MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Wednesday, May 23
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10:42 AM In the wake of the PCX disaster, is there any bottom in sight for trashed coal stocks (KOL -1.8%)? Not yet, chartist Robert Sinn writes. "A stock like ANR at $11/share has almost turned into a call option on the Chinese economy and thermal coal prices," Sinn says, but "just like a call option, it will bleed time premium if China continues to deteriorate and thermal prices continue lower." Comment!
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10:24 AM Goodrich Petroleum (GDP +0.2%) announces the completion of the Encana-Anderson 17H-1 well in the Tuscaloosa Marine Shale with a 72-hour production rate of 1,082 boe/day. GDP also says it is participating with Encana (ECA) for a ~25% working interest in another Tuscaloosa well. Comment!
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10:03 AM India hikes gasoline prices 11.4%, effective tomorrow as the rupee at all-time lows just adds to cost pressures for the nation's refiners. The price of crude is off 15% this month alone, but a weakened currency may be negating much of the salutary effects. Comment!
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9:57 AM Despite announcing his resignation, NRC chair Gregory Jaczko may be around for a while longer. Jaczko plans to stay on the job until the Senate confirms a successor, and Majority Leader Harry Reid sounds like he's in no hurry to take action; he says he’d be fine if his former aide stays until his term expires in June 2013. Comment!
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9:55 AM TRC Capital makes an unsolicited mini-tender offer of $36.55 a share for up to 3M shares in Exelon (EXC), or about 0.35% of its common stock. The nuclear power plant operators advises shareholders not to tender their stock to TRC. Excelon is -0.05% at $37.05. (PR) Comment!
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9:41 AM Patriot Coal (PCX +6.4%) shares enjoy a decent rebound after yesterday's disaster, and the company sends a letter to employees saying "operations are performing well." A bit late after yesterday's 28% drubbing, Deutsche Bank downgrades PCX to Hold from Buy, citing the uncertainty of the company's financing arrangements. Comment!
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9:19 AM Uranium giant Cameco's (CCJ) planned effort to raise as much as $1B through a combination of securities may signal an upcoming acquisition, BMO Capital suggests, citing falling uranium equity valuations in recent weeks and CCJ's ample funding capability. Potential targets: Paladin Energy (PALAF.PK), Denison Mines (DNN), UEX Corp. (UEXCF.PK) 1 Comment
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8:41 AM Recon Technology (RCON) +67.3% premarket on news it signed a contract to provide China National Petroleum with Emerson PCS & SIS systems in its South Yolotan Gas Field Project located in Turkmenistan. The total contract value exceeds $3M. Comment!
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6:08 AM Iran expects "good news" from the latest talks with the P5+1 group of World Powers - which are due to take place today in Baghdad - although the U.S. says Iran won't receive relief from sanctions. News yesterday of an agreement between the IAEA and Iran over the inspection of nuclear sites sent oil prices lower. 1 Comment
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3:29 AM Thailand's PTT Exploration and Production trumps Shell's (RDS.A) bid for Cove Energy (CNVGF.PK), offering £1.22B ($1.9B) for the Mozambique-focused explorer. Cove's management says it now backs PTT's bid, with the reversal coming just hours ahead of a deadline for investors to accept Shell's $1.8B offer. Shell -1.2% in London. Comment!
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