MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Wednesday, May 23
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12:41 PM Peabody Energy (BTU -1.3%) says workers at its Wambo and Wilpinjong Mines in New South Wales approved new labor agreements covering more than two-thirds of its thermal coal exports from Australia. Comment!
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11:59 AM Agreements signed by India and Pakistan to begin an estimated $7.6B project to pipe natural gas from Turkmenistan's massive Galkynysh field through Afghanistan mark a milestone in regional relations. But given Taliban control of large areas along the planned route and a separatist rebellion in southwest Pakistan, security problems make the timeline for construction a bit unclear. 1 Comment
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11:48 AM Brazil's HRT says it has hired a semi-submersible drill rig from Transocean (RIG -1.7%) to drill prospects later this year or early next year off the coast of Namibia. The rig will be on charter for 280 days, “enough to drill at least four exploration wells." HRT estimates it has 28B bbl of potential oil and natural gas resources in the African country. 1 Comment
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11:30 AM Anadarko Petroleum (APC -2.3%) says an exploration well drilled at its Spartacus prospect in the Gulf of Mexico has turned up dry. The unsuccessful well is a small setback for APC amid a string of major discoveries in the Gulf, an area where the company sees huge potential and plans to drill 6-8 exploration and appraisal wells this year. Comment!
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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) 2 Comments
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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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