVX) is off almost 20% from its highs. Among smaller companies, the losses from recent highs are even worse.  Apache (NYSE:APA) is down more than 28% from recent highs, Marathon (NYSE:MRO) is down about 28% from its recent highs%, and PetroCanada (NYSE:PCZ) is down about 31% from its recent highs.  As you will see below, there are many reasons for these exaggerated drops and perhaps some underlying opportunities as well.

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Goldman Sachs Lifts Oil Services Sector (APC, APA, CVX, COP, DVN, EOG, HES, PBR, SU)

We already noted how Goldman Sachs Group (NYSE: GS) has raised its average oil prices for the years ahead, but the firm has also raised its OIL SERVICES Sector ratings this morning to "Attractive" from "Neutral."  Below are just some of the "BUY-Rated" stocks covered in this call with significant raised estimates:

  • Anadarko Petroleum Corp. (NYSE: APC)
  • Apache Corp. (NYSE: APA)
  • Chevron Corp. (NYSE: CVX)
  • ConocoPhillips (NYSE: COP)
  • Devon Energy Corp. (NYSE: DVN)
  • EOG Resources Inc. (NYSE: EOG)
  • Hess Corp. (NYSE: HES)
  • Petroleo Brasileiro S.A. (NYSE: PBR)
  • Suncor Energy Inc. (NYSE: SU)

The firm believes that $100.00 oil is reality. and is raising price targets by 12% on average with new price targets to reflect the high-end of its trading ranges with what it now sees as a 20% average upside for the Goldman Sachs "Buy-rated" stocks.

The firm had been recommending a strategy of "buy on pullbacks" but it notes that the pullbacks have been shorter and smaller than expected.   The firm believes that the stocks could trade 5% to 10% lower in a correction scenario as of now, but also says it would view any weakness as temporary and would use it as a buying opportunity.

Jon C. Ogg
June 19, 2008

Oil Gushing Again (XOM, COP, RIG, APA, OMNI, NR, WNR, ALJ)

Yesterday, the energy sector gained 1.69%, as money flowed into ExxonMobil (NYSE:XOM), up 2.63%; ConocoPhillips (NYSE:COP), up 3.07%, Transocean (NYSE:RIG), up 3.21%; and Apache (NYSE:APA), up 6.04%. Other big gainers were oilfield services companies, with OMNI (NASDAQ:OMNI) up 11.52% and Newpark (NYSE:NR) setting a new 52-week high.

Refiners fared worse, with Western Refining (NYSE:WNR) off 11.22% for the day and Alon (NYSE:ALJ) off 6.53%.  In light of last Friday’s huge jump in crude oil, this all makes some sense. The oil majors and the E&P companies are getting their reserves factored in at the new prices. New exploration and drilling is bumping up the services companies. Refiners, who can’t raise prices fast enough to offset the costs of crude, are falling.

Many analysts think last week’s spike in crude prices was the result ofshort covering, abetted by the strengthening dollar. That may accountfor the uptick in companies with E&P plays, but what about servicescompanies? Yesterday’s surge indicates that traders are pricing newoperations into the companies’ stocks. But, if demand for crude isdropping, and according to the IEA, the latest projections for the restof 2008 indicate a global drop of 70,000 b/d, then it iscounter-intuitive that drilling will increase.

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Legislation and Risks To Natural Gas Development (CHK, WMB, XTO, OXY, APA, EP, DVN)

The American Exploration and Production Council (AXPC) today released a study by Wood Mackenzie, an energy consulting firm, claiming that costs to the natural gas industry associated with the pending alterations to the Lieberman/Warner Climate Security Act of 2007 put at risk the development of US natural gas resources. The 25-member council includes Chesapeake (NYSE:CHK), Williams (NYSE:WMB), XTO Energy (NYSE:XTO), Occidental (NYSE:OXY), Apache (NYSE:APA), El Paso (NYSE:EP), and Devon (NYSE:DVN).

Here’s the money quote from the AXPC press release: "…it is likely that a significant share of
government-imposed consumer emission allowance costs assessed on processors would actually be paid by exploration and production companies in the near term as funds are diverted, contracts are renegotiated, and the market adjusts to this new commodity burden."
The conclusion is that if E&P companies must pay for carbon allowances, they will spend less on production, prices for natural gas will rise, and consumers will face higher prices due to limited availability on natural gas.

Well, you can’t blame gas producers for trying, but this is akin to yelling "Boo!" during a horror movie: who cares? What the producers are probably really upset about is the Act’s restriction on how much the cost of the allowances they will be allowed to recover from customers. If emission costs are borne 100% by producers, the Wood Mackenzie study estimates that nearly 50% of projected production for 2012-2017 becomes uneconomic to produce. If 50% of emissions costs are forced on producers, up to 14% of production becomes uneconomic.

The price of natural gas for US consumers is likely to depend far more on the spot price of LNG than it is on the cost of carbon allowances. If LNG prices are high (and there’s every reason to believe they will be), the price of US-produced natural gas will also be high. The AXPC may be fighting an unnecessary battle on this issue. Congress has determined that the best way to assess carbon allowances is at the wellhead or the point of import. Once that’s done, producers, processors, and consumers are treated the same. The producers might not like it, but they may just have to deal with it.

George Soros noted that speculation is driving up energy prices, and we also saw T. Boone Pickens call for $150 per barrel for oil by the end of this year.

Paul Ausick
May 29, 2008

More Ups & Downs in the Oil Patch (APA, MRO, GLF, BP)

Apache Corp. (NYSE:APA) reported net income of $1.02 billion and $3.03 EPS for the first quarter of 2008, more than double same period results for 2007 of $492 million and $1.47 EPS. Revenue jumped to $3.19 billion from $2.02 billion a year ago. Analysts were looking for revenue of $3.06 billion and $3.05 EPS. So far this morning, the stock is taking a beating, down more than $5.00. Because APA is strictly an E&P play, it’s relatively easy to link estimates to the price of crude. There’s no big mystery waiting to be revealed.

That’s not the case with an integrated oil company, like Marathon Oil Corp.(NYSE:MRO), which also reported first quarter 2008 results this morning. MRO showed earnings of $731 million and $1.02 EPS for the quarter, compared with earnings in the same period last year of $717 milliion and $1.03 EPS. First quarter revenues totaled $18.1 billion, compared with $13 billion in the same period a year ago. Analysts were expecting revenues of $22.16 billion and $0.82 EPS. MRO’s refining segment reported a loss of $75 million in the quarter, compared with a gain of $345 million last year. MRO refined more barrels than a year ago, but lost $0.26/gallon of refined product. Losses on derivatives changes cost the company $120 million in the first quarter. MRO stock is trading up nearly a buck in early morning trading. Go figure.

Gulfmark Offshore (NYSE: GLF) is trading down by 5% in the first hour of trading. CapitalOne Southcoast downgraded its rating on the stock to a "Neutral" rating from an "add" rating.

BP plc (NYSE: BP) shares probably would have been lower with thee rest of the sector, but shares are dowm almost 1% at $72.17.  HSBC Securities downgraded its prior "Overweight" rating down to a "Neutral" rating.

Paul Ausick
May 1, 2008

Largest Van der Moolen Specialist Stocks (VDM, ANF, APA, CAG, DDS, DIS, HOG, HTZ, HPQ)

We have already noted the Van der Moolen (NYSE:VDM) exit of all NYSE Specialist activities.  What we wanted to look at is the underling stocks companies where Van der Moolen acts as a specialist to the companies.  The huge list can be found at http://www.vdm-usa.com/clients/alpha.asp

Please be advised that these may have changed because we’ve already seen two merger stocks on the full list that are no longer traded.  This was taken from Van der Moolen’s site, so any errors there probably means they already laid off the I.T. editor for its web site.

Here are some of the names: Abercrombie & Fitch Co. (ANF), Apache Corp. (APA), Coach Inc. (COH), Conagra Foods Inc. (CAG), Dillard’s Inc. (DDS), Disney (DIS), Harley-Davidson Inc. (HOG), Hertz Global Holdings, Inc. (HTZ), Hewlett-Packard Co. (HPQ)…. more to come in a part II story.

Jon C. Ogg
November 15, 2007

Jon Ogg produces the 24/7 Wall St. Special Situation Investing Newsletter; he does not own securities in the companies he covers.

Cramer’s New Oil Call (APA, XOM)

On tonight’s MAD MONEY on CNBC, Jim Cramer said he has no cure for the financials, mortgage insurers, and banks right now.  But Cramer’s call in oils for exploration and production is Apache Corp. (NYSE:APA) as the anti-Enron.  This was one of his $80 to $120 plays, but it is down $4 today to under $100 because of Exxon’s dense earnings and production being down 2%.  Apache is actively growing, while Exxon is not growing operations.  Cramer said he’s now off the ExxonMobil (NYSE:XOM) bandwagon.  Now you have to know which oils are growing and which ones aren’t. Apache had a blowout quarter and best conference call of oils.  Apache will buy properties that it thinks it can do better then the larger players, and it is on Goldman Sachs’ Conviction Buy List.  The Australian opportunity is more than double last year’s total production.  It has earnings visibility and it is one of of the cheapest of the E&P plays out there at 11.9 times earnings.  If it had a comparable multiple to peers it would be at $130 or $147 rather than $99.

Shares closed down over 4% at $99.18 today, but traded back up 1.6% to $100.80 after the Cramer pump in after-hours.  Its 52-week trading range is $63.01 to $104.90.

Exxon was light, as we worried it would be.
Goldman Sachs lowered oil estimates, or at least said take some profits, although there is no change to its Super-Spike band of up to $135/barrel and $4.50/gallon under extreme circumstances.

Jon C. Ogg
November 1, 2007

Goldman Sachs Major Oil Changes (APA, FST, KWK, KGS, EP, XOM, FTO, HES, MUR, OXY, CVX)

Goldman Sachs this morning made some significant "Super-Spike" era calls where it said oil could reach $135 per barrel and noted up to $4.50 per gallon of gasoline at the pump for you and me, although its actual base targets are not at that level.  It has hiked integrated oil earnings estimates and maintaining "Attractive Ratings" on the sector to include exploration and production.  2008 and 2009 estimates have been raised for oil services and deepwater drillers, and made the following price base price assumptions for oil per barrel and natural gas ($/MMBtu):

  • 2008 $80.00/$8.50
  • 2009 $90.00/$10.00
  • 2010 $80.00/$8.50
  • 2011 $75.00/$7.50

Oil Services estimates raised 6% in 2008 and 16% 2009.  Estimates unchanged for offshore drillers due to high contract coverage in deepwater markets and increasing uncontracted supply in the shallow water market.  Increased price targets by 7% on average for oil service stocks and by 5% on average for deepwater levered drillers.

Even after Apache Corp. (NYSE:APA) was raised to Buy last week, Goldman Sachs is adding it to the CONVICTION BUY LIST, replaces Forest Oil Corp. (NYSE:FST) on the list.

Quicksilver Resources (NYSE:KWK) continued as Buy/Attractive as performed well since announcing asset sales last week.

QuickSilver Gas Services L.P. (KGS) started as Buy with a $27 target over 12 months.

Other estimates increased (partial list): El Paso (EP), Exxon Mobil (XOM), Frontier Oil (FTO), Hess (HES), Marathon Oil (MRO), Murphy Oil (MUR), Newfield Exploration (NFX), Occidental Petroleum (OXY), Petro-Canada (PCZ), Suncor Energy (SU), Sunoco (SUN), Canadian Natural Resources (CNQ), Chevron (CVX), Apache (APA).

Jon C. Ogg
September 17, 2007

Jim Cramer Ponders Which US Companies China Will Acquire

On today’s STOP TRADING segment on CNBC, Jim Cramer was discussing China’s desire to grow and acquire.  He noted that with so many companies being some of the largest in the world that some large acquisitions "could" be desired.  We want to emphasize that "can" is different than "will" before trusting this without any thought.

Pertochina (NYSE:PTR) is one of the largest companies with a $260+ Billion market cap and it might want a Gulf of Mexico oil play or another oil play.  Cramer noted that it could go after Halliburton (NYSE:HAL), Anadarko (NYSE:APC), or Apache (NYSE:APA).  Cramer also noted that China Mobile (NYSE:CHL) might want to own a Motorola (NYSE:MOT).

Cramer noted a couple of plays that will benefit from growth in China: Focus Media (NASDAQ:FMCN) is a way to play advertising for China’s Olympics, but Wynn (NASDAQ:WYNN) may be the best way to play the emerging China wealth emerging that will gamble in Macau.

Keep in mind, that China’s CNOOC (NYSE:COO) was blocked from acquiring Unocal by regulators in recent years.  So a deal of the sizes proposed here may be more for conversation’s sake rather than for speculating on a buyout.

Jon C. Ogg
September 4, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he produces the Special Situation Investing Newsletter and he does not own securities in the companies he covers.

Pre-Market Earnings Gappers (July 26, 2007)

(AAPL) Apple traded down initially, but shares are up 7% pre-market after earnings and maintaining 2008 iPhone sales.
(AKAM) Akamai Tech $0.30 EPS vs $0.30 estimate; shares down over 10% pre-market on guidance being in-line and after broker downgrades.
(AN) Auto Nation $0.38 EPS vs $0.42 estimate.
(APA) Apache $1.89 EPS before items vs $1.90.
(ARTG) Art Tech $0.00 EPS vs $0.01 estimate.
(BC) Brunswick $0.65 EPS vs $0.64 estimate.
(BDK) Black & Decker $1.75 EPS versus $1.73 estimate.
(BIDU) Baidu.com posted over 100% growth in earnings and revenues; $0.54 EPS equivalent versus $0.43 estimate; trading up 17% pre-market.
(BZH) Beazer Homes -$0.06 EPS versus -$0.46 estimate, although estimates are all over the place.
(CMCSA) Comcast $0.19 EPS & $7.71 Billion revenues versus $0.19/$7.71B estimates; shares trading down 3% pre-market.
(CMI) Cummins $2.13 EPS versus $1.58 estimate.
(CNX) Consolidated Energy $0.83 EPS vs $0.60 estimate; unsure if comparable.
(COL) Rockwell Collins $0.86 EPS vs $0.83 estimate.
(F) Ford $0.13 EPS versus -$0.36 estimate; unsure if comparable; shares trading up 2% pre-market.
(GT) Goodyear Tire $0.35 EPS vs $0.37 estimate.
(ICE) IntercontinentalExchange $0.85 EPS versus $0.76 estimate.
(IKN) IKON Office $0.23 EPS vs. $0.23 estimate; sees next quarter $0.22 EPS vs $0.23 estimate.
(KEI) Keithly -$0.03 EPS vs -$0.01 estimate.
(KLIC) Kulicke & Soffa $0.08 EPS versus $0.08 estimate; shares down 1% pre-market.
(LLL) L-3 Communications $1.49 EPS versus $1.43 estimates.
(MMM) 3M $1.25 EPS vs $1.18 estimate.
(ODFL) Old Dominion Freight Line $0.57 EPS versus $0.55 estimate.
(PCCC) PC Connection $0.21 EPS versus $0.19 estimate.
(PMTI) Palomar Meed $0.43 EPS vs $0.29 estimates.
(QCOM) Qualcomm $0.55 EPS vs $0.51 estimate; fiscal guidance raised to $1.95 to $1.97 versus prior $1.84 to $1.88 range; shares up 1.5% pre-market.
(QLTI) QLT Inc. $0.08 EPS vs $0.07 estimate.
(RAIL) Freightcar America $0.93 EPS vs $0.92 estimate.
(RCL) Royal Caribbean $0.60 EPS vs $0.60 estimate.
(RTN) Raytheon $0.79 EPS versus $0.68 estimate; unsure if comparable.
(TEN) Tenneco $0.87 EPS vs $0.77 estimate.
(UST) UST Inc. $0.90 EPS vs $0.85 estimate.
(UTEK) Ultratech $0.04 EPS vs -$0.04 estimate.
(WEN) Wendy’s $0.33 EPS vs $0.33 estimate.
(XOM) Exxon Mobil $1.83 EPS vs $1.96 estimate; trading down 2% pre-market.
(XMSR) XM Satellite Radio -$0.45 EPS and $277M revenues versus estimates of -$0.44/$274.75M; added about 338,000 net subscribers; shares down 1.75%.

Jon C. Ogg
July 26, 2007

Pre-Market Stock News (July 13, 2007)

(AA) Alcoa may now be in play according to research notes since it withdrew Alcan bid.
(APA) Apache may go to $100.00 and then trade up to $120.00 according to Cramer.
(BHI) Baker Hughes put Q2 2007 EPS at $1.07 to $1.09, down from $1.17 last quarter due to deterioration of activity and profitability in Canada.
(CHINA) CDC Corp intends to offer up to $200 million of CDC Games in an IPO.
(DYAX) Dyax priced a 10.5M share stock offering atr $3.67 per share.
(EVST) Everlast BOD was sent a letter by Aquamarine Capital Management urging it to maximize shareholder value.
(GE) General Electric $0.52 EPS vs $0.52e; revenues ahead of estimates and increased shares under buyback; selling sub-prime unit.
(GWR) Genessee & Wyoming said rail carloads fell 7% to 67,165 carloads.
(IDIX) Idenix Pharma says Valopicitabine development program placed on clinical hold in the United States.
(PYX) Playtex Products being acquired by Energizer Holdings.
(XING) Qiao Xing will file annual report on July 16.

Jon C. Ogg
July 13, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.