Via Platts Oil:
Comments »Russia raised gasoline export duty for May to $408.30/mt from an expected $304/mt in a bid to limit exports and resolve a domestic shortage.
Via Platts Oil:
Comments »Russia raised gasoline export duty for May to $408.30/mt from an expected $304/mt in a bid to limit exports and resolve a domestic shortage.
Total SA launched a tender offer to buy up to 60 percent of SunPower’s Class A shares and 60 percent of the Class B shares for $23.25 a share. It represents a 46 percent premium over the current price of SunPower. Click here for details
Comments »“Occidental Petroleum Earnings Cheat Sheet for the First Quarter
Results: Net income for Occidental Petroleum Corporation rose to $1.55 billion ($1.90/share) vs. $1.06 billion ($1.31/share) in the same quarter a year earlier. A rise of 45.6% from the year earlier quarter.
Revenue: Rose 20% to $5.73 billion YoY.
Actual vs. Wall St. Expectations: OXY reported adjusted net income from continuing operations of $1.72. By that measure, it fell short of the mean analyst estimate of $1.80/share. Estimates ranged from $1.63 per share to $1.94 per share.
Quoting Management: In announcing the results, Dr. Ray R. Irani, Chairman and Chief Executive Officer, said, “The first quarter of 2011 core income of $1.6 billion was 45-percent higher than the first quarter of 2010. Our oil and gas production for the first quarter of 2011 increased over four percent, as compared to the first quarter of 2010, to 730,000 BOE per day.”
Key Stats:”
Comments »The maker of the modern day equivalent of the rotary phone just gave horrendous guidance. Expect the shares to open sharply lower.
Comments »Vertex won approval for its revolutionary Hep C drug by a resounding 18-0.
Comments »This shortfall is primarily due to shipment volumes of BlackBerry smartphones that are now expected to be at the lower end of the range of 13.5-14.5 million forecasted in March and a shift in the expected mix of devices shipped towards handsets with lower average selling prices. Gross margin for the first quarter is expected to be similar to the 41.5% previously guided. This mix shift is also expected to result in revenue that is slightly below the range of $5.2-5.6 billion guided on March 24. Expected shipments of BlackBerry PlayBook in the quarter continue to be in line with our previous expectations and we have not experienced any significant supply disruptions in Q1 due to the impact of the Japan earthquake. RIM expects to achieve full year fully diluted earnings per share of approximately $7.50, which reflects anticipated strong revenue growth in the third and fourth quarters of the fiscal year driven primarily by the launches of new BlackBerry smartphone products and prudent cost management.
Comments »Reports Q1 (Mar) earnings of $0.46 per share, $0.24 better than the Thomson Reuters consensus of $0.22; revenues rose 31.3% year/year to $424.1 mln vs the $409.4 mln consensus. Co issues guidance for Q2, sees EPS of $0.76-0.86 vs. $0.68 Thomson Reuters consensus; sees Q2 revs of $430-450 mln vs. $432.70 mln Thomson Reuters consensus. Co raises low end of guidance for FY11, sees EPS of $2.75-3.10 vs. $2.77 Thomson Reuters consensus; sees FY11 revs of $1.73-1.85 bln vs. $1.78 bln Thomson Reuters consensus.
Comments »Reports Q3 (Mar) earnings of $0.61 per share, including a $0.05 tax benefit primarily related to an agreement with the IRS to settle a portion of their audit of tax years 2004 to 2006, $0.05 better than the Thomson Reuters consensus of $0.56; revenues rose 13.3% year/year to $16.43 bln vs the $16.19 bln consensus. Microsoft Business Division revenue grew 21% year-over-year. Server & Tools revenue grew 11% year-over-year, the fourth consecutive quarter of double-digit growth. Online Services Division revenue grew 14% year-over-year primarily driven by increases in search revenue. Bing’s US search share increased to 13.9% this quarter. Entertainment & Devices Division grew 60% year-over-year, fueled by Kinect for Xbox 360, the fastest-selling consumer electronics device in history, continued strong Xbox 360 console sales and growth of Xbox Live. Microsoft reaffirms operating expense guidance of $26.9 bln to $27.3 bln for the full year ending June 30, 2011. Microsoft also offers preliminary FY12 operating expense guidance of 3% to 5% growth from the mid-point of fiscal year 2011 guidance, or $28.0 bln to $28.6 bln. “Office had another huge quarter, again exceeding everyone’s expectations, and the addition of Office 365 will make our cloud productivity solutions even more compelling. We continue to see strong adoption of our cloud-based services among the Fortune 500.”
Comments »“KANSAS CITY (Reuters) – The worst drought in more than 40 years intensified across Texas over the last week, with high winds and heat causing “massive crop losses,” with little relief in sight, according to weather experts Thursday.
A report released Thursday from a consortium of national climate experts, dubbed the Drought Monitor, said drought worsened along the Texas border with Oklahoma, and in western, central and southern Texas.
Ranchers were struggling to feed and water cattle, and farmers were left to watch their crops shrivel into the dusty soil. Some experts estimated that producers were giving up on as much as 70 percent of the state’s wheat acreage.”
Comments »“NEW YORK (CNNMoney) — Wal-Mart’s core shoppers are running out of money much faster than a year ago due to rising gasoline prices, and the retail giant is worried, CEO Mike Duke said Wednesday.
“We’re seeing core consumers under a lot of pressure,” Duke said at an event in New York. “There’s no doubt that rising fuel prices are having an impact.”
Comments »Should we have wrung out the excesses and let all the banks fail? Would we be in a better place ?
Or continue as planned; trying to work towards a system that needs repair in regards to deficit spending and regulations to prevent “weapons of mass destruction?”
Related article on the economy with chart fun
Comments »