China’s CNOOC Swallows Canadian Oil and Gas Company
China’s largest offshore oil and gas company, CNOOC Ltd. (NYSE: CEO), has agreed to acquire Canadian oil and gas firm Nexen Inc. (NYSE: NXY) for $15.1 billion in cash, or $27.50 per share. The…
All Work
Paul Ausick
24/7 Wall St. Closing Bell — July 19, 2012: Market Sags on More European, Spanish Woes
The three major US stock indexes opened lower this morning after Spanish bond yields rose above 7% again and the country’s Valencia region asked for central government assistance in paying its debts. The euro…
Federal Court Upholds US EPA Air-quality Rule
A federal appeals court in Washington, D.C., today ruled that the US EPA’s 2010 rule limiting emissions of sulfur dioxide was valid. The rule had been challenged by a trade group representing, among other…
Another Biofuel IPO Shelved
For the second time this year, a start-up company has shelved a planned IPO. This time its Coskata Inc., an Illinois-based company that manufactures ethanol from any carbon-based material. In April, Canada’s Enerkem Inc. withdrew…
Onyx Pharma Shares Halted Before FDA Approval
Shares of Onyx Pharmaceuticals Inc. (NASDAQ: ONXX) were halted for about half an hour this morning pending an announcement from the company. Shares were up 5.2% when trading in the stock was stopped. At…
Palo Alto Networks IPO a Smash Hit for Some
Two tech-related IPOs in one day might at one time seemed like the kiss of death, but that doesn’t appear to be the case today. Security software company Palo Alto Networks Inc. (NYSE: PANW)…
Greek Bonds No Longer Good as Collateral — ECB
The European Central Bank (ECB) said this morning that Greek debt, whether issued or backed by the government, is “for the time being” no longer eligible to be used as collateral in eurozone monetary…
China Fires Back in Solar Energy Battle
China’s Ministry of Commerce will begin an antidumping investigation into imports of U.S.-made and Korean-made polysilicon, the stuff that is used to make crystalline solar cells. The investigation follows complaints from GCL-Poly Energy Holdings…
Eurozone Okays €100 Billion to Bail Out Spanish Banks
As expected, following yesterday’s approval by the German parliament, eurozone finance ministers have approved the €100 billion bailout of Spain’s troubled banks through the European Financial Stability Fund (EFSF). Under the terms of the…
Splunk, Shareholders Stiffed Again
Big data firm Splunk Inc. (NASDAQ: SPLK) had one of the most successful IPOs of this year, if you measure success by the rise in the share price on the first day of the…
Oil Field Services Firms Beat Estimates Despite U.S. Weakness
Two of the world’s largest oil field services firms reported earnings this morning: Baker Hughes Inc. (NYSE: BHI) and Schlumberger Ltd. (NYSE: SLB). Both handily beat earnings per share (EPS) and revenue estimates, but…
24/7 Wall St. Closing Bell — July 19, 2012: Market Up Slightly, Tech Leads
The three major US stock indexes opened higher this morning as investors continue to hope for more central bank stimulation in weakening global economy. These investors are probably right that something will have to…
German Bundestag Approves €100 Billion Bailout for Spanish Banks
Germany’s lower house of parliament, the Bundestag, today approved by a wide margin the country’s agreement to take part in a €100 billion bailout of Spain’s banks. The vote means that Eurozone finance ministers…
TIPS Auction Yield Goes Negative Again
If one is looking for a deflationary signal about the US economy, a good place to start might be with Treasury Inflation-Protected Securities, known as TIPS. The US Treasury Department sold $15 billion in…
Sub-prime Auto Loans Rising in the US
In a fascinating review of the US sub-prime automobile lending market, Moody’s sees signs that today’s market is eerily similar to the early stage of growth in sub-prime auto loans in the 1990s. From…
China Adds 25 Million Web Users in First Half of 2012
The number of web users in China has grown by 25 million since the end of 2011 to 538 million, according to a report from the China Internet Network Information Center cited by USA…
Existing Home Sales Decline as Prices Rise
The National Association of Realtors (NAR) reported this morning that existing home sales fell by -5.4% to a seasonally adjusted annual rate of 4.62 million units in May to 4.37 million units in June.…
Leading Economic Index Slides, Growth at Snail’s Pace
The Conference Board released the June reading for its Leading Economic Index this morning, showing a slight decline of -0.3% to 95.6. The index rose 0.4% in May after dropping -0.1% in April. A…
Natural Gas Inventories Rise, Price Too
The U.S. Energy Information Administration (EIA) today reported the U.S. natural gas stocks rose by a total of 28 billion cubic feet, at the lower end of an expected increase in the 28 billion…
China Prevails in European Antidumping Case — More on the Way?
The European Union’s Court of Justice today ruled in a long-running antidumping case that Chinese companies with the government as minority stakeholders cannot “automatically” be judged to be under significant state control with respect…