BP Dumps Its TNK-BP Stake
British oil giant BP PLC (NYSE: BP) announced this morning that it has reached a tentative agreement to sell its 50% stake in TNK-BP to Russia’s state-controlled oil company Rosneft for $17.1 billion in…
All Work
Paul Ausick
Canada Blocks Energy Sale to Malaysia; Is Chinese Deal Next?
Saying that he is not convinced that a sale of Canada’s Progress Energy Resources to Malaysia’s state-owned oil company, Petronas, “is likely to be a net benefit to Canada,” the country’s industry minister rejected…
24/7 Wall St. Closing Bell — October 19, 2012: Markets Dominated by Sellers Today (VZ, NVDA, GOOG, NOK, SNDK, MCD, COF, CMG, MSFT, RVBD, BHI, HON, KSU, SLB, EW, CAT, FCX, HAS, BTU, STI, VF, AMD, MRVL, AONE)
The three major U.S. stock indexes opened lower this morning, but the blame goes to some poor earnings report from U.S. firms rather than to international news. European markets were down slightly before the…
UPS Hits Snag in European Acquisition
United Parcel Service Inc. (NYSE: UPS) said today that it has received a “statement of objections” from the European Commission (EC) related to the company’s $6.7 billion acquisition of TNT Express NV. Calling the…
State Unemployment Rates Improve in September
The U.S. Bureau of Labor Statistics (BLS) today released its data on state and regional unemployment for September. Compared with August date, unemployment rates fell in 41 states and the District of Columbia, while…
Goldman Sachs: Crude Price Needs to Rise to Support New Drilling
In a research note to customers, long-time oil bull Goldman Sachs now says that Brent crude prices will tumble to $105 a barrel by the end of next year and could be as low…
Fitch Also Down on Europe
We noted earlier today that Moody’s Investors Service had some cautionary words on Germany’s banking system. Fitch Ratings has similar, if more general concerns. Following yesterday’s summit meeting of European Union (EU) leaders, Fitch…
Keystone Pipeline Closes on “Safety Issues”
The 2,100-mile Keystone Pipeline, owned and operated by TransCanada Corp. (NYSE: TRP) was closed Wednesday night after routine integrity tests revealed potential safety issues with the line. The problems have been located in the…
Fight in Store over Bankrupt Battery Maker
Bankrupt U.S. battery maker A123 Systems Inc. (NASDAQ: AONE) today got permission from the U.S. Bankruptcy Court to use $15.5 million of “debtor-in-possession” financing from a total of $72.5 million in financing from Johnson…
September Existing Home Sales, Prices Slide
The National Association of Realtors (NAR) reported this morning that existing home sales declined by 1.7% to a seasonally adjusted annual rate of 4.75 million units in September, compared with an upwardly revised 4.83…
Moody’s Skeptical of German Banks
In a new report issued today, Moody’s Investors Service maintained its “negative” outlook on Germany’s banking system. The ratings agency noted four reasons for the outlook: Margin pressure on banks due to “intense competition,…
Winter Forecast Now Warmer, Drier
In August, weather forecasts for the coming winter suggested that the formation of an El Niño weather pattern was progressing nicely, which typically means slightly warmer and wetter weather for the United States. The…
McDonald’s Not Wearing a Happy Face Today
McDonald’s Corp. (NYSE: MCD) reported third-quarter results before markets opened this morning. The fast-food restaurant chain posted adjusted diluted earnings per share (EPS) of $1.43 on revenues of $7.15 billion. In the same period…
Revenues Sink Schlumberger, Baker Hughes (SLB, BHI, HAL)
Schlumberger Ltd. (NYSE: SLB) and Baker Hughes Inc. (NYSE: BHI) reported third-quarter results before markets opened this morning. Both of the oil field services firms missed estimates for quarterly revenues, though Schlumberger’s adjusted earnings…
Microsoft Results Unimpressive
Microsoft Corp. (NASDAQ: MSFT) reported fiscal 2013 first-quarter results after markets closed today. For the quarter, the world’s largest software company posted diluted earnings per share (EPS) of $0.53 on adjusted revenues of $17.36…
24/7 Wall St. Closing Bell — October 18, 2012: Markets Open Low, Close Lower (AAPL, DUK, COP, POT, HOG, AXP, EBAY, NE, SCSS, STLD, BSX, DO, MS, NVR, PM, LUV, SVU, UNP, VZ, AMD, COF, CMG, MSFT, RVBD, BHI, HON, KSU, SLB, GOOG, CLWR, S, NOK)
The three major U.S. stock indexes opened lower this morning and really never got on track the entire day. The lower opening was likely a reaction to China’s weakest quarterly GDP growth number in…
U.S. Prevails in Steel Trade Case with China
The World Trade Organization (WTO) ruled today that the U.S. did not illegally dump a type of specialty steel into the Chinese market beginning in 2010. China imposed 19.5% tariffs on the “grain-oriented electrical…
France, Germany Fight Over Eurozone Budget Power
German Chancellor Angela Merkel and French President Francois Hollande met briefly today before a summit meeting of eurozone leaders to discuss the role of the banking supervisor that is to be created by the…
How Low Can Mortgage Rates Go?
Today’s report from Freddie Mac on mortgage rates continues the trend of ever-declining interest costs. The interest rate on a 30-year fixed-rate mortgage fell to an average of 3.37% for the week, just 0.01%…
Another Solar Company Bites the Bankruptcy Bullet
Solar component maker Satcon Technology Corp. (NASDAQ: SATC) filed for Chapter 11 bankruptcy protection after markets closed last night. While not as well known as solar panel makers First Solar Inc. (NASDAQ: FSLR) and…