Reuters: Bernanke will be reappointed as Fed chief.
Reuters: New deficit projects could hurt Obama’s plans.
Reuters: The SEC and Bank of America (BAC) asked a judge again to approve a deal regarding Merrill Lynch bonuses.
Reuters: GM is considering keeping Opel. Read More
Reuters: China must balance growth and reducing greenhouse gases.
Reuters: The Supreme Court has delayed Chrysler’s Chapter 11.
Reuters: The US will allow 10 banks to repay TARP funds.
Reuters: The Boston Globe (NYT) union rejected pay cuts.
Reuters: Auto suppliers are seeking new government aid.
Reuters: The US bailout panel wants more bank stress tests. Read More
The Kuwaiti state oil company, Kuwait Petroleum Corporation, and China Petroleum and Chemical Company, known as Sinopec, (NYSE: SNP) are well along on plans to build a new 300,000 barrel per day refinery in Guangdong province. The total cost of the project is estimated at $8-$9 billion.
Kuwait Petroleum will own 30% of the project, Sinopec will own 50%, and Royal Dutch Shell plc (NYSE:RDS-A) and Dow Chemical Company (NYSE:DOW) will each own 10%.
The big news this morning is a restructuring at Royal Dutch Shell plc (NYSE:RDS.A) as the oil major welcomes a new chief executive on July 1st. The company is dividing its business geographically, into Americas and non-Americas divisions.
Read More
Japan’s fifth-largest oil refiner, Showa Shell Sekiyu (Pink Sheets:SWSKF), is partially owned by Royal Dutch Shell (NYSE:RDS-A) and Saudi Aramco, the Saudi Arabian national oil company, which hold 35% and 15% respectively. According to Reuters, the company plans to split an investment of $3.38 billion over the next five years equally between new oil projects and increasing the company’s solar capacity from 80 megawatts to 1,000 megawatts. The goal is to get the solar business to generate half the company’s profit by 2014.
Read More
These are some of the top pre-market analyst upgrades and positive research calls we have seen from Wall Street early this Wednesday morning:
Analog Devices (ADI) Raised to Buy at Deutsche Bank; Raised to Neutral at Baird.
Bank of Ireland (IRE) Raised to Buy at Deutsche Bank.
Costco (COST) Raised to Outperform at Credit Suisse.
Nokia (NOK) Raised to Buy at Deutsche Bank.
Procter & Gamble (PG) Raised to Outperform at Barclays.
ProLogis (PLD) Raisede to Outperform at FBR.
Royal Dutch Shell (RDS-A) Raised to Neutral at Jefferies.
Solarfun (SOLF) Raised to Hold at Jefferies.
Tyson Foods (TSN) Raised to Buy at KeyBanc.
JON C. OGG
MAY 20, 2009
Several of the big oil companies are putting the squeeze on oil field services providers to renegotiate contracts and lower costs for drilling services. BP plc (NYSE:BP), Total SA (NYSE:TOT), and Royal Dutch Shell plc (NYSE:RDS-A) are reportedly asking for reductions of as much as 40% from European contractors Technip SA, CGGVeritas, and Saipem SpA, a subsidiary of Italian oil major Eni SpA (NYSE:E).
DryShips Inc. (NASDAQ: DRYS) has just announced a new contract order that is sending shares soaring. The company’s Ocean Rig ASA subsidiary has received a ‘letter of award’ from Petrobras (NYSE: PBR) for a 3-year period employment contract for exploration drilling in the Black Sea. The size of the award is significant on the surface.
These are the top analyst downgrades and negative research calls we have seen on Wall Street this Wednesday morning:
JON C. OGG
Royal Dutch Shell (NYSE:RDS.A/B) has been hit with two issues at once. While neither is going to bust the company, multiple problems hitting at once is a bad omen. The oil and gas giant’s Shell India subsidiary is having trouble selling a cargo of LNG. According to Platt’s, Shell’s storage facility in India is full and there are no takers for a cargo that has been on-board a ship for more than 30 days. To add fuel to the fire, one of the company’s big bets in Alaska has so far been nothing more than a bust.
These are ten of the top pre-market early bird upgrades and downgrades we are seeing from analysts this Friday morning:
Jon C. Ogg
November 14, 2008
Royal Dutch Shell plc (NYSE: RDS-B) and Iogen Corporation announced Tuesday an extended commercial alliance that will accelerate their development and deployment of cellulosic ethanol.
This includes a significant investment by Shell in technology development with Iogen Energy Corporation, a jointly owned development company dedicated to the advancement of cellulosic ethanol. This new arrangement will also see Shell increasing its stake in Iogen Energy Corporation from 26.3% to 50%.
Shell first took an equity stake in Iogen back in 2002. Iogen’s first demonstration commercial plant opened in Ottawa in 2004.
Shell noted that this is a key part of Shell’s strategic program in biofuels, particularly in ‘next generation’ biofuels using non-food feedstocks. The cellulosic ethanol fuel is made from raw materials such as wheat straw and is made to reduce CO2 emissions far lower than conventional gasoline.
As far as the terms of this investment, the figures were not offered other than the stake in percentage terms. Shell is also considering investing in a full-scale commercial cellulosic ethanol plant and is contributing to Iogen’s detailed feasibility and design assessment work.
Jon C. Ogg
July 16, 2008
ABY raised to Neutral at UBS.
AMD raised to neutral at Credit Suisse.
AG raised to neutral at Credit Suisse.
AEO raised to Outperform at Cowen.
BLOG started as Outperform at Wachovia.
DVA raised to Buy at Deutsche Bank.
EXEL cut to Mkt Perform at Wachovia.
FCSX raised to BUy at B of A.
HOKU raised to Mkt Perform at Piper Jaffray.
HSII cut to Sell at UBS.
INFA started as Outperform at CIBC.
KFN cut to Sell at UBS.
KOP cut to Hold at Jefferies.
KPN cut to Hold at Citigroup.
KSU raised to Buy at UBS.
MNST cut to Neutral at UBS.
MXIM started as Outperform at RBC Capital.
OII started as Overweight at JPMorgan.
OTE cut to Peer Perform at Bear Stearns.
PCG raised to Overweight at Lehman.
RDS/A raised to Buy at UBS.
RHI cut to Neutral at UBS.
RIMM cut to Peeer Perform at Bear Stearns.
SMOD cut to Hold at Citigroup.
SPR started as Overweight at Lehman.
TEF cut to Hold at Citigroup.
TMA raised to Outperform at FBR.
TYC raised to Buy at Deutsche Bank.
TYPE started as Buy at B of A.
TYPE started as Buy at Jefferies.
WEC raised to Overweight at Lehman.
Jon C. Ogg
September 4, 2007
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