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TEVA | Israel stocks higher at close of trade TA 25 up 1 14 | Investing com Israel stocks were higher after the close on Sunday as gains in the Oil Gas Technology and Banking sectors led shares higher
At the close in Tel Aviv the TA 25 rose 1 14 to hit a new 3 months high
The best performers of the session on the TA 25 were Israel Corp TA ILCO which rose 4 51 or 2750 points to trade at 63770 at the close Meanwhile Frutarom TA FRUT added 3 48 or 670 points to end at 19930 and Avner L TA AVNRp was up 3 30 or 8 4 points to 263 0 in late trade
The worst performers of the session were Perrigo TA PRGO which fell 0 19 or 70 points to trade at 35880 at the close Bezeq TA BEZQ added 0 13 or 1 0 points to end at 743 0 and Teva TA TEVA was up 0 19 or 40 points to 20820
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 251 to 91 and 96 ended unchanged
Crude oil for September delivery was up 0 14 or 0 06 to 41 99 a barrel Elsewhere in commodities trading Brent oil for delivery in October rose 0 34 or 0 15 to hit 44 44 a barrel while the December Gold contract fell 1 86 or 25 45 to trade at 1341 95 a troy ounce
USD ILS was up 0 21 to 3 8345 while EUR ILS fell 0 12 to 4 2517
The US Dollar Index was up 0 46 at 96 19 |
TEVA | Israel stocks higher at close of trade TA 25 up 0 03 | Investing com Israel stocks were higher after the close on Monday as gains in the Real Estate Banking and Financials sectors led shares higher
At the close in Tel Aviv the TA 25 rose 0 03 to hit a new 3 months high
The best performers of the session on the TA 25 were Gazit Globe TA GZT which rose 2 50 or 96 points to trade at 3935 at the close Meanwhile Azrieli Group TA AZRG added 1 46 or 250 points to end at 17400 and Melisron TA MLSR was up 1 45 or 240 points to 16740 in late trade
The worst performers of the session were Teva TA TEVA which fell 1 34 or 280 points to trade at 20540 at the close OPKO Health Inc TA OPK declined 1 18 or 46 points to end at 3855 and Frutarom TA FRUT was down 1 15 or 230 points to 19700
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 221 to 118 and 99 ended unchanged
Shares in Azrieli Group TA AZRG rose to 52 week highs up 1 46 or 250 to 17400
Crude oil for September delivery was up 2 66 or 1 11 to 42 91 a barrel Elsewhere in commodities trading Brent oil for delivery in October rose 2 42 or 1 07 to hit 45 34 a barrel while the December Gold contract fell 0 24 or 3 25 to trade at 1341 15 a troy ounce
USD ILS was down 0 20 to 3 8268 while EUR ILS fell 0 34 to 4 2373
The US Dollar Index was up 0 22 at 96 40 |
TEVA | Israel stocks lower at close of trade TA 25 down 0 78 | Investing com Israel stocks were lower after the close on Wednesday as losses in the Biomed Technology and Oil Gas sectors led shares lower
At the close in Tel Aviv the TA 25 declined 0 78
The best performers of the session on the TA 25 were ICL Israel Chemicals Ltd TA ICL which rose 3 96 or 60 points to trade at 1575 at the close Meanwhile Israel Corp TA ILCO added 3 34 or 2110 points to end at 65300 and Melisron TA MLSR was up 1 94 or 330 points to 17320 in late trade
The worst performers of the session were Perrigo TA PRGO which fell 9 90 or 3550 points to trade at 32300 at the close OPKO Health Inc TA OPK declined 2 15 or 84 points to end at 3826 and Teva TA TEVA was down 1 08 or 220 points to 20180
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 215 to 127 and 96 ended unchanged
Shares in Perrigo TA PRGO fell to 3 years lows losing 9 90 or 3550 to 32300 Shares in Melisron TA MLSR rose to all time highs up 1 94 or 330 to 17320
Crude oil for September delivery was down 0 14 or 0 06 to 42 71 a barrel Elsewhere in commodities trading Brent oil for delivery in October rose 0 07 or 0 03 to hit 45 01 a barrel while the December Gold contract rose 0 26 or 3 45 to trade at 1350 15 a troy ounce
USD ILS was down 0 22 to 3 8148 while EUR ILS rose 0 20 to 4 2588
The US Dollar Index was down 0 44 at 95 64 |
TEVA | Israel stocks higher at close of trade TA 25 up 0 34 | Investing com Israel stocks were higher after the close on Monday as gains in the Biomed Oil Gas and Technology sectors led shares higher
At the close in Tel Aviv the TA 25 gained 0 34
The best performers of the session on the TA 25 were Perrigo TA PRGO which rose 2 29 or 750 points to trade at 33450 at the close Meanwhile Teva TA TEVA added 2 18 or 440 points to end at 20590 and Delek Group TA DLEKG was up 1 28 or 1000 points to 79400 in late trade
The worst performers of the session were First International Bank of Israel TA FTIN which fell 1 51 or 76 points to trade at 4950 at the close Melisron TA MLSR declined 1 46 or 250 points to end at 16850 and Leumi TA LUMI was down 0 99 or 14 points to 1406
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 210 to 148 and 88 ended unchanged
Crude oil for September delivery was up 2 63 or 1 17 to 45 66 a barrel Elsewhere in commodities trading Brent oil for delivery in October rose 2 45 or 1 15 to hit 48 12 a barrel while the December Gold contract rose 0 29 or 3 85 to trade at 1347 05 a troy ounce
USD ILS was down 0 29 to 3 7985 while EUR ILS rose 0 04 to 4 2544
The US Dollar Index was down 0 23 at 95 46 |
TEVA | Israel stocks lower at close of trade TA 25 down 0 17 | Investing com Israel stocks were lower after the close on Wednesday as losses in the Real Estate Biomed and Oil Gas sectors led shares lower
At the close in Tel Aviv the TA 25 lost 0 17
The best performers of the session on the TA 25 were Bezeq TA BEZQ which rose 1 19 or 8 7 points to trade at 740 0 at the close Meanwhile Elbit Systems TA ESLT added 0 75 or 290 points to end at 38890 and Perrigo TA PRGO was up 0 72 or 240 points to 33700 in late trade
The worst performers of the session were Gazit Globe TA GZT which fell 1 92 or 75 points to trade at 3825 at the close Teva TA TEVA declined 1 41 or 290 points to end at 20250 and Azrieli Group TA AZRG was down 1 39 or 240 points to 17040
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 196 to 153 and 97 ended unchanged
Shares in Elbit Systems TA ESLT rose to all time highs up 0 75 or 290 to 38890
Crude oil for September delivery was up 0 32 or 0 15 to 46 73 a barrel Elsewhere in commodities trading Brent oil for delivery in October rose 0 98 or 0 48 to hit 49 71 a barrel while the December Gold contract fell 0 38 or 5 15 to trade at 1351 75 a troy ounce
USD ILS was up 0 30 to 3 7954 while EUR ILS rose 0 37 to 4 2795
The US Dollar Index was up 0 05 at 94 80 |
TEVA | Israel stocks higher at close of trade TA 25 up 0 04 | Investing com Israel stocks were higher after the close on Monday as gains in the Insurance Real Estate and Banking sectors led shares higher
At the close in Tel Aviv the TA 25 gained 0 04
The best performers of the session on the TA 25 were Israel Corp TA ILCO which rose 1 27 or 850 points to trade at 67580 at the close Meanwhile Teva TA TEVA added 1 20 or 240 points to end at 20170 and Leumi TA LUMI was up 0 85 or 12 points to 1427 in late trade
The worst performers of the session were Strauss Group TA STRS which fell 1 93 or 120 points to trade at 6090 at the close Frutarom TA FRUT declined 1 58 or 320 points to end at 19920 and OPKO Health Inc TA OPK was down 1 05 or 39 points to 3680
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 185 to 167 and 94 ended unchanged
Crude oil for October delivery was down 2 55 or 1 25 to 47 86 a barrel Elsewhere in commodities trading Brent oil for delivery in October fell 2 46 or 1 25 to hit 49 63 a barrel while the December Gold contract fell 0 27 or 3 60 to trade at 1342 60 a troy ounce
USD ILS was up 0 43 to 3 7756 while EUR ILS rose 0 15 to 4 2777
The US Dollar Index was down 0 03 at 94 45 |
TEVA | Israel stocks lower at close of trade TA 25 down 0 96 | Investing com Israel stocks were lower after the close on Thursday as losses in the Biomed Communication and Technology sectors led shares lower
At the close in Tel Aviv the TA 25 declined 0 96
The best performers of the session on the TA 25 were Avner L TA AVNRp which rose 2 64 or 6 9 points to trade at 268 0 at the close Meanwhile Delek Drilling LP TA DEDRp added 2 54 or 35 points to end at 1411 and Delek Group TA DLEKG was up 1 73 or 1400 points to 82550 in late trade
The worst performers of the session were OPKO Health Inc TA OPK which fell 4 01 or 144 points to trade at 3449 at the close Teva TA TEVA declined 3 31 or 670 points to end at 19570 and Perrigo TA PRGO was down 2 35 or 810 points to 33660
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 181 to 153 and 111 ended unchanged
Crude oil for October delivery was up 0 66 or 0 31 to 47 08 a barrel Elsewhere in commodities trading Brent oil for delivery in October rose 1 00 or 0 49 to hit 49 54 a barrel while the December Gold contract fell 0 33 or 4 35 to trade at 1325 35 a troy ounce
USD ILS was down 0 23 to 3 7565 while EUR ILS fell 0 09 to 4 2374
The US Dollar Index was down 0 01 at 94 72 |
XOM | ExxonMobil Agrees To Disclose Fracking Risks | By Exxon Mobil Corporation NYSE XOM bowing to shareholder and popular pressure has agreed to disclose more about the risks associated with its use of the controversial process called hydraulic fracturing commonly known as fracking that uses chemicals and high pressure liquids to release oil and gas trapped in rock formations
The move is a turnabout from its longtime opposition and is another comes after pressure for more transparency from more than a dozen groups of environmental organizations and investors
The Texas based oil giant s decision shows a shift in Exxon s management to address environmental concerns It follows a report released by the company Monday detailing some risks to carbon assets from climate change the first time Exxon had acknowledged the potential effects of climate change on its business
Exxon is expected to report by September how it manages risks from fracking impacts to air quality water and chemical usage damage to roads and Abiding to an agreement with shareholders the company will address the risks according to criteria in a 2013 scorecard report by environmental non profits and investor advocacy groups In that scorecard report Exxon ranked among the lowest out of 24 companies on transparency and risk in fracking operations with adequate disclosures in only two of 32 indicators
The new policy follows five years of shareholder proposals asking for greater transparency about fracking risks
The office of New York City comptroller and As You Sow a non profit that promotes environmental responsibility through shareholder advocacy withdrew their latest shareholder proposal to Exxon after the announcement Thursday
ExxonMobil is responding to shareowners on issues that are critical to its long term sustainability New York City Comptroller Scott Stringer said in a statement Thursday We have seen the significant risks that come from hydraulic fracturing activities Corporate transparency in this arena is truly necessary for assessing risk and ensuring that all stakeholders have the information they need to make informed decisions
Exxon s shift toward disclosure and transparency is important especially in light of how long investors have been asking for this information from the company Danielle Fugere president of As You Sow said in a statement Thursday Against a backdrop of moratoria well accidents environmental disruption and community harms company assurances of good practices are no longer sufficient to attract and maintain investment |
XOM | New Russia Sanctions Will Have Little Impact Experts Say | By By the official reckoning of the Obama administration the latest sanctions it unleashed on Russia on Monday will add considerably to the uncomfortable squeeze on its economy ultimately forcing President Putin to reconsider his adventures in Ukraine
Russian economic growth forecasts have dropped sharply capital flight has accelerated and higher borrowing costs reflect declining confidence in the market outlook said the American Treasury Secretary Jacob Lew in a written statement We are resolved to continue to work with our international partners and take the steps required including action against individuals and entities in specific sectors if Russia continues to press forward
But analysts are far less impressed seeing minimal disruption to the Russian economy and little reason to assume the latest batch of sanctions will change the equation
The new sanctions should have almost no immediate impact on the economy said Chris Weafer an analyst with Macro Advisory a consulting agency in Russia The latest sanctions were not as bad as had been rumored or feared The sanctions are focused on restricting individuals travel and economic activities in the west and on a smaller number of banks and companies associated with those individuals
Broader sanctions of the sort that could alter Russian public opinion by inflicting real economic pain remain unlikely given political realities While Washington is keen to tighten the pressure on Russia European nations are resistant given their dependence on Russian energy stocks and in light of commercial ties between European and Russian firms
Russia is a big economy It is the sixth largest in the world said Timothy Frye a political scientist at Columbia University in New York For sanctions to be effective they really need to be coordinated and far reaching and it is not clear what set of sanctions would be able to do that
The sanctions are a result of what the White House calls Russia s illegal and illegitimate intervention in Ukraine At the contact group meeting in Geneva April 17 Russia Ukraine the U S and the EU reached an agreement that included steps to deescalate the situation in eastern Ukraine The agreement required all parties to refrain from violence return illegally seized buildings to their legitimate owners grant amnesty to protesters disarm illegally armed groups and vacate all illegally occupied public spaces in Ukraine
The U S claims Russia has done nothing to meet its Geneva commitments According to a statement issued by the White House Russia has further escalated the crisis
More than 20 Russian officials have been sanctioned in the last month This is the second round of sanctions imposed on Russia by the U S The first round announced March 20 targeted politicians thought to be responsible for funding or promoting unrest in Ukraine The sanctions announced Monday target 7 government officials in President Vladimir Putin s inner circle and 17 companies tied to those individuals
The Department of Commerce imposed additional restrictions on 13 of the 17 companies by imposing license requirement with a presumption of denial for the export re export or other foreign transfer of U S origin items to the companies
The EU added 15 more officials to its Russian sanctions list Monday bringing the total number of Russians or pro Russian individuals in Ukraine targeted by the EU to 48 The sanctions include asset freezes and travel bans
The U S and EU are divided over the use and extent of sanctions The EU is more reluctant to press harder with sanctions because Russia is its biggest oil and gas supplier and in fact is not expected to impose sanctions on officials in Putin s inner circle The division between the U S and the EU could limit the impact of the sanctions
Kori Schake a fellow at Hoover Institution at Stanford University is more optimistic about the impact the new U S sanctions could have on the Russian economy in the future
I do think it is significant they were willing to sanction three banks Going after finance or real estate or energy companies will start to hurt Russia she said
There are four energy companies that could be affected by the new sanctions The companies include London based BP Plc LON BP Exxon Mobil NYSE XOM the Norwegian Statoil NYSE STO and Eni BIT ENI Italy s national oil company All have large research deals with Rosneft ROSN MOS one of the Russian companies targeted by the sanctions Shares of BP which has a stake of about 20 percent in Rosneft fell 0 98 percent Monday in London Rosneft shares also fell by 1 7 percent Monday
The measure of whether markets or investors start to get worried is to watch those four stocks Schake said
The U S has imposed sanctions in the past in places such as Iran and Cuba that had severe economic consequences
Typically sanctions are more effective in smaller countries and if coordinated said Frye the Columbia political scientist They are more effective if they can specific elements in the economy Sanctions signal that there are costs associated with actions and that can sometimes deter a country from escalating a crisis
The new round of sanctions will most likely have no effect on the average person living in Russia because they do not target small and medium businesses Frye said However banks could begin to look at companies related to those included in the sanctions list that could serve as conduits for lending money and refrain from lending money for fear of being seen as complicit
Russia s economy is pretty concentrated in the energy sector and banking sector Russia is dominated by two large state banks so actions that hit one of those two banks could have bigger effects but they are not the people you really want to target Frye said
Russia s economy has slowed every quarter since May 2012 indicating that there are deeper structural problems occurring within the economy that could be exacerbated by the new sanctions Planned trade deals and investment into Russia have slowed sharply in recent months and unless the situation is rectified soon the current low rate of economic expansion may remain for several years rather than just one year
Oil price risk will also increase and leave companies and investors worried that an oil revenue collapse may badly damage the economy Weafer said
Analysts said more individuals could be added to the sanctions list in the following months but it is unclear whether the EU will impose sanctions that target Russia s energy sector According to Schake Joe Kaeser the CEO of German engineering giant Siemens AG SIEGn XETRA traveled to Moscow last week and assured the company s Russian counterparts that the sanctions would not be significant Siemens Russia branch announced Monday that it would continue to fulfill all project and contract obligations to Russian customers
If both the U S and EU were to impose sanctions on businesses that deal with the energy sector Frye said it could create uncertainty in the global economy
That is a very heavy hammer and people are really reluctant to use that sanction Frye said But we could see efforts to try to reduce the profit margins of some of these well connected companies which wouldn t involve getting all of Europe on board in the same public way |
XOM | Exxon All Plans In Russia Remain Underway | By In a discussion via webcast and teleconference of its first quarter earnings on Thursday morning Exxon Mobil Corporation NYSE XOM tried to reassure shareholders and analysts that the major oil and gas company s plans to drill in the Russian Arctic have not changed after a flurry of U S and E U sanctions were imposed on Russia nor had they changed after the Russian government made comments earlier this week that it may retaliate by punishing foreign energy sector companies
With regards to Russia of course we will comply with any sanctions but all of our plans continue to be underway David Rosenthal a vice president of investor relations said
Exxon NYSE XOM and Rosneft MOS ROSN have planned a 600 million project the size of Moscow in the Kara Sea that s expected to yield a trove of oil worth more than 900 billion at current prices
On Monday the Obama administration announced sanctions on 17 companies and seven individuals including the head of Russian oil giant Rosneft Igor Sechin The sanction on Sechin freezes any assets he may have in the U S and prevents him from traveling to the U S to meet with business partners but U S companies are not banned from doing business with Rosneft
The European Union also announced sanctions on several individuals freezing their assets
Putin said on Tuesday at a Supreme Eurasian Economic Council summit in Minsk that the Russian government has proposed some retaliatory steps
I consider these not necessary Putin said But if something like this continues then of course we will have to consider who s working and how in the Russian Federation in the key sectors of the Russian economy including energy
The sanctions are intended to pressure Russia to rein in Moscow supported pro Russian separatists who are causing mayhem in eastern Ukraine The new Ukrainian government under orders to pay down an 18 5 billion debt to Russian gas company Gazprom faces a shutoff of deliveries after May 7 Energy chiefs from Russia Ukraine and the E U will meet for the first time since the Ukrainian crisis in Poland on Friday
Exxon reported a 4 2 percent decrease in first quarter earnings compared to 2013 due to weaker results in refining and chemicals despite exploration and production growth |
XOM | Sanctions On Russia Just A Front Says Italian Oil Magnate | By ROME Gian Marco Moratti one of the wealthiest oilmen in Europe was leaving a conference here on Monday when reporters swarmed him with the question of the day Was he concerned that U S sanctions on Russia would make it hard for him to do business with Rosneft the Kremlin owned oil giant whose chairman has been blacklisted by the U S but still sits on the board of the Moratti family s oil company Saras
His response was shocking Sanctions are just a front Moratti said adding that they would not pose a problem for Saras at least for now As he was speaking energy ministers from the Group of Seven nations were gathered just a few blocks away to discuss how to cut their reliance on Russian energy amid the escalating Ukraine crisis
Moratti the chairman of Milan based Saras SpA MILAN SRS and a man worth 1 5 billion according to Forbes didn t appear embarrassed by having Igor Sechin the direct target of U S sanctions on the board of the firm his father Angelo founded in the 1960s
Sechin who is sometimes called Russia s Darth Vader because of his suspected past in Soviet espionage was Russian president Vladimir Putin s deputy chief of staff before being appointed to head OAO Rosneft MCX ROSN in 2012 According to Stratfor Sechin was in the 1980s the Soviet Union s point man for weapons smuggling to much of Latin America and the Middle East
While avoiding sanctions on Rosneft itself the Treasury list included Sechin considered a government official who has shown utter loyalty to Vladimir Putin a key component to his current standing
This is the man who now controls a big chunk of Italy s second largest oil refiner with a 21 percent stake that Rosneft recently said it wants to raise The two companies also have a joint venture that trades and processes crude oil and sells refined products
Dario Scaffardi Saras general manager and executive vice president was even more explicit than his boss Europe is shooting itself in the foot just when Russian companies are approaching he said last week in response to sanctions imposed on Russia by the E U
For a company which has been posting losses and piling on debt since 2009 it s no wonder the Russian investment was welcome Saras posted a net loss of 124 million euros last year and 271 million in 2012
But Saras isn t alone in doing business with Rosneft British oil company BP LON BP owns almost 20 percent of Rosneft and said it would not sever ties with the Russian firm after sanctions were imposed Last year ExxonMobil NYSE XOM broadened a 2011 agreement with Rosneft to explore for oil in the Russian Arctic and in Siberia
Saras may not operate on the same scale as multinational oil majors like BP and ExxonMobil but it still handed Sechin a ticket into Europe s corporate circles When he got a seat on the Saras board last year Sechin became the first person from Putin s inner circle to gain such a prominent position in a large Western European company
After buying the Saras stake Rosneft spent 500 million euros for 13 percent of Milan based Pirelli becoming the biggest single shareholder in the worlds fifth largest tire maker The deal signed last March got political backing in Italy even as tensions were growing with Russia over Ukraine
In its recent Italian deals Rosneft was capitalizing on strong political ties forged during Silvio Berlusconi s tenure as prime minister when Putin was a frequent guest in Berlusconi s seaside villas and a close personal friend Energy is behind those ties as well Italy relies on Russia for 30 percent of its gas supply Unnamed government sources told the Ansa news agency in March that Italy considered the relationship with Russia to be strategic
State controlled Eni MILAN ENI and Enel MILAN ENEI respectively Italy s largest oil and power company also profited from a cozy relationship with the Kremlin They bought gas fields in the far North of Russia in 2007 at a bankruptcy auction for the assets of Yukos the Russian oil group that was liquidated following the controversial imprisonment in 2005 of its chief Mikhail Khodorkovsky for an alleged 27 billion tax fraud
Khodorkosvy was released last December But by then the Yukos assets bought by the Italians had reverted to Russia s energy giants closely controlled by the Kremlin
Enel resold its share in the venture called SeverEnergia to Rosneft last year It said it made a 1 billion profit Eni followed suit selling its stake paid 600 million for about 2 9 billion to Gazprom MCX GAZP Russia s state owned gas giant and Novatek an independent natural gas producer partly owned by a longtime acquaintance of Putin Gennady Timchenko
The Yukos deal won Eni access to Russia s lucrative energy business including an alliance with Rosneft to develop Arctic offshore fields ahead of other Western companies struggling to enter Eni subsidiary Saipem MILAN SPMI also won a contract to build the South Stream offshore pipeline that would bring gas from Russia to Europe across the Black Sea bypassing Ukraine Enel also owns 56 43 percent of a company that manages four power plants in Russia and 49 5 percent of RusEnergoSbyt a retail energy dealer
In exchange Gazprom consolidated its grip as the biggest gas exporter to Italy and won an agreement to buy power stations and other assets owned by Enel Last June Enel signed a preliminary agreement to sell Gazprom a 12 percent stake in Medgaz a pipeline carrying gas from Algeria to Spain for 83 million euros It later bought from Enel a power plant in Marcinelle Belgium for 330 million euros We are interested in power stations in Italy as well as those owned by Enel outside Italy Anatoly Yanovsky Russia s Energy vice minister told Il Sole 24 Ore daily in September
Lukoil another Russian oil firm entered a refining joint venture with Erg MILAN ERG an Italian oil refining and distribution group
Italy has a lot at stake in Russia It hopes tension in Ukraine eases after the Ukrainian presidential elections slated for May 25 which might lead to a compromise with Russia Carlo Altomonte an economics professor at Milan s Bocconi University and a visiting fellow at the Bruegel think tank in Brussels said
European dependence on Russian energy helps explains the stance Italy and other European countries such as Germany took on sanctions on Russia The U S Treasury sanctioned last month seven Russian executives and officials and 17 companies controlled by four of Vladimir Putin s closest allies
The European sanctions imposed later lacked the same punch They targeted 15 Russian officials connected to the separatist movement in Ukraine and second tier political figures but spared Sechin and Kremlin connected oligarchs
The European stance clearly reflects unwillingness to jeopardize its economic ties with Russia at this juncture and I think this situation will likely prevail in the coming weeks Jacob Funk Kirkegaard senior fellow at the Peterson Institute For International Economics in Washington D C said in a phone interview
At a news conference with German chancellor Merkel last week U S president Barack Obama said we will not have a choice but to move forward with additional more severe sanctions if Russia disrupts the presidential election in Ukraine
But Russia s state owned energy complex can fight back hard Both U S and European sanctions stopped short of targeting Gazprom which provides 30 percent of Europe s natural gas and its CEO Alexei Miller
Gazprom could become a target but the escalation in Ukraine would have to be dramatic It would be very easy for Gazprom to retaliate Kirkegaard said
That s a possibility very much on the minds of European businesspeople not just those who have a direct partnership with Russian entities like Moratti does Raising sanctions to the next level would complicate everything contributing to a possible escalation of the conflict in Ukraine Altomonte the economics professor said
The next round of sanctions could instead focus on more individuals and the financial services sector analyst Kierkegaard said It would be a very potent threat The U S can isolate Russian banks more or less unilaterally and that option would be quite convenient for Europe as well |
XOM | Exxon s Papua New Guinea LNG Ready To Ship With Royalties Undecided | By Exxon Mobil Corporation s NYSE XOM first liquefied natural gas LNG exports from its Papua New Guinea facility will ship to Japan any day now while the PNG government has yet to identify landowners to pay out royalties
The 19 billion project is expected to produce nearly 7 million tons of LNG per year and is the small island country s largest private sector investment to date expected to more than double PNG s GDP and triple export revenues according to research contracted by Exxon
The first gas will ship to Tokyo Electric Power Co Inc TOKYO 9501 a utility increasingly relying on LNG after the 2011 Fukushima accident that wiped out nuclear power
This is the defining moment to show the world just what Papua New Guinea is capable of Peter Graham managing director of ExxonMobil PNG Ltd the operator of the project said Wednesday at the LNG vessel Spirit of Hela s loading event according to Australian News Network
PNG s prime minister Peter O Neill has also praised the project
The PNG government has received criticism from locals for using a process called clan vetting to decide who can claim royalties from the gas production Tens of thousands of people are waiting and expecting to receive money but the government must first identify all landowners a process that s taken five years already without resolution
Anybody from Papua New Guinea can claim their clan as part of project areas they come from Stanley Mamu administrator of the non government organization PNG LNG Watch said The problem that will cause for the future is that is not a proper identifying of that clan so anybody working with the Department of Petroleum and Energy can put his clan into that clan vetting and claim that he is the landowner and he will get benefits from that project
Complaints about the extent and accuracy of the PNG government s social mapping and landowner identification studies are widespread according to non profit Oxfam International
PNG relies heavily on its natural resource wealth for overseas income a 2012 Oxfam report on Exxon s LNG project reads However it has struggled to take full advantage of this abundance and in some cases has suffered serious environmental and social harm in the wake of resource development
Mamu launched PNG LNG Watch to raise awareness of the illegalities of the multi billion dollar PNG LNG project which he says the PNG government and developers agreed to without the consent of landowners
Oil and gas lawyer Alfred Kaiabe from the Hela province where Exxon s project is located told PNG LNG Watch that the clan vetting system has no legal basis
Royalty money is being held in a trust until the PNG Petroleum and Energy Ministry makes a final determination of the list of landowners according to the PNG government
The prime minister is expected to reveal more details of the clan vetting process when he tours the project s sites this month
In 2012 a landslide swept over an Exxon quarry and killed 47 Papua New Guineans near the gas project even though an independent expert report had questioned the safety of the excavations |
XOM | ExxonMobil Denies Russian Reports Says It s Staying In Russian Project | By ExxonMobil NYSE XOM has been attempting to keep a low profile regarding its operations in Russia as that nation s clash with the west over Ukraine intensifies but it was thrown into the spotlight Friday when it felt obliged to reassert its committment to its Sakhalin 1 Russian venture
The nationally distributed daily Kommersant newspaper reported Friday that if the U S tightens sanctions against Russia over the Ukraine crisis Exxon may have to abandon the project to develop the Sakhalin 1 oil and gas field in Russia s far east
These rumors are groundless an Exxon official said Friday in response Reuters reported This situation sanctions has neither an effect on our activity in Russia nor on our investment plans in Sakhalin 1 We have no other plans than to go ahead with the project
Exxon has a 30 percent stake in the project
The corporation s policy is to comply with all applicable laws and regulations Exxon spokesperson David Engleton said Friday The current situation has had no impact on our business operations and our investment plans remain on schedule
We have not received any information that ExxonMobil would like to withdraw from the project Russian Energy Minister Alexander Novak said Friday at a two day meeting of the International Energy Forum in Moscow Platts reported
I can t comment whether or not this information received from media reports reflects the reality It needs to be checked he added
Novak also said his contacts with international companies working in Russia have said they are interested in continuing to invest in Russia and some are calling for their governments to stop talking about sanctions |
XOM | Earnings Season Continues Fed In Focus Economic Maelstrom Expected | This coming week earnings season continues with hundreds of companies set to report earnings Also there is a flood of economic data due out in the coming week from around the world Further the Federal Reserve the Bank of England and the European Central Bank all are set to issue interest rate decisions in the coming week Key Earnings In the coming week hundreds of earnings will be released in the U S alone as markets are in the heart of earnings season However traders will be watching key earnings from Dollar General DG Herbalife HLF and Mastercard MA as they are some of the more important reports due out next week Dollar General Dollar General is expected to report second quarter results on Tuesday July 30 The company is expected to report second quarter EPS of 0 74 vs 0 69 a year ago on revenue of 0 69 a year ago Revenue is expected to have risen to 4 36 billion vs 3 95 billion a year ago Goldman Sachs initiated coverage on the stock ahead of earnings They have a neutral rating and a 58 00 price target on the stock While we are positive on the long term growth potential ahead of DG consensus estimates already embed outsized EPS growth over the next three years even as trade down benefits wane further into a recovery Furthermore the recent rally on the heels of FDO s 3Q release leaves valuation at a premium to history As a result we await a better entry point to become more constructive all else equal We forecast a 15 EPS CAGR over the next three years vs 14 10 year average Key assumptions underlying our estimates are 1 significant store expansion opportunities based on our proprietary saturation analysis support 5 7 square footage growth 2 in store initiatives and secular consumer shifts power 4 comps and 3 SG A leverage more than offsets lower margin product introductions to drive op margin expansion They also highlight some upside risks to their investment thesis better same store sales from in store initiatives less margin pressure and SG A leverage Meanwhile Deutsche Bank is slightly more optimistic heading into earnings with a buy rating and 56 price target They commented following Dollar General s updated guidance on its buyback program last month As a result of the buyback announcement we have updated our forecasts Our 2Q EPS remains 0 75 while our 3Q estimate moves up by 0 01 to 0 71 and our 4Q estimate moves up a penny as well to 1 06 Our full year forecast now stands at 3 22 tweaked 0 01 higher at the high end of the company s guidance range of 3 15 3 22 Herbalife Herbalife is expected to report second quarter results after the bell on Monday The company is expected to report second quarter EPS of 1 18 vs 1 10 a year ago on revenue of 1 16 billion vs 1 03 billion a year ago Herbalife shares will be sensitive to comments about any ongoing FTC investigation into its MLM structure As such earnings numbers may not be the most important figures releases Also any comments from Carl Icahn in or around the release will be closely watched Height Securities wrote last week on the status of the regulatory procedures They said Concerns about FTC and Congressional action have grown this week We continue to believe that HLF will not be deemed an illegal pyramid and put out of business but we accept there is some risk of marketing violations at the federal and or state level We believe negative headlines out of Washington will continue if not escalate in coming months and therefore uncertainty among investors may grow as this regulatory process ultimately heads toward a manageable outcome for the company Meanwhile Sadif Investments is neutral on the stock heading into earnings Herbalife Ltd is an above average quality company with a neutral outlook Herbalife Ltd has strong business growth and is run by efficient management The trend in Herbalife Ltd fair value exchange rate against its closest rated competitor Nu Skin Enterprises Inc has been stable With the recent steep rise in Herbalife Ltd s share price the possibility of the company s shares being overbought increases They sight an internal metric in the piece that indicates that shares are slightly overbought currently based on projected operating results Mastercard Mastercard is expected to report second quarter results pre market on Wednesday Analysts forecast earnings per share of 6 30 for the quarter vs 5 65 a year ago on revenue of 2 00 billion vs 1 82 billion a year ago J P Morgan weighed in on the stock heading into earnings They currently have an overweight rating on the stock and a 603 00 price target MasterCard is the 2 global card network worldwide and benefits from the ongoing global secular shift toward card based and electronic payments MasterCard s business is highly defensible and characterized by recurring revenues high incremental margins low capital expenditures and high free cash flow We remain Overweight as we think shares offer premium growth among large cap names and are a relative safe haven against the backdrop of slowing macro trends We think a premium to the broader payment processing space is warranted given MA s faster EPS growth profile Shares are approaching our price target but we remain Overweight as we think shares are a relative safe haven against the threat of slowing macro trends and we see potential for additional share repurchases We note our target multiple is a slight premium to our long term forecast EPS growth rate which we think is reasonable Meanwhile Deutsche Bank notes that the recent draft legislation out of the EU on credit card fees should not be a problem for Mastercard The analysts reiterate a buy and 756 price target MA believes that the proposal poses no revenue or increased competitive risk In contrast the proposal provides an opportunity for MA to gain share from the domestic networks as issuers have freedom to co badge and the card schemes and processing is unbundled MA believes that legal separation may not require a split up at the company holding level In addition the proposal could be delayed due to long drawn legislative process and the final recommendation could be watered down as networks and banks actively lobby the European Parliament and Council members Key Economics Releases Key economic releases during the coming week will focus on the global manufacturing sector central banks and the U S employment market On the manufacturing front the Chinese manufacturing PMIs are due out late Wednesday followed by the eurozone British and U S manufacturing readings on Thursday Also central banks will be in focus The Federal Reserve is set to give its interest rate decision on Wednesday and this month there will be no press conference or updates to the forecasts The Bank of England and the European Central Bank will both then issue their respective statements on Thursday morning with eyes on the newly launched forward guidance from both of the banks Lastly Friday s employment situation report in the U S is much awaited with economists forecasting that the economy added 185 thousand jobs in July vs 195 thousand in June Private payrolls are expected to have gained 195 thousand jobs vs 202 thousand a year ago with manufacturing payrolls expected to be flat vs last month s drop of six thousand The unemployment rate is also expected to drop to 7 5 percent from 7 6 percent Daily Schedule Monday Earnings Expected From American Capital Agency AGNC Anadarko Petroleum APC Express Scripts Holdings ESRX Herbalife HLF Loews L Simon Property Group SPG and Vertex Pharmaceuticals VRTX Economic Releases Expected pending home sales the Dallas Fed Manufacturing Survey and the weekly 3 and 6 month bill auctions TuesdayEarnings Expected From Aetna AET Amgen AMGN Coach COH 3D Systems DDD Dollar General DG Discovery Communications DISCA Corning GLW JetBlue JBLU Merck MRK NYSE Euronext NYX Pfizer PFE Sprint Nextel Corp S Symantec SYMC TRW Holdings TRW and U S Steel X Economic Releases Expected Spanish GDP the weekly Redbook the S P Case Shiller Home Price Index consumer confidence and a 4 week bill auction WednesdayEarnings Expected From Allergan AGN CBS Corp CBS Comcast CMCSA Hercules Offshore HERO Hess HES Honda Motor Corp HMC Humana HUM Level 3 Communications LVLT Mastercard MA MetLife MET Realogy Holdings RLGY Boston Beer Company SAM Sodastream International SODA Whole Foods WFM and Yelp YELP Economic Releases Expected the German unemployment report the eurozone unemployment rate MBA Purchase Applications ADP Employment Report Second Quarter GDP the Chicago PMI the FOMC statement and the Chinese manufacturing PMIs ThursdayEarnings Expected From AIG AIG Apache APA ArcelorMittal MT Arena Pharmaceuticals ARNA AstraZeneca AZN Chesapeake Energy NYSE CHK Clorox NYSE CLX ConocoPhillips NYSE COP DirecTV DTV Exxon Mobil XOM Fortress Investment Group FIG Kellogg K LinkedIn LNKD Marathon Petroleum Corp MPC Onyx Pharmaceuticals ONXX Proctor and Gamble PG Time Warner Cable TWC and Walter Energy WLT Economic Releases Expected the eurozone manufacturing PMI the British manufacturing PMI the Bank of England interest rate decision the European Central Bank interest rate decision Challenger job cut report initial jobless claims PMI Manufacturing Index ISM Manufacturing Index construction spending and Australian PPI FridayEarnings Expected From Cablevision Systems CVC Eaton ETN and Viacom VIAB Economic Releases Expected the British construction PMI the employment situation report and factory orders BY Matthew Kanterman |
XOM | U S Markets Welcome August With Record Highs | U S markets closed at record highs after initial jobless claims fell to a five year low with the S P 500 climbing past 1 700 for the first time ever Industrial stocks led stocks higher after manufacturing data from China Europe and the U S all showed robust growth The Dow Jones Industrials Average also posted triple digit gains despite disappointing earnings Thursday from component company Exxon Mobil Corp XOM which saw Q2 net income fall 57 from the same quarter last year Bullish DataEconomic data Thursday was overwhelmingly bullish as initial claims fell by a greater than expected 17 000 to 326 000 during the week ended July 27 The July purchasing manager s index improved to 53 7 above Wall Street estimates of a gain to 53 1 And while construction spending fell 0 6 in June compared with estimates calling for a 0 4 increase the number was all but ignored when the Markit ISM index jumped to 55 4 reading well above the consensus for a gain to only 53 1 from 50 9 in June EU Interest RatesThe European Central Bank and the Bank of England both ended policy meetings earlier Thursday by leaving interest rates at record lows less than a day after the U S Federal Reserve said the U S economy still needs help and also would keep its stimulus measures in place Commodities were mixed Crude oil for September delivery cents continued its recent surge rising 2 86 to settle at 107 89 per barrel while September natural gas was down 6 cents to finish at 3 39 per 1 million BTU December gold fell 2 00 to 1311 per ounce September silver settled unchanged at 19 63 per ounce and September copper rose 4 cents to 3 16 per pound Here s Where The U S Markets Stood At Day s EndDow Jones Industrial Average up 128 48 0 83 to 15 628 02S P 500 up 21 14 1 25 to 1 706 87Nasdaq Composite Index up 49 37 1 36 to 3 675 74GLOBAL SENTIMENTHang Seng Index up 0 94 Shanghai China Composite up 1 77 FTSE 100 Index up 0 92 UPSIDE MOVERS ZLTQ Medical device company narrows its Q2 net loss from year ago period by 0 14 posting a net loss of 0 10 per share and beating analyst expectations by 0 08 per share Quarterly revenue also topped Street view SFM Super market chain soars in first day as a publicly traded company after pricing initial public offering of 18 5 million shares at 18 apiece 3 above the mid point of its expected 14 to 16 per share range TRLA Home buyer research service reporta Q2 earnings and revenue that topped estimates Also provides upside revenue guidance for Q3 DOWNSIDE MOVERS HGR Q2 EPS misses by 0 04 while revenue was in line with market projections Raises FY13 EPS guidance staying in line with estimates FY13 revenue forecast also in line ELNK Reports wider than expected net loss of 0 11 per share trailing estimates by 0 07 per share SBH Q2 earnings of 0 42 per share miss by a penny After Hours Stock News From Copyright 2013 MT Newswires a Division of MidnightTrader Inc |
TEVA | Will CooperVision Drive Cooper Companies COO Q4 Earnings | The Cooper Companies Inc s NYSE COO fourth quarter fiscal 2017 results scheduled for release on Dec 7 are expected to show steady growth in CooperVision Segment or CVI one of the major revenue components While this could majorly drive fourth quarter earnings an expected improvement in revenues at other segments should help the company generate solid results It is important to note that Cooper s last quarter earnings beat the Zacks Consensus Estimate by 2 3 Similar to the prior quarter strong growth in non single use sphere lenses and single use sphere lenses are expected to be the main factors driving CVI revenues The Zacks Consensus Estimate for CVI stands at 441 million for the fourth quarter This reflects an increase of almost 7 from the year ago quarter Year over year growth across CooperSurgical or CSI and Fertility segments also hold promise for Cooper Delving deeper into the fundamentals of the stock let s see how things are shaping up prior to this release Key Factors to Influence Q4View Upbeat For the fourth quarter Cooper expects revenues in the range of 552 million to 565 million CVI revenues are expected between 435 million and 445 million while CSI revenues are anticipated between 117 million and 120 million The company expects adjusted earnings per share between 2 60 and 2 70 Furthermore the Zacks Consensus Estimate for earnings stands at 2 66 per share up 16 6 year over year The estimate for revenues is pegged at 559 1 million up 7 8 year over year Cooper Companies Inc The Price and EPS Surprise
Robust CSI Product Portfolio Cooper is well positioned to benefit from the expanding CSI product portfolio The company s presence in the markets of Spain the U K Japan Peru South America the UAE South Africa Jordan and Taiwan is worth a mention In an initiative to bolster its CSI portfolio the company recently announced an asset purchase agreement to acquire the flagship contraception platform of Israel based Teva Pharmaceutical Industries NYSE TEVA PARAGARD Intrauterine Device The Zacks Consensus Estimate for CSI revenues stands at 118 million up 10 3 year over year Fertility Segment to Drive Growth We believe that strong performance in the fertility segment would drive Cooper s top line The company s focus on genetic testing is also expected to continue to drive growth The Zacks Consensus Estimate for the segment s revenues stands at 64 million up 23 year over year However volatile foreign exchange is likely to hurt results in the quarter to be reported Our quantitative model projects an earnings beat for Cooper this quarter This is because a stock needs to have both a positive and a Zacks Rank 1 Strong Buy 2 Buy or 3 Hold to be able to beat estimates This is the case here as you will see below Zacks ESP The Earnings ESP for Cooper is 0 82 You can uncover the best stocks to buy or sell before they re reported with our Zacks Rank Cooper currently carries a Zacks Rank 2 hinting at probabilities of a beat Other Stocks Worth a LookHere are a few other medical stocks worth considering as they have the right combination of elements to post an earnings beat this quarter Zumiez Inc NASDAQ ZUMZ has an Earnings ESP of 0 69 and a Zacks Rank 2 You can see American Eagle Outfitters Inc NYSE AEO has an Earnings ESP of 1 04 and a Zacks Rank 2 G III Apparel Group Ltd NASDAQ GIII has an Earnings ESP of 1 44 and a Zacks Rank 3 Investor Alert Breakthroughs PendingA medical advance is now at the flashpoint between theory and realization Billions of dollars in research have poured into it Companies are already generating substantial revenue and even more wondrous products are in the pipeline Cures for a variety of deadly diseases are in sight and so are big potential profits for early investors Zacks names 5 stocks to buy now |
TEVA | Israel stocks higher at close of trade TA 25 up 0 33 | Investing com Israel stocks were higher after the close on Wednesday as gains in the Insurance Technology and Oil Gas sectors led shares higher
At the close in Tel Aviv the TA 25 added 0 33 to hit a new 1 month high
The best performers of the session on the TA 25 were Teva TA TEVA which rose 4 75 or 950 points to trade at 20940 at the close Meanwhile Perrigo TA PRGO added 1 97 or 720 points to end at 37220 and Ormat Technologies TA ORA was up 1 18 or 200 points to 17110 in late trade
The worst performers of the session were Frutarom TA FRUT which fell 1 65 or 320 points to trade at 19120 at the close Bezeq TA BEZQ declined 1 61 or 12 7 points to end at 777 1 and Melisron TA MLSR was down 1 61 or 260 points to 15840
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 169 to 149 and 120 ended unchanged
Crude oil for August delivery was down 3 59 or 1 68 to 45 12 a barrel Elsewhere in commodities trading Brent oil for delivery in September fell 4 02 or 1 95 to hit 46 52 a barrel while the August Gold contract rose 0 29 or 3 85 to trade at 1339 15 a troy ounce
USD ILS was down 0 25 to 3 8590 while EUR ILS rose 0 13 to 4 2844
The US Dollar Index was down 0 34 at 96 22 |
TEVA | Israel stocks lower at close of trade TA 25 down 0 09 | Investing com Israel stocks were lower after the close on Sunday as losses in the Communication Biomed and Banking sectors led shares lower
At the close in Tel Aviv the TA 25 lost 0 09
The best performers of the session on the TA 25 were OPKO Health Inc TA OPK which rose 1 96 or 74 points to trade at 3849 at the close Meanwhile Perrigo TA PRGO added 0 82 or 300 points to end at 36760 and Ormat Technologies TA ORA was up 0 81 or 140 points to 17450 in late trade
The worst performers of the session were Teva TA TEVA which fell 1 14 or 240 points to trade at 20850 at the close Avner L TA AVNRp declined 1 04 or 2 7 points to end at 257 3 and Delek Drilling LP TA DEDRp was down 0 79 or 11 points to 1385
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 189 to 138 and 111 ended unchanged
Shares in Ormat Technologies TA ORA rose to all time highs gaining 0 81 or 140 to 17450
Crude oil for September delivery was unchanged 0 00 or 0 00 to 46 65 a barrel Elsewhere in commodities trading Brent oil for delivery in September rose 1 29 or 0 61 to hit 47 98 a barrel while the August Gold contract rose 0 43 or 5 70 to trade at 1337 90 a troy ounce
USD ILS was up 0 51 to 3 8701 while EUR ILS fell 0 43 to 4 2632
The US Dollar Index was up 0 62 at 96 70 |
TEVA | Israel stocks lower at close of trade TA 25 down 0 09 | Investing com Israel stocks were lower after the close on Monday as losses in the Communication Oil Gas and Biomed sectors led shares lower
At the close in Tel Aviv the TA 25 fell 0 09
The best performers of the session on the TA 25 were Israel Corp TA ILCO which rose 2 14 or 1380 points to trade at 66000 at the close Meanwhile Mizrahi Tefahot TA MZTF added 1 52 or 70 points to end at 4671 and Teva TA TEVA was up 1 01 or 210 points to 21060 in late trade
The worst performers of the session were Perrigo TA PRGO which fell 1 69 or 620 points to trade at 36140 at the close Frutarom TA FRUT declined 1 61 or 310 points to end at 19000 and Elbit Systems TA ESLT was down 1 50 or 560 points to 36720
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 173 to 165 and 101 ended unchanged
Crude oil for September delivery was down 2 29 or 1 07 to 45 58 a barrel Elsewhere in commodities trading Brent oil for delivery in September fell 2 27 or 1 08 to hit 46 53 a barrel while the August Gold contract rose 0 26 or 3 45 to trade at 1330 85 a troy ounce
USD ILS was down 0 47 to 3 8519 while EUR ILS fell 0 02 to 4 2622
The US Dollar Index was down 0 14 at 96 56 |
TEVA | Israel stocks higher at close of trade TA 25 up 0 21 | Investing com Israel stocks were higher after the close on Tuesday as gains in the Technology Biomed and Communication sectors led shares higher
At the close in Tel Aviv the TA 25 rose 0 21
The best performers of the session on the TA 25 were Ormat Technologies TA ORA which rose 5 05 or 880 points to trade at 18320 at the close Meanwhile Perrigo TA PRGO added 1 50 or 520 points to end at 35170 and Teva TA TEVA was up 1 49 or 300 points to 20480 in late trade
The worst performers of the session were Paz Oil TA PZOL which fell 2 38 or 1520 points to trade at 62470 at the close Melisron TA MLSR declined 1 91 or 320 points to end at 16450 and Avner L TA AVNRp was down 1 75 or 4 5 points to 252 5
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 177 to 142 and 118 ended unchanged
Shares in Ormat Technologies TA ORA rose to all time highs gaining 5 05 or 880 to 18320
Crude oil for September delivery was up 4 10 or 1 62 to 41 13 a barrel Elsewhere in commodities trading Brent oil for delivery in October rose 3 92 or 1 64 to hit 43 44 a barrel while the December Gold contract fell 0 59 or 8 15 to trade at 1364 45 a troy ounce
USD ILS was up 0 42 to 3 8231 while EUR ILS fell 0 26 to 4 2617
The US Dollar Index was up 0 52 at 95 51 |
TEVA | Israel stocks higher at close of trade TA 25 up 0 21 | Investing com Israel stocks were higher after the close on Wednesday as gains in the Technology Biomed and Communication sectors led shares higher
At the close in Tel Aviv the TA 25 rose 0 21
The best performers of the session on the TA 25 were Ormat Technologies TA ORA which rose 5 05 or 880 points to trade at 18320 at the close Meanwhile Perrigo TA PRGO added 1 50 or 520 points to end at 35170 and Teva TA TEVA was up 1 49 or 300 points to 20480 in late trade
The worst performers of the session were Paz Oil TA PZOL which fell 2 38 or 1520 points to trade at 62470 at the close Melisron TA MLSR declined 1 91 or 320 points to end at 16450 and Avner L TA AVNRp was down 1 75 or 4 5 points to 252 5
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 177 to 142 and 118 ended unchanged
Shares in Ormat Technologies TA ORA rose to all time highs gaining 5 05 or 880 to 18320
Crude oil for September delivery was up 4 00 or 1 58 to 41 09 a barrel Elsewhere in commodities trading Brent oil for delivery in October rose 3 76 or 1 57 to hit 43 37 a barrel while the December Gold contract fell 0 60 or 8 25 to trade at 1364 35 a troy ounce
USD ILS was up 0 43 to 3 8233 while EUR ILS fell 0 24 to 4 2626
The US Dollar Index was up 0 52 at 95 51 |
XOM | U S stocks end mixed on data Fed comments Dow slips 0 22 | Investing com U S stocks finished Wednesday mixed to lower after disappointing data sent investors jumping to the sidelines through an expressed commitment from Fed Chair Janet Yellen to support the economy allowed for some gains
At the close of U S trading the Dow Jones Industrial Average fell 0 22 the S P 500 index fell 0 01 while the Nasdaq Composite index rose 0 14
Stocks ended lower after the Institute of Supply Management said its services purchasing managers index fell to a 43 month low of 51 6 last month from 54 0 in January Analysts had expected the index to tick down to 53 5 in February
Investors shrugged off payroll processor ADP s nonfarm payrolls report which revealed that the U S private sector added 139 000 jobs in February below expectations for an increase of 160 000
Many blamed the disappointing figure on rough winter weather that disrupted commerce last month
Earlier Wednesday the Federal Reserve released its Beige Book which concluded that a string of winter storms was partly responsible for disappointing economic indicators this year
Elsewhere Fed Chair Janet Yellen said Wednesday that the U S central bank will do all it can to ensure U S recovery remains on track as the economy is still not as healthy as it should be
I will also continue the work of helping repair the damage done by the financial crisis to the economy Too many Americans still can t find a job or are forced to work part time The goals set by Congress for the Federal Reserve are clear maximum employment and stable prices Yellen said in prepared remarks at a swearing in ceremony in Washington earlier
It is equally clear that the economy continues to operate considerably short of these objectives I promise to do all that I can working with my fellow policymakers to achieve the very important goals Congress has assigned to the Federal Reserve
Leading Dow Jones Industrial Average performers included Goldman Sachs up 1 88 JPMorgan up 1 59 and Walt Disney up 1 15
The Dow Jones Industrial Average s worst performers included Exxon Mobil down 2 81 Nike down 1 52 and Boeing down 1 11
European indices meanwhile finished lower
After the close of European trade the EURO STOXX 50 fell 0 07 France s CAC 40 fell 0 11 while Germany s DAX 30 fell 0 49 Meanwhile in the U K the FTSE 100 fell 0 71
On Thursday the U S is to publish the weekly report on initial jobless claims and data on factory orders |
XOM | U S stocks mixed on jobs report Ukraine unease Dow rises 0 19 | Investing com Concerns that the Ukraine crisis my heat up anew offset a better than expected February jobs report and sent stocks trading mixed to higher on Friday
At the close of U S trading the Dow Jones Industrial Average rose 0 19 the S P 500 index rose 0 05 while the Nasdaq Composite index fell 0 37
The Bureau of Labor Statistics reported earlier that the U S economy added 175 000 jobs in February beating expectations for a 149 000 increase
January s figure was revised up to 129 000 from 113 000
The U S private sector added 162 000 jobs last month exceeding expectations for a 154 000 rise January s figure was revised up to 145 000 from 142 000
The report also showed that the U S unemployment rate ticked up to 6 7 in February from 6 6 the previous month Analysts had expected the unemployment rate to remain unchanged last month
Meanwhile data also showed that the U S trade deficit expanded to 39 1 billion in January from 38 98 billion in December whose figure was revised from a previously estimated deficit of 38 7 billion
Analysts had expected the trade deficit to expand to 39 00 billion in January
The bullish data sent stocks rising by fueling hopes that an improving economy will bolster corporate fundamentals down the road
Offsetting gains however were concerns the Russian standoff in Ukraine may be heating up anew
Russian President Vladimir Putin said earlier that he wouldn t ignore pleas for help from Russian speakers in Ukraine which markets interpreted as rebuff to U S President Barack Obama s call to end the crisis
Leading Dow Jones Industrial Average performers included Nike up 1 57 Exxon Mobil up 1 30 and Goldman Sachs up 0 93
The Dow Jones Industrial Average s worst performers included Walt Disney down 1 36 Microsoft down 0 72 and Verizon down 0 68
European indices meanwhile finished lower
After the close of European trade the EURO STOXX 50 fell 1 50 France s CAC 40 fell 1 15 while Germany s DAX 30 fell 2 01 Meanwhile in the U K the FTSE 100 fell 1 12 |
XOM | Chemical Products Offset XOM s Flat Earnings | Exxon Mobil Corp XOM oil production earnings may have dropped in the first quarter but the company was able to offset the loss with strong chemical product sales according to its April 25 quarterly earnings report The world s most valuable company saw its oil production traditionally its strength slip by 3 5 to 4 395 million barrels a day during the first quarter s volatile global oil markets Still Exxon upped its exploration capital to 11 8 billion during the period a 33 increase over one year ago Dividends And BuybacksExxon s overall performance in the first quarter was aided by a 62 increase in its chemical profits however and the success allowed the company to distribute 7 6 billion in dividends and buybacks to its shareholders A lot of what we saw with gasoline prices didn t happen until late March Philip Weiss senior energy analyst at Argus Research told CNBC The refining results which were pretty nice this quarter they look like they could be weaker next quarter because of what s going on in the gasoline market The NumbersExxon posted first quarter profit of 9 5 billion or 2 12 a share up from an even 2 per share on 9 45 billion during the same period in 2012 Thomson Reuters analysts expected the firm to report earnings of just 2 05 a share on 11 98 billion Although the earnings per share topped Wall Street expectations the gains mainly came after a stock buyback that reduced the number of outstanding shares by five percent Their reliance on share buybacks mutes the earnings a share beat Brian Youngberg energy company analyst at Edward Jones told Reuters I d rather see them give the cash to shareholders in the form of a dividend increase Shares in the Irving Texas company fell more than one percent by midday trading following the announcement |
TEVA | Israel stocks higher at close of trade TA 25 up 0 33 | Investing com Israel stocks were higher after the close on Sunday as gains in the Oil Gas Communication and Banking sectors led shares higher
At the close in Tel Aviv the TA 25 rose 0 33
The best performers of the session on the TA 25 were Teva TA TEVA which rose 1 38 or 270 points to trade at 19890 at the close Meanwhile Perrigo TA PRGO added 1 17 or 430 points to end at 37320 and Frutarom TA FRUT was up 0 85 or 160 points to 19080 in late trade
The worst performers of the session were Gazit Globe TA GZT which fell 1 14 or 39 points to trade at 3386 at the close Israel Corp TA ILCO declined 0 91 or 610 points to end at 66280 and Azrieli Group TA AZRG was down 0 72 or 120 points to 16520
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 187 to 145 and 113 ended unchanged
Crude oil for July delivery was up 0 22 or 0 11 to 49 59 a barrel Elsewhere in commodities trading Brent oil for delivery in August unchanged 0 00 or 0 00 to hit 49 95 a barrel while the August Gold contract unchanged 0 00 or 0 00 to trade at 1216 70 a troy ounce
USD ILS was up 0 23 to 3 8453 while EUR ILS fell 0 33 to 4 2736
The US Dollar Index was up 0 62 at 95 73 |
TEVA | Israel stocks lower at close of trade TA 25 down 0 27 | Investing com Israel stocks were lower after the close on Wednesday as losses in the Banking Financials and Insurance sectors led shares lower
At the close in Tel Aviv the TA 25 fell 0 27
The best performers of the session on the TA 25 were Israel Corp TA ILCO which rose 0 99 or 660 points to trade at 67580 at the close Meanwhile Teva TA TEVA added 0 90 or 180 points to end at 20190 and Nice TA NICE was up 0 85 or 210 points to 24940 in late trade
The worst performers of the session were Leumi TA LUMI which fell 2 12 or 30 points to trade at 1384 at the close Gazit Globe TA GZT declined 1 74 or 57 points to end at 3213 and Melisron TA MLSR was down 1 49 or 230 points to 15160
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 184 to 168 and 93 ended unchanged
Crude oil for July delivery was down 1 69 or 0 83 to 48 27 a barrel Elsewhere in commodities trading Brent oil for delivery in August fell 1 60 or 0 80 to hit 49 09 a barrel while the August Gold contract fell 0 36 or 4 35 to trade at 1213 15 a troy ounce
USD ILS was up 0 14 to 3 8579 while EUR ILS rose 0 48 to 4 3093
The US Dollar Index was down 0 37 at 95 48 |
TEVA | Israel stocks higher at close of trade TA 25 up 0 31 | Investing com Israel stocks were higher after the close on Thursday as gains in the Insurance Communication and Biomed sectors led shares higher
At the close in Tel Aviv the TA 25 gained 0 31
The best performers of the session on the TA 25 were Teva TA TEVA which rose 2 72 or 550 points to trade at 20740 at the close Meanwhile OPKO Health Inc TA OPK added 1 62 or 65 points to end at 4072 and Avner L TA AVNRp was up 0 86 or 2 1 points to 245 1 in late trade
The worst performers of the session were Frutarom TA FRUT which fell 2 67 or 500 points to trade at 18240 at the close Isramco L TA ISRAp declined 1 85 or 1 2 points to end at 63 8 and Paz Oil TA PZOL was down 1 47 or 940 points to 62910
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 182 to 162 and 101 ended unchanged
Crude oil for July delivery was down 0 88 or 0 43 to 48 58 a barrel Elsewhere in commodities trading Brent oil for delivery in August fell 0 91 or 0 45 to hit 49 27 a barrel while the August Gold contract fell 0 18 or 2 20 to trade at 1212 50 a troy ounce
USD ILS was up 0 24 to 3 8609 while EUR ILS rose 0 00 to 4 3097
The US Dollar Index was up 0 04 at 95 46 |
TEVA | Israel stocks lower at close of trade TA 25 down 0 63 | Investing com Israel stocks were lower after the close on Thursday as losses in the Insurance Communication and Financials sectors led shares lower
At the close in Tel Aviv the TA 25 declined 0 63
The best performers of the session on the TA 25 were Perrigo TA PRGO which rose 1 72 or 660 points to trade at 39010 at the close Meanwhile Teva TA TEVA added 0 34 or 70 points to end at 20760 and OPKO Health Inc TA OPK was up 0 32 or 12 points to 3740 in late trade
The worst performers of the session were Azrieli Group TA AZRG which fell 2 48 or 410 points to trade at 16150 at the close ICL Israel Chemicals Ltd TA ICL declined 2 40 or 39 points to end at 1586 and Melisron TA MLSR was down 1 69 or 260 points to 15120
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 177 to 160 and 107 ended unchanged
Crude oil for July delivery was down 1 29 or 0 66 to 50 57 a barrel Elsewhere in commodities trading Brent oil for delivery in August fell 1 22 or 0 64 to hit 51 87 a barrel while the August Gold contract rose 0 51 or 6 45 to trade at 1268 75 a troy ounce
USD ILS was up 0 19 to 3 8419 while EUR ILS fell 0 45 to 4 3503
The US Dollar Index was up 0 41 at 93 97 |
TEVA | Israel stocks lower at close of trade TA 25 down 1 26 | Investing com Israel stocks were lower after the close on Monday as losses in the Communication Biomed and Technology sectors led shares lower
At the close in Tel Aviv the TA 25 declined 1 26
The best performers of the session on the TA 25 were Teva TA TEVA which fell 0 14 or 30 points to trade at 20730 at the close Meanwhile ICL Israel Chemicals Ltd TA ICL fell 0 38 or 6 points to end at 1580 and Strauss Group TA STRS was down 0 49 or 30 points to 6051 in late trade
The worst performers of the session were Mizrahi Tefahot TA MZTF which fell 2 94 or 131 points to trade at 4319 at the close Israel Corp TA ILCO declined 2 23 or 1560 points to end at 68390 and Nice TA NICE was down 2 06 or 500 points to 23800
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 229 to 91 and 124 ended unchanged
Crude oil for July delivery was up 0 18 or 0 09 to 49 16 a barrel Elsewhere in commodities trading Brent oil for delivery in August rose 0 22 or 0 11 to hit 50 65 a barrel while the August Gold contract rose 0 71 or 9 10 to trade at 1285 00 a troy ounce
USD ILS was down 0 26 to 3 8560 while EUR ILS rose 0 26 to 4 3578
The US Dollar Index was down 0 34 at 94 31 |
TEVA | Israel stocks higher at close of trade TA 25 up 1 22 | Investing com Israel stocks were higher after the close on Monday as gains in the Financials Banking and Technology sectors led shares higher
At the close in Tel Aviv the TA 25 rose 1 22
The best performers of the session on the TA 25 were Mizrahi Tefahot TA MZTF which rose 3 66 or 167 points to trade at 4730 at the close Meanwhile Paz Oil TA PZOL added 3 25 or 1950 points to end at 62000 and ICL Israel Chemicals Ltd TA ICL was up 3 14 or 48 points to 1577 in late trade
The worst performers of the session were Perrigo TA PRGO which fell 1 84 or 700 points to trade at 37280 at the close Bezeq TA BEZQ declined 0 97 or 7 0 points to end at 712 0 and Teva TA TEVA was down 0 55 or 110 points to 19980
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 230 to 92 and 117 ended unchanged
Crude oil for August delivery was up 2 22 or 1 08 to 49 64 a barrel Elsewhere in commodities trading Brent oil for delivery in August rose 2 32 or 1 14 to hit 50 31 a barrel while the August Gold contract fell 0 41 or 5 25 to trade at 1289 55 a troy ounce
USD ILS was down 0 27 to 3 8568 while EUR ILS rose 0 21 to 4 3725
The US Dollar Index was down 0 73 at 93 61 |
TEVA | Chesapeake Partners to shut hedge fund cites M A woes | By Svea Herbst Bayliss BOSTON Reuters Chesapeake Partners a 1 4 billion hedge fund that bet on special situations including mergers bankruptcies and spin offs is shutting down after an 18 month stretch of losses as it blamed government regulation for making investing tougher Founders Traci Shanbrun Lerner and Mark Lerner in a June 27 letter to investors which was seen by Reuters criticized the U S government for helping undo Pfizer NYSE PFE Inc s bid for Allergan NYSE AGN pa Plc through new rules to oppose tax inversion deals where companies move abroad to cut taxes Chesapeake has suffered losses this year on Allergan and other companies whose planned mergers were delayed or abandoned including Office Depot Inc and Teva Pharmaceutical Industries NYSE TEVA Ltd From that moment it has not been possible to invest in pending mergers in the same way the husband and wife pair wrote We find ourselves in an investing environment that has become progressively more hostile and undiscernible they added Chesapeake is the latest hedge fund to close down following in the footsteps of George Soros Carl Icahn and Stanley Druckenmiller who turned their firms into family offices as regulatory burdens grew In the past 12 months more funds shut down than started up according to data from Chicago based Hedge Fund Research The Lerners said they are returning clients money to manage only their own The Lerners in the letter also criticized restrictions on banks for making it tougher and more expensive to run a hedge fund and said political gridlock will make investing even more difficult For decades the pair who work in Baltimore and keep a low profile in Wall Street circles boasted some of the hedge fund industry s best returns Their fund gained an average 14 percent a year since its launch in 1991 The Standard Poor s 500 index climbed an average 9 percent during the same period The fund returned 47 percent in both 2013 and 2009 But the past 18 months have been tougher for Chesapeake with the fund losing 13 percent in 2015 and dropping 8 2 percent in the first five months of 2016 At the same time the Lerners worried that capital requirements at banks for example hurt smaller firms because banks will no longer loan money or clear trades for anyone but the biggest hedge funds Managers without scale cease to be worthwhile customers increasingly denied access to the services of the major Wall Street firms they wrote Bloomberg first reported Chesapeake s plans to shut down |
TEVA | Israel stocks lower at close of trade TA 25 down 0 49 | Investing com Israel stocks were lower after the close on Wednesday as losses in the Banking Insurance and Financials sectors led shares lower
At the close in Tel Aviv the TA 25 declined 0 49
The best performers of the session on the TA 25 were OPKO Health Inc TA OPK which rose 1 06 or 39 points to trade at 3718 at the close Meanwhile Teva TA TEVA added 0 98 or 190 points to end at 19480 and Gazit Globe TA GZT was up 0 46 or 16 points to 3500 in late trade
The worst performers of the session were Israel Corp TA ILCO which fell 3 44 or 2030 points to trade at 57000 at the close ICL Israel Chemicals Ltd TA ICL declined 2 50 or 37 points to end at 1443 and Leumi TA LUMI was down 2 11 or 28 points to 1298
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 221 to 103 and 113 ended unchanged
Shares in ICL Israel Chemicals Ltd TA ICL fell to 5 year lows losing 2 50 or 37 to 1443
Crude oil for August delivery was down 0 52 or 0 24 to 46 36 a barrel Elsewhere in commodities trading Brent oil for delivery in September fell 0 81 or 0 39 to hit 47 57 a barrel while the August Gold contract rose 1 20 or 16 35 to trade at 1375 05 a troy ounce
USD ILS was down 0 03 to 3 8933 while EUR ILS fell 0 04 to 4 3098
The US Dollar Index was up 0 06 at 96 33 |
XOM | Exxon Mobil down 1 after fourth quarter earnings miss | Investing com The world s largest oil and gas company Exxon Mobil reported weaker than expected fourth quarter earnings ahead of Thursday s opening bell sending it shares down 1 in pre market trade Exxon said earnings per share came in at USD1 91 in the fourth quarter just below expectations for earnings of USD1 92 per share The company s fourth quarter revenue totaled USD110 86 billion below forecasts for revenue of USD114 70 billion Following the release of the report Exxon Mobil shares fell 1 in pre market trade Meanwhile the outlook for U S equity markets remained higher The Dow Jones Industrial Average futures indicated a gain of 0 45 at the open S P 500 futures pointed to an increase of 0 5 while the Nasdaq 100 futures indicated a rise of 0 85 |
XOM | U S stocks open higher Nasdaq rallies as Facebook soars 15 | Investing com U S stock markets were broadly higher after the open on Thursday with the Nasdaq rallying sharply on the back of hefty gains in Facebook
During early U S trade the Dow Jones Industrial Average rose 0 55 the S P 500 advanced 0 85 while the Nasdaq Composite index rallied 1 5
Ahead of the opening bell the Commerce Department said U S gross domestic product grew at a seasonally adjusted annual rate of 3 2 in the fourth quarter meeting expectations The data showed personal consumption grew 3 3 in the three months ended December 31 the biggest increase in three years
A separate report showed that the number of people who filed for unemployment assistance in the U S last week rose to a six week high of 348 000 an increase of 19 000 from the previous week s revised total of 329 000
The Federal Reserve said Wednesday that it will keep a close eye on economic indicators before deciding to wind down its stimulus program even further after reducing its monthly bond buying program by USD10 billion to a total of USD65 billion a month
In earnings news Facebook shares surged 15 5 after the company said its fourth quarter profit rose to USD523 million from USD64 million a year earlier
Revenue increased to USD2 59 billion from USD1 59 billion above forecasts for sales of USD2 42 billion Half of the company s advertising revenue came from mobile devices brightening the outlook for full year earnings
The upbeat earnings boosted other shares in the sector with Twitter jumping 8 6 and Yelp rising 5 6
Visa saw shares climb 2 5 after saying earnings per share came in at USD2 20 in the first quarter above expectations for earnings of USD2 16 per share
Shares of Qualcomm rose 1 45 after the company posted better than expected fiscal first quarter earnings after Wednesday s closing bell
Google shares picked up 3 5 after it agreed to sell its Motorola handset unit to Lenovo Group for approximately USD3 billion After the close Google is expected to report fourth quarter earnings of USD12 23 a share after Thursday s closing bell
Amazon increased 1 5 as investors positioned themselves in the stock ahead of the release of the company s quarterly earnings report due after the bell
On the downside Exxon Mobil saw shares drop 1 4 after reporting weaker than expected fourth quarter earnings and revenue
3M Company shares slid 1 5 after the company s fourth quarter revenue totaled USD7 57 billion below forecasts for revenue of USD7 71 billion
Across the Atlantic European stock markets were higher The EURO STOXX 50 rose 0 7 France s CAC 40 added 0 75 Germany s DAX increased 0 7 while Britain s FTSE 100 inched up 0 2
Asian stock markets fell sharply on Thursday with Hong Kong s Hang Seng Index falling 0 48 China s Shanghai Composite index declining 0 82 while Japan s Nikkei 225 Index tumbled 2 45
Data released earlier showed that China s final HSBC Purchasing Managers Index fell to a six month low of 49 5 in January from a preliminary reading of 49 6 and down from 50 5 in December |
XOM | U S stocks inch up ahead of Yellen testimony Dow up 0 05 | Investing com U S stocks posted cautious gains on Monday in a quiet session marked by anticipation for Federal Reserve Chair Janet Yellen to appear before Congress on Tuesday
At the close of U S trading the Dow Jones Industrial Average rose 0 05 the S P 500 index gained 0 16 while the Nasdaq Composite index rose 0 54
Fed Chair Janet Yellen will testify before the House of Representatives on Tuesday and the Senate on Thursday and markets were eager for clues on the direction of monetary policy in wake of lackluster U S data
On Friday the U S Labor Department reported that the economy added 113 000 jobs in January less than an expected 185 000 increase
While soft the numbers weren t seen as weak enough to prompt the Fed to seriously delay tapering its USD65 billion in monthly bond purchases which aim to spur recovery by suppressing long term interest rates thus boosting stock prices in the process
Still uncertainty surrounding the pace at which the Fed will taper due to soft economic indicators gave stocks room to post cautious gains in a session void of major U S economic indicators
Leading Dow Jones Industrial Average performers included Walt Disney up 1 84 The Travelers Companies up 1 82 and Coca Cola up 1 62
The Dow Jones Industrial Average s worst performers included UnitedHealth down 2 28 Exxon Mobil down 1 18 and McDonald s down 1 10
European indices meanwhile finished mixed
After the close of European trade the EURO STOXX 50 fell 0 22 France s CAC 40 rose 0 21 while Germany s DAX 30 fell 0 13 Meanwhile in the U K the FTSE 100 finished rose 0 30 |
XOM | Asian stocks rise after mixed economic data from Australia | Investing com Asian stocks rose on Tuesday after a mixed home loan and business confidence data coming from Australia and as investors await Federal Reserve Chair Janet Yellen to appear before Congress later in the day
According to figures released by Australian Bureau of Statistics ABS the number of new loans granted for owner occupied homes fell 1 9 in December as against the expectation of 0 9 rise In November they rose by 1 4
ABS also reported that the Australian House Price Index rose by 3 4 in Q4 as against the expectation of 3 rise In the previous quarter it rose by 2 4
The National Australia Bank business confidence index in January rose to 8 from 6 in December and business conditions index rose to 4 in January from 3 in December
Japanese markets are closed for the public holiday of National Foundation Day
In Shanghai Foshan Haitian Flavoring and Food Company that raised Yaun3 8 billion in a recent IPO jumped 44 in the early trading that triggering market s circuit breaker
S P ASX rose 0 73 Shanghai rose 0 36 while Hang Seng rose 1 69
On Monday the U S stocks posted cautious gains in a quiet session At the close of U S trading the Dow Jones Industrial Average rose 0 05 the S P 500 index gained 0 16 while the Nasdaq Composite index rose 0 54
Fed Chair Janet Yellen will testify before the House of Representatives on Tuesday and the Senate on Thursday and markets were eager for clues on the direction of monetary policy in wake of lackluster U S data
On Friday the U S Labor Department reported that the economy added 113 000 jobs in January less than an expected 185 000 increase
While soft the numbers weren t seen as weak enough to prompt the Fed to seriously delay tapering its USD65 billion in monthly bond purchases which aim to spur recovery by suppressing long term interest rates thus boosting stock prices in the process
Still uncertainty surrounding the pace at which the Fed will taper due to soft economic indicators gave stocks room to post cautious gains in a session void of major U S economic indicators
Leading Dow Jones Industrial Average performers included Walt Disney up 1 84 The Travelers Companies up 1 82 and Coca Cola up 1 62
The Dow Jones Industrial Average s worst performers included UnitedHealth down 2 28 Exxon Mobil down 1 18 and McDonald s down 1 10 |
XOM | U S stocks gain on consumer sentiment data Dow up 0 79 | Investing com U S stocks rose on Friday buoyed by a consumer sentiment report that surprised many investors
At the close of U S trading the Dow Jones Industrial Average rose 0 79 the S P 500 index rose 0 48 while the Nasdaq Composite index rose 0 08
Earlier Friday the preliminary Thomson Reuters University of Michigan consumer sentiment index remained unchanged at 81 2 for February beating expectations for a fall to 80 6 which drew applause on Wall Street
Elsewhere the Federal Reserve reported that U S industrial production fell 0 3 in January defying expectations for a 0 3 rise after a 0 3 increase the previous month though equities market shrugged off the news and blamed it on rough winter weather
Data also showed that U S import prices rose 0 1 last month confounding expectations for a 0 1 downtick after a 0 2 rise in December
While economic indicators have come in hit or miss this year many went long on stocks betting that the second quarter will bring more robust economic data
Leading Dow Jones Industrial Average performers included UnitedHealth up 3 23 Exxon Mobil up 2 96 and Procter Gamble up 2 06
The Dow Jones Industrial Average s worst performers included Verizon down 1 71 AT T down 1 03 and Goldman Sachs down 0 24
European indices meanwhile finished higher
After the close of European trade the EURO STOXX 50 rose 0 57 France s CAC 40 rose 0 63 while Germany s DAX 30 rose 0 68 Meanwhile in the U K the FTSE 100 rose 0 06 |
XOM | NY Crude FallsOn Gloomy Data And Closed Pipeline | For the first time in six days black gold saw its prices plunging in New York On March 29 after a heavy Canadian crude leak in Arkansas Exxon Mobil Corp pipeline shut down the Pegasus pipeline which moves oil from Illinois to the U S Gulf Coast Demand on crude could very well weaken pessimistic sentiments were spread throughout the energy market after a report showed that ISM manufacturing for March came in at 51 3 below the projected 54 1 and prior reading of 54 2 In fact manufacturing activity slowed down surprisingly in March It remained in expansion for the fourth straight month and pulled down today accordingly the Standard Poor s 500 Index lower after a record high Consequential to this plunge black gold is trading at around 96 55 a barrel recording a high of 97 20 per barrel and a low of 95 92 per barrel |
XOM | WTI Crude Falls From Six Week High As Pipeline Is Shut | West Texas Intermediate crude slid from the highest close in six weeks snapping its longest rally this year Exxon Mobil Corp XOM shut a pipeline that carries oil to the U S Gulf Coast Futures dropped as much as 0 8 percent after five days of gains through March 28 took last quarter s advance to 5 9 percent The Pegasus pipeline shut March 29 after a leak in Arkansas will need to be excavated as Exxon determines what caused the breach a spokeswoman said WTI prices surged last week as U S economic growth beat forecasts sending U S equities to a record March 28 U S crude inventories are at a fairly high level right now and the Pegasus pipeline shutdown will further increase pressure Shi Yan an analyst at UOB Kay Hian Ltd in Shanghai said in a phone interview Prices will stabilize or weaken in the longer term as demand declines gradually WTI for May delivery slipped as much as 81 cents to 96 42 a barrel on the New York Mercantile Exchange and was at 96 55 at 7 53 a m in New York It closed at 97 23 on March 28 the highest settlement since Feb 14 capping the longest rally since Dec 20 Prices increased 3 8 percent last week and 5 6 percent in March The market was closed March 29 for Good Friday The volume of all futures traded was 22 percent below the 100 day average for the time of day |
XOM | WTI Oil Falls As Crude Supplies Seen Rising | West Texas Intermediate oil fell for a second day on speculation a report will show that U S crude supplies rose to the highest level in more than 22 years Futures declined as much as 1 2 percent before the release of government data tomorrow that s projected to show stockpiles climbed by 1 75 million barrels last week according to a Bloomberg survey of analysts Exxon XOM Mobil Corp is developing a plan to repair a leak that shut the Pegasus pipeline system which moves oil to Gulf Coast refineries from the central U S There s no doubt that there s oil aplenty in the U S said Phil Flynn senior market analyst at the Price Futures Group in Chicago The rise in U S oil output is changing the world energy picture dramatically The only problem we have is shipping it from place to place which is why we re paying attention to the pipeline closure WTI oil for May delivery dropped 84 cents or 0 9 percent to 96 23 a barrel at 9 42 a m on the New York Mercantile Exchange The volume of all futures traded was 27 percent above the 100 day average for the time of day Brent for May settlement decreased 48 cents or 0 4 percent to 110 60 a barrel on the London based ICE Futures Europe exchange The volume of all futures traded was 1 9 percent higher than the 100 day average The European benchmark grade traded at a 14 37 premium to WTI futures compared with 14 01 yesterday and 12 79 March 28 |
XOM | Oil And Gold Analysis April 03 2013 | CLWest Texas Intermediate fell for the second time in three days The fall happened after an industry report showed U S crude stockpiles increased the most in four weeks and a government order prevented the restart of a pipeline to the Texas Gulf Coast A government report due to be issued today may show supplies climbed 2 1 million barrels Exxon Mobil Corp s Pegasus pipeline will remain shut until regulators are satisfied with repairs WTI for May delivery declined as much as 64 cents to 96 55 a barrel GOLDGold dropped to the lowest level in over three weeks as investors cut holdings of the metal after the dollar gained and data showed an improving U S economy Bullion for immediate delivery lost as much as 0 8 percent at 1 563 68 an ounce the lowest price since March 8 Futures for June delivery fell 0 5 percent to 1 568 an ounce on the Comex Gold is in a bubble and will head into a so called bear market as improving U S economic growth prompts the Federal Reserve to curb stimulus efforts |
XOM | Oil Holds Above 93 A Barrel Eyes On U S Crude Inventories | Oil markets gained softly with the start of the European session after data showed China s inflation slowed unexpectedly in March to 2 1 percent in March from February s 3 2 percent giving policymakers the green light to enact additional monetary easing and so on spur demand for oil in the world s second largest economy But the rally was soon subject to high expectations for U S crude stockpiles WTI crude oil rose for a second day trading in a 2 range and closing higher at 93 45 a barrel on Monday The May 13 contract was at 93 63 a barrel by 10 49 GMT 3 today holding steady above 93 grounds and extending a rebound from a technical support level of 92 00 20 A ray of fundamentals were kindly supportive since the week kicked off and most recently expectations for the higher U S crude stockpiles standing at its highest in nearly two decades has essentially helped prices oil cap the biggest weekly decline in six months last Friday Oil markets will be watching out for two key U S inventory data theAPI total change in crude oil inventories data due today and EIA update for crude oil stockpiles which probably rose 1 5 million barrels in the week ended April 5 scheduled on Thursday U S crude inventories probably increased last week after Exxon Mobil Corp halted the Pegasus pipeline Oil prices were pressed by concerns over growing tension in North Korea and a deadlock in talks between Iran and Western nations over its nuclear program |
TEVA | Teva Pharm finalizing asset sales to clear Allergan deal source | By Carl O Donnell Reuters Teva Pharmaceutical Industries NYSE TEVA Ltd is finalizing as much as 2 billion in asset sale agreements to win U S antitrust clearance for its 40 5 billion acquisition of Allergan NYSE AGN pa Plc s generic drug portfolio according to a source familiar with the matter The divestments would boost efforts by Teva the Israeli pharmaceutical company to close the deal with Allergan which is domiciled in Ireland Teva said in March that a regulatory review of the deal by the U S Federal Trade Commission was taking longer than anticipated and that it expected the transaction to be completed by June Teva has found buyers for nearly all of the assets it expects to divest which could be worth as much as 2 billion in total the source said on Thursday They include around 50 drugs already on the market and 25 in development that treat illnesses ranging from cancer to respiratory disease and central nervous system disorders the source said Teva is still on track to close the deal next month the source added asking not to be identified because the latest developments are not public Teva declined to comment Allergan did not immediately respond to requests for comment Finalizing a divestiture plan does not guarantee approval from the FTC which can sometimes surprise companies by making demands for additional asset sales or proclaim that a transaction is anti competitive Teva s deal with Allergan has been cleared by European antitrust regulators In July Teva agreed to buy the generics portfolio of Allergan solidfying Teva s position as the world s largest generic manufacturer For Allergan the transaction will help focus its business on brand name drugs and provide a massive war chest for future acquisitions Allergan had subsequently agreed to a 160 billion takeover by larger player Pfizer Inc NYSE PFE but the deal was derailed last month by the U S Treasury which introduced rules that eliminated tax benefits central to the transaction Investors and industry analysts expect Allergan will look for new acquisition targets once the sale to Teva is completed
Teva is still in the process of finding buyers for one set of assets a bundle of drugs in various stages of development worth about 500 million but expects to agree to a deal as soon as next week the source said The source would not provide details on the buyers |
TEVA | Israel stocks lower at close of trade TA 25 down 0 35 | Investing com Israel stocks were lower after the close on Sunday as losses in the Biomed Technology and Oil Gas sectors led shares lower
At the close in Tel Aviv the TA 25 declined 0 35 to hit a new 1 month low
The best performers of the session on the TA 25 were OPKO Health Inc TA OPK which rose 1 71 or 63 points to trade at 3745 at the close Meanwhile Gazit Globe TA GZT added 1 66 or 56 points to end at 3434 and Mizrahi Tefahot TA MZTF was up 1 64 or 70 points to 4333 in late trade
The worst performers of the session were Teva TA TEVA which fell 5 47 or 1110 points to trade at 19180 at the close Perrigo TA PRGO declined 4 75 or 1740 points to end at 34910 and Ormat Technologies TA ORA was down 2 74 or 460 points to 16330
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 169 to 152 and 128 ended unchanged
Shares in Teva TA TEVA fell to 52 week lows down 5 47 or 1110 to 19180 Shares in Perrigo TA PRGO fell to 3 years lows falling 4 75 or 1740 to 34910
Crude oil for June delivery was up 0 65 or 0 29 to 44 61 a barrel Elsewhere in commodities trading Brent oil for delivery in July rose 0 69 or 0 31 to hit 45 32 a barrel while the June Gold contract rose 1 43 or 18 25 to trade at 1290 55 a troy ounce
USD ILS was down 0 03 to 3 7884 while EUR ILS rose 0 35 to 4 3372
The US Dollar Index was up 0 11 at 93 83 |
TEVA | Israel stocks higher at close of trade TA 25 up 0 30 | Investing com Israel stocks were higher after the close on Monday as gains in the Oil Gas Real Estate and Technology sectors led shares higher
At the close in Tel Aviv the TA 25 gained 0 30
The best performers of the session on the TA 25 were Teva TA TEVA which rose 3 65 or 700 points to trade at 19880 at the close Meanwhile Delek Drilling LP TA DEDRp added 3 59 or 41 points to end at 1182 and Avner L TA AVNRp was up 3 05 or 6 5 points to 219 7 in late trade
The worst performers of the session were ICL Israel Chemicals Ltd TA ICL which fell 1 84 or 31 points to trade at 1650 at the close Bezeq TA BEZQ declined 1 75 or 14 1 points to end at 790 0 and Mizrahi Tefahot TA MZTF was down 1 50 or 65 points to 4268
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 182 to 159 and 107 ended unchanged
Crude oil for June delivery was down 1 75 or 0 78 to 43 88 a barrel Elsewhere in commodities trading Brent oil for delivery in July fell 2 53 or 1 15 to hit 44 22 a barrel while the June Gold contract fell 1 97 or 25 50 to trade at 1268 50 a troy ounce
USD ILS was down 0 27 to 3 7782 while EUR ILS fell 0 69 to 4 3071
The US Dollar Index was up 0 27 at 94 08 |
TEVA | Israel stocks lower at close of trade TA 25 down 1 36 | Investing com Israel stocks were lower after the close on Sunday as losses in the Biomed Technology and Insurance sectors led shares lower
At the close in Tel Aviv the TA 25 fell 1 36 to hit a new 3 months low
The best performers of the session on the TA 25 were Bezeq TA BEZQ which rose 0 80 or 6 5 points to trade at 816 5 at the close Meanwhile ICL Israel Chemicals Ltd TA ICL added 0 67 or 11 points to end at 1655 and Azrieli Group TA AZRG was up 0 53 or 80 points to 15280 in late trade
The worst performers of the session were Perrigo TA PRGO which fell 5 44 or 1930 points to trade at 33550 at the close Teva TA TEVA declined 3 74 or 750 points to end at 19280 and Elbit Systems TA ESLT was down 3 16 or 1170 points to 35830
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 202 to 114 and 132 ended unchanged
Shares in Perrigo TA PRGO fell to 3 years lows falling 5 44 or 1930 to 33550
Crude oil for June delivery was down 0 69 or 0 32 to 46 38 a barrel Elsewhere in commodities trading Brent oil for delivery in July fell 0 40 or 0 19 to hit 47 89 a barrel while the June Gold contract rose 0 27 or 3 40 to trade at 1274 60 a troy ounce
USD ILS was up 0 50 to 3 7863 while EUR ILS fell 0 16 to 4 2794
The US Dollar Index was up 0 52 at 94 60 |
TEVA | Israel stocks lower at close of trade TA 25 down 0 07 | Investing com Israel stocks were lower after the close on Tuesday as losses in the Communication Insurance and Oil Gas sectors led shares lower
At the close in Tel Aviv the TA 25 declined 0 07 to hit a new 3 months low
The best performers of the session on the TA 25 were Teva TA TEVA which rose 2 84 or 540 points to trade at 19550 at the close Meanwhile Discount TA DSCT added 1 62 or 10 2 points to end at 638 8 and Leumi TA LUMI was up 1 40 or 19 points to 1380 in late trade
The worst performers of the session were Frutarom TA FRUT which fell 3 56 or 710 points to trade at 19240 at the close First International Bank of Israel TA FTIN declined 1 95 or 94 points to end at 4736 and Elbit Systems TA ESLT was down 1 92 or 680 points to 34790
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 178 to 148 and 121 ended unchanged
Crude oil for June delivery was up 1 03 or 0 49 to 48 21 a barrel Elsewhere in commodities trading Brent oil for delivery in July rose 0 84 or 0 41 to hit 49 38 a barrel while the June Gold contract rose 0 69 or 8 85 to trade at 1283 05 a troy ounce
USD ILS was down 0 17 to 3 8151 while EUR ILS fell 0 07 to 4 3250
The US Dollar Index was down 0 15 at 94 39 |
TEVA | Israel stocks higher at close of trade TA 25 up 1 01 | Investing com Israel stocks were higher after the close on Tuesday as gains in the Communication Real Estate and Oil Gas sectors led shares higher
At the close in Tel Aviv the TA 25 added 1 01
The best performers of the session on the TA 25 were Avner L TA AVNRp which rose 3 09 or 7 1 points to trade at 237 0 at the close Meanwhile Strauss Group TA STRS added 2 94 or 172 points to end at 6015 and Delek Drilling LP TA DEDRp was up 2 71 or 34 points to 1289 in late trade
The worst performers of the session were Teva TA TEVA which fell 0 50 or 100 points to trade at 20050 at the close Azrieli Group TA AZRG added 0 06 or 10 points to end at 16200 and Leumi TA LUMI was up 0 07 or 1 points to 1361
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 228 to 101 and 117 ended unchanged
Crude oil for July delivery was up 1 60 or 0 77 to 48 85 a barrel Elsewhere in commodities trading Brent oil for delivery in July rose 1 30 or 0 63 to hit 48 98 a barrel while the June Gold contract fell 1 35 or 16 85 to trade at 1234 65 a troy ounce
USD ILS was down 0 33 to 3 8510 while EUR ILS fell 0 85 to 4 2981
The US Dollar Index was up 0 25 at 95 47 |
XOM | U S stocks end flat as Fed rally cools Dow slips 0 01 | Investing com Stock prices finished Friday flat as investors took profits after spending the past several sessions applauding positive indicators and a Federal Reserve decision to shave USD10 billion off its monthly USD85 billion in monthly bond purchases a sign the economy is improving and in less need of monetary support At the close of U S trading the Dow Jones Industrial Average fell 0 01 the S P 500 index fell 0 03 while the Nasdaq Composite index fell 0 25 Stocks repeatedly hit record highs after the Federal Reserve last week announced plans to begin scaling down its monthly bond buying program Profit taking sent prices edging lower on Friday especially amid concerns that a gradual tapering of Federal Reserve stimulus programs will result in borrowing costs inching up down the road Still expectations for a more robust economy in 2014 sent prices rising in recent days before hitting levels ripe for profit taking on Friday On Thursday the U S Department of Labor reported that the number of individuals filing for initial jobless benefits declined by 42 000 to a seasonally adjusted 338 000 last week Analysts were expecting U S jobless claims to fall by 35 000 to 345 000 from the previous week s revised total of 380 000 which was the highest since March Leading Dow Jones Industrial Average performers included Cisco up 1 03 3M up 0 76 and Exxon Mobil up 0 58 The Dow Jones Industrial Average s worst performers included Boeing down 0 99 Microsoft down 0 41 and Intel down 0 37 European indices meanwhile finished higher After the close of European trade the EURO STOXX 50 rose 1 16 France s CAC 40 rose 1 40 while Germany s DAX 30 rose 1 06 Meanwhile in the U K the FTSE 100 finished up 0 85 |
XOM | Asian stocks mixed after solid Chinese trade surplus | Investing com Asian stocks were mixed on Friday after China reported a solid trade surplus for December with exports just shy of the full year target China s 2013 trade surplus rose to 259 8 billion from 231 billion in 2012 Exports rose 7 9 in 2013 while imports were up 7 3 Total trade growth was just below the full year 8 target at 7 6 an improvement over 2012 s 6 2 increase The December balance was USD25 60 billion compared to an estimate of USD31 15 billion and a figure of USD33 08 billion the previous month Trade growth missed the full year target again in 2013 The outlook for 2014 may be more upbeat amid widespread expectations that the U S economy will continue to recover For now the fact that December import growth beat market expectations could mean healthy domestic demand at the start of 2014 The Nikkei 225 rose by 0 01 in the morning trading the Hang Seng index rose by 0 42 while the Shanghai Composite index fell by 0 49 Earlier on Thursday U S stocks ended mixed as investors jumped to the sidelines to await the release of the December jobs report on Friday At the close of U S trading the Dow Jones Industrial Average fell 0 11 the S P 500 index rose 0 03 while the Nasdaq Composite index fell 0 23 Uncertainty over the strength of the December jobs report and unemployment rate kept investors on the sidelines Thursday On Wednesday payroll processor ADP reported that private sector nonfarm payrolls rose by 238 000 in December surpassing consensus forecasts for an increase of 200 000 Earlier Thursday the Labor Department said the number of individuals filing for unemployment assistance in the U S last week fell by 15 000 to 330 000 from the previous week s revised total of 345 000 Economists had expected jobless claims to decline by 10 000 The Federal Reserve has said it will pay close attention to data when deciding on further cuts to its USD75 billion monthly bond buying program Fed bond purchases aim to suppress long term interest rates to spur recovery making asset classes like stocks more attractive with the goal of encouraging more investment and hiring Talk of less Fed intervention can send stock prices falling by stoking uncertainty as to how markets will perform without a crutch from the U S central bank By Thursday a wait and see mode allowed for sideways trading Leading Dow Jones Industrial Average performers included DuPont up 1 54 Boeing up 1 12 and Johnson Johnson up 0 78 The Dow Jones Industrial Average s worst performers included Verizon down 2 05 AT T down 2 03 and Exxon Mobil down 0 97 European indices meanwhile finished lower After the close of European trade the EURO STOXX 50 fell 0 68 France s CAC 40 fell 0 84 while Germany s DAX 30 fell 0 80 Meanwhile in the U K the FTSE 100 finished down 0 45 On Friday markets will move on the U S December jobs report |
XOM | U S futures point to higher open Facebook rallies 14 in pre market | Investing com U S stock market futures pointed to a higher open on Thursday as market players looked ahead to key corporate earnings reports as well as highly anticipated data on fourth quarter economic growth and weekly jobless claims Ahead of the open the Dow Jones Industrial Average futures pointed to a gain of 0 4 S P 500 futures signaled an increase of 0 5 while the Nasdaq 100 futures indicated a rise of 0 8 U S markets ended Wednesday s session down sharply as ongoing turbulence in emerging markets saw investors flee riskier assets and move in to safe havens like the Japanese yen and U S Treasuries Emerging markets economies such as Turkey and South Africa have been hard hit in recent sessions by worries over the impact of cuts in Federal Reserve stimulus and concerns over a possible slowdown in China The Fed said Wednesday that it would reduce its monthly bond buying program by USD10 billion to a total of USD65 billion a month in a widely anticipated decision The U S central bank said growth signals are encouraging and the unemployment market shows improvement on balance Meanwhile data released earlier confirmed a contraction in China s manufacturing sector China s final HSBC Purchasing Managers Index released earlier fell to a six month low of 49 5 in January down from a preliminary reading of 49 6 and compared to 50 5 in December Strong gains in Facebook boosted the Nasdaq higher Shares of the social media network surged 14 6 after the company said its fourth quarter profit rose to USD523 million from USD64 million a year earlier Revenue increased to USD2 59 billion from USD1 59 billion above forecasts for sales of USD2 42 billion Half of the company s advertising revenue came from mobile devices brightening the outlook for full year earnings Shares of Qualcomm rose 3 2 ahead of the open after the company posted better than expected fiscal first quarter earnings after Wednesday s closing bell Google shares picked up 2 3 after it agreed to sell its Motorola handset unit to Lenovo Group for approximately USD3 billion After the close Google is expected to report fourth quarter earnings of USD12 23 a share Other stocks in focus include 3M Exxon Mobil UPS Visa and Amazon which are all expected to release quarterly earnings later in the day The U S is to publish preliminary data on fourth quarter economic growth ahead of the opening bell The nation is also to release the weekly report on initial jobless claims and data on pending home sales Across the Atlantic European stock markets were modestly lower The EURO STOXX 50 dipped 0 15 France s CAC 40 shed 0 1 Germany s DAX slipped 0 2 while Britain s FTSE 100 inched down 0 25 Asian stock markets fell sharply on Thursday with Hong Kong s Hang Seng Index falling 0 48 China s Shanghai Composite index declining 0 82 while Japan s Nikkei 225 Index tumbled 2 45 |
TEVA | Israel stocks lower at close of trade TA 25 down 0 44 | Investing com Israel stocks were lower after the close on Sunday as losses in the Biomed Technology and Insurance sectors led shares lower
At the close in Tel Aviv the TA 25 fell 0 44 to hit a new 1 month low
The best performers of the session on the TA 25 were Avner L TA AVNRp which rose 2 15 or 4 4 points to trade at 209 2 at the close Meanwhile Delek Group TA DLEKG added 1 67 or 1030 points to end at 62670 and Gazit Globe TA GZT was up 1 48 or 49 points to 3354 in late trade
The worst performers of the session were Perrigo TA PRGO which fell 3 31 or 1660 points to trade at 48530 at the close Teva TA TEVA declined 1 12 or 240 points to end at 21270 and Nice TA NICE was down 0 98 or 230 points to 23350
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 169 to 153 and 130 ended unchanged
Crude oil for May delivery was up 6 39 or 2 38 to 39 64 a barrel Elsewhere in commodities trading Brent oil for delivery in June rose 6 14 or 2 42 to hit 41 85 a barrel while the June Gold contract rose 0 36 or 4 50 to trade at 1242 00 a troy ounce
USD ILS was down 0 37 to 3 7758 while EUR ILS fell 0 22 to 4 3028
The US Dollar Index was down 0 30 at 94 22 |
TEVA | Israel stocks lower at close of trade TA 25 down 0 25 | Investing com Israel stocks were lower after the close on Tuesday as losses in the Technology Biomed and Oil Gas sectors led shares lower
At the close in Tel Aviv the TA 25 fell 0 25
The best performers of the session on the TA 25 were Discount TA DSCT which rose 2 67 or 16 5 points to trade at 635 0 at the close Meanwhile Strauss Group TA STRS added 2 31 or 126 points to end at 5582 and Melisron TA MLSR was up 1 84 or 260 points to 14360 in late trade
The worst performers of the session were OPKO Health Inc TA OPK which fell 3 39 or 141 points to trade at 4020 at the close Teva TA TEVA declined 2 20 or 470 points to end at 20850 and Nice TA NICE was down 1 65 or 390 points to 23270
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 183 to 153 and 116 ended unchanged
Crude oil for May delivery was up 2 03 or 0 82 to 41 18 a barrel Elsewhere in commodities trading Brent oil for delivery in June rose 2 29 or 0 98 to hit 43 81 a barrel while the June Gold contract fell 0 15 or 1 90 to trade at 1256 10 a troy ounce
USD ILS was up 0 34 to 3 7720 while EUR ILS rose 0 10 to 4 2922
The US Dollar Index was up 0 23 at 94 19 |
TEVA | Israel stocks higher at close of trade TA 25 up 1 30 | Investing com Israel stocks were higher after the close on Wednesday as gains in the Biomed Communication and Technology sectors led shares higher
At the close in Tel Aviv the TA 25 added 1 30
The best performers of the session on the TA 25 were Israel Corp TA ILCO which rose 4 94 or 3160 points to trade at 67160 at the close Meanwhile ICL Israel Chemicals Ltd TA ICL added 3 09 or 50 points to end at 1668 and Gazit Globe TA GZT was up 3 00 or 102 points to 3500 in late trade
The worst performers of the session were Teva TA TEVA which fell 0 24 or 50 points to trade at 20800 at the close Discount TA DSCT declined 0 11 or 0 7 points to end at 635 0 and Osem TA OSEM was up 0 01 or 1 points to 8227
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 219 to 123 and 110 ended unchanged
Crude oil for May delivery was down 0 24 or 0 10 to 42 07 a barrel Elsewhere in commodities trading Brent oil for delivery in June unchanged 0 00 or 0 00 to hit 44 69 a barrel while the June Gold contract fell 0 87 or 11 00 to trade at 1249 90 a troy ounce
USD ILS was up 0 14 to 3 7753 while EUR ILS fell 0 74 to 4 2593
The US Dollar Index was up 0 74 at 94 72 |
TEVA | Israel stocks higher at close of trade TA 25 up 1 01 | Investing com Israel stocks were higher after the close on Sunday as gains in the Oil Gas Biomed and Communication sectors led shares higher
At the close in Tel Aviv the TA 25 gained 1 01 to hit a new 3 months high
The best performers of the session on the TA 25 were Delek Drilling LP TA DEDRp which rose 6 38 or 68 points to trade at 1133 at the close Meanwhile Delek Group TA DLEKG added 3 73 or 2350 points to end at 65300 and Israel Corp TA ILCO was up 2 98 or 2020 points to 69860 in late trade
The worst performers of the session were Teva TA TEVA which fell 0 24 or 50 points to trade at 20930 at the close Frutarom TA FRUT declined 0 05 or 10 points to end at 19960 and Osem TA OSEM was 0 00 or 0 points to 8299
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 216 to 120 and 116 ended unchanged
Crude oil for June delivery was unchanged 0 00 or 0 00 to 41 71 a barrel Elsewhere in commodities trading Brent oil for delivery in June fell 1 67 or 0 73 to hit 43 11 a barrel while the June Gold contract rose 0 75 or 9 20 to trade at 1235 70 a troy ounce
USD ILS was down 0 33 to 3 7734 while EUR ILS fell 0 18 to 4 2581
The US Dollar Index was down 0 27 at 94 68 |
TEVA | Israel stocks higher at close of trade TA 25 up 0 25 | Investing com Israel stocks were higher after the close on Monday as gains in the Biomed Banking and Financials sectors led shares higher
At the close in Tel Aviv the TA 25 gained 0 25 to hit a new 3 months high
The best performers of the session on the TA 25 were Leumi TA LUMI which rose 1 80 or 25 points to trade at 1414 at the close Meanwhile ICL Israel Chemicals Ltd TA ICL added 1 33 or 23 points to end at 1749 and Mizrahi Tefahot TA MZTF was up 1 27 or 55 points to 4379 in late trade
The worst performers of the session were Delek Group TA DLEKG which fell 1 23 or 800 points to trade at 64500 at the close Azrieli Group TA AZRG declined 1 05 or 160 points to end at 15050 and Teva TA TEVA was down 0 38 or 80 points to 20850
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 172 to 167 and 113 ended unchanged
Crude oil for June delivery was down 2 69 or 1 12 to 40 59 a barrel Elsewhere in commodities trading Brent oil for delivery in June fell 2 18 or 0 94 to hit 42 16 a barrel while the June Gold contract rose 0 17 or 2 10 to trade at 1236 70 a troy ounce
USD ILS was up 0 06 to 3 7756 while EUR ILS rose 0 46 to 4 2775
The US Dollar Index was down 0 31 at 94 39 |
TEVA | Israel stocks lower at close of trade TA 25 down 0 82 | Investing com Israel stocks were lower after the close on Monday as losses in the Communication Oil Gas and Banking sectors led shares lower
At the close in Tel Aviv the TA 25 fell 0 82
The best performers of the session on the TA 25 were Teva TA TEVA which rose 1 35 or 290 points to trade at 21710 at the close Meanwhile Mizrahi Tefahot TA MZTF added 0 46 or 20 points to end at 4410 and Nice TA NICE was up 0 12 or 30 points to 24110 in late trade
The worst performers of the session were Avner L TA AVNRp which fell 2 33 or 5 1 points to trade at 213 5 at the close Delek Drilling LP TA DEDRp declined 2 32 or 27 points to end at 1138 and Bezeq TA BEZQ was down 2 29 or 19 0 points to 810 0
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 179 to 134 and 139 ended unchanged
Crude oil for June delivery was down 0 71 or 0 31 to 43 42 a barrel Elsewhere in commodities trading Brent oil for delivery in July fell 0 24 or 0 11 to hit 44 96 a barrel while the June Gold contract rose 0 98 or 12 05 to trade at 1242 05 a troy ounce
USD ILS was down 0 30 to 3 7611 while EUR ILS rose 0 16 to 4 2375
The US Dollar Index was down 0 44 at 94 69 |
TEVA | Israel stocks lower at close of trade TA 25 down 1 37 | Investing com Israel stocks were lower after the close on Tuesday as losses in the Insurance Biomed and Financials sectors led shares lower
At the close in Tel Aviv the TA 25 lost 1 37
The best performers of the session on the TA 25 were Elbit Systems TA ESLT which rose 2 55 or 950 points to trade at 38150 at the close Meanwhile Avner L TA AVNRp added 2 25 or 4 8 points to end at 218 3 and ICL Israel Chemicals Ltd TA ICL was up 2 01 or 37 points to 1877 in late trade
The worst performers of the session were Perrigo TA PRGO which fell 18 96 or 8630 points to trade at 36880 at the close Teva TA TEVA declined 2 58 or 560 points to end at 21150 and Discount TA DSCT was down 0 54 or 3 5 points to 640 6
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 158 to 146 and 148 ended unchanged
Shares in Perrigo TA PRGO fell to 3 years lows down 18 96 or 8630 to 36880
Crude oil for June delivery was up 2 06 or 0 88 to 43 52 a barrel Elsewhere in commodities trading Brent oil for delivery in July rose 2 14 or 0 95 to hit 45 27 a barrel while the June Gold contract rose 0 26 or 3 25 to trade at 1243 45 a troy ounce
USD ILS was down 0 12 to 3 7590 while EUR ILS rose 0 26 to 4 2515
The US Dollar Index was down 0 36 at 94 40 |
TEVA | Israel stocks lower at close of trade TA 25 down 1 73 | Investing com Israel stocks were lower after the close on Sunday as losses in the Biomed Technology and Banking sectors led shares lower
At the close in Tel Aviv the TA 25 lost 1 73 to hit a new 1 month low
The best performers of the session on the TA 25 were Bezeq TA BEZQ which rose 1 07 or 8 5 points to trade at 805 5 at the close Meanwhile Strauss Group TA STRS added 0 17 or 10 points to end at 5932 and Paz Oil TA PZOL was up 0 09 or 50 points to 58280 in late trade
The worst performers of the session were Teva TA TEVA which fell 4 33 or 910 points to trade at 20100 at the close Perrigo TA PRGO declined 3 43 or 1280 points to end at 36090 and ICL Israel Chemicals Ltd TA ICL was down 2 54 or 47 points to 1807
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 215 to 111 and 126 ended unchanged
Shares in Teva TA TEVA fell to 52 week lows down 4 33 or 910 to 20100 Shares in Perrigo TA PRGO fell to 3 years lows down 3 43 or 1280 to 36090
Crude oil for June delivery was down 0 02 or 0 01 to 46 02 a barrel Elsewhere in commodities trading Brent oil for delivery in July fell 0 80 or 0 38 to hit 47 39 a barrel while the June Gold contract rose 2 27 or 28 80 to trade at 1295 20 a troy ounce
USD ILS was down 0 38 to 3 7423 while EUR ILS rose 0 89 to 4 3022
The US Dollar Index was down 0 76 at 93 02 |
TEVA | Israel stocks lower at close of trade TA 25 down 0 88 | Investing com Israel stocks were lower after the close on Tuesday as losses in the Insurance Oil Gas and Banking sectors led shares lower
At the close in Tel Aviv the TA 25 fell 0 88
The best performers of the session on the TA 25 were Teva TA TEVA which rose 0 60 or 120 points to trade at 20220 at the close Meanwhile Perrigo TA PRGO added 0 47 or 170 points to end at 36300 and Osem TA OSEM was unchanged 0 00 or 0 points to 8299 in late trade
The worst performers of the session were ICL Israel Chemicals Ltd TA ICL which fell 2 82 or 49 points to trade at 1691 at the close Paz Oil TA PZOL declined 2 12 or 1260 points to end at 58200 and Israel Corp TA ILCO was down 2 08 or 1510 points to 71100
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 179 to 147 and 123 ended unchanged
Crude oil for June delivery was down 2 90 or 1 30 to 43 48 a barrel Elsewhere in commodities trading Brent oil for delivery in July fell 2 33 or 1 07 to hit 44 76 a barrel while the June Gold contract fell 0 81 or 10 45 to trade at 1285 35 a troy ounce
USD ILS was up 0 71 to 3 7767 while EUR ILS rose 0 58 to 4 3494
The US Dollar Index was up 0 30 at 92 81 |
XOM | U S stocks open mixed after data Yellen supports Dow Jones up 0 10 | Investing com U S stocks opened mixed on Friday after the release of a string of disappointing U S economic reports while expectations that the Federal Reserve will maintain the current level of its monthly asset purchases for the time being still supported equity markets During early U S trade the Dow Jones Industrial Average added 0 10 the S P 500 index eased up 0 05 while the Nasdaq Composite index fell 0 15 In a report the Federal Reserve of New York said its maufacturing activity index declined to minus 2 2 in November from a reading of 1 5 the previous month confounding expectations for a rise to 5 A separate report showed that U S import prices fell 0 7 in October compared to expectations for a 0 4 downtick after a downwardly revised 0 1 rise the previous month In addition official data showed that industrial production in the U S ticked down 0 1 in October disappointing expectations for a 0 2 rise after an upwardly revised 0 7 increase in September The data came after Fed Chair nominee Janet Yellen on Thursday defended the central bank s stimulus measures to bolster growth and called efforts to boost hiring an imperative Answering questions before the Senate Banking Committee Yellen said she would press forward with the central bank s ultra easy monetary policy until officials were confident a durable economic recovery was in place that could sustain job creation The comments added to expectations that the Fed s monthly bond purchases may remained unchanged for an extended period of time The financial sector was active after Moody s Investors Service cut its ratings on four of the biggest U S banks after deciding the government would be less likely to help them repay creditors in a crisis Morgan Stanley Goldman Sachs JPMorgan Chase and Bank of New York Mellon had their senior holding company ratings lowered one level on Thursday Despite the news the four lenders respectively rose 0 14 0 43 0 09 and 0 24 Adding to gains Berkshire Hathaway edged up 0 10 after reporting a stake in Exxon Mobil valued at about USD3 7 billion as Warren Buffett s company disclosed its largest new holding since International Business Machines in 2011 Following the news Exxon Mobil rallied 1 23 Elsewhere Comcast up 0 01 was said to be planning to begin selling movies over its cable service before the end of the year Film sales would add to Comcast s on demand service which currently lets viewers rent movies not own them On the downside Google slipped 0 14 after a federal judge in New York on Thursday ruled that the Google Books project doesn t violate copyright law dismissing an eight year old lawsuit against the search engine company Across the Atlantic European stock markets were mixed to higher The EURO STOXX 50 fell 0 12 France s CAC 40 added 0 10 Germany s DAX edged 0 11 higher while Britain s FTSE 100 rose 0 18 During the Asian trading session Hong Kong s Hang Seng Index jumped 1 69 while Japan s Nikkei 225 Index rallied 1 95 |
XOM | U S futures edge higher in subdued trade Dow Jones up 0 31 | Investing com U S stock futures pointed to a higher open in subdued trade on Monday supported by growing expectations that the Federal Reserve will hold the current level of its montly asset purchases for an extended period of time Ahead of the open the Dow Jones Industrial Average futures pointed to a 0 31 increase S P 500 futures signaled a 0 14 rise while the Nasdaq 100 futures indicated a 0 11 gain U S equities found support last week amid heightened expectations that the Fed will stick to its easy money policies for some time to come after comments by Fed Chairwoman nominee Janet Yellen last week were seen as supportive of continued stimulus Tech stocks were expected to be active as Google was said to be opening showrooms in six U S cities to promote its latest products and boost retail efforts against Apple and Microsoft as the year end holiday shopping season gets under way Google shares were still down 0 09 in pre market trade Last week a federal judge in New York ruled that the Google Books project doesn t violate copyright law dismissing an eight year old lawsuit against the search engine company Boeing was also likely to be in focus after the aircraft manufacturer kicked off the Dubai Air Show on Sunday by announcing 259 orders for its new 777X totaling over USD95 billion at list prices Elsewhere Exxon Mobil was up 1 29 in early trading after Berkshire Hathaway reported on froday a stake in the oil and gas giant valued at about USD3 7 billion as Warren Buffett s company disclosed its largest new holding since International Business Machines in 2011 Other stocks expected to be in focus included Tyson Foods scheduled to report earnings later in the day Across the Atlantic European stock markets were higher The EURO STOXX 50 gained 0 58 France s CAC 40 rose 0 33 Germany s DAX gained 0 46 while Britain s FTSE 100 added 0 29 During the Asian trading session Hong Kong s Hang Seng Index surged 2 73 while Japan s Nikkei 225 Index dipped 0 01 In addition China late Friday released a reform plan that called for opening the financial sector to more foreign investment and a revamp of initial public offerings particularly for state owned companies The document came after the Chinese Communist Party leadership ended a meeting on Tuesday last week with only abroad outline of reform plans Later in the day the U S was to release private sector data on the outlook for the housing sector |
XOM | U S stocks flat to higher on housing data Fed outlook Dow ends flat | Investing com U S stocks finished Tuesday flat to higher after housing data drew applause on Wall Street by stoking hopes economic fundamentals are improving though profit taking trimmed earlier gains Soft consumer confidence data meanwhile kept expectations going that the Federal Reserve will make no changes to its accommodative policies until 2014 Loose monetary policies including the Fed s USD85 billion in monthly bond purchases aim to drive recovery by pushing down long term interest rates boosting stock prices in the process At the close of U S trading the Dow Jones Industrial Average finished the day flat the S P 500 index rose 0 01 while the Nasdaq Composite index rose 0 58 Building permits issued in the U S in October rose to their highest level since January 2008 which fueled for hopes for a rebound in the housing sector that would fuel recovery in the labor market and in the broader economy as a whole The Commerce Department reported earlier that the number of building permits issued rose 6 2 to a seasonally adjusted 1 034 million units from September s total of 970 000 Analysts expected building permits to decline to 940 000 units in October and the numbers drew applause on Wall Street Elsewhere in the U S housing sector the Standard Poor s Case Shiller 20 city home price index rose 0 7 in September from August and 13 3 on year in September The monthly increase met expectations though September s on year gain the fastest since February of 2006 beat consensus forecasts for a 13 0 reading Meanwhile soft consumer confidence data also boosted stocks by keeping expectations alive that the Federal Reserve will keep monthly asset purchases in play until 2014 while any decision to taper purchases will not herald in an era of monetary tightening The Conference Board reported earlier that its index of U S consumer confidence declined to 70 4 in November from 72 4 in October Analysts were expecting the index to rise to 72 9 this month Stocks erased gains later in the session due to profit taking ahead of the Thanksgiving holidays on Thursday Leading Dow Jones Industrial Average performers included Walt Disney up 2 08 Boeing up 1 35 and Home Depot up 0 79 The Dow Jones Industrial Average s worst performers included Exxon Mobil down 0 87 Goldman Sachs down 0 85 and Procter Gamble also down 0 85 European indices meanwhile finished lower After the close of European trade the EURO STOXX 50 fell 0 24 France s CAC 40 fell 0 57 while Germany s DAX 30 fell 0 11 Meanwhile in the U K the FTSE 100 finished down 0 87 On Wednesday the U S is to release data on durable goods orders a report on manufacturing activity in the Chicago region and revised data on consumer sentiment The Labor Department is to release the weekly report on initial jobless claims one day ahead of schedule due to Thursday s Thanksgiving holiday |
XOM | U S stocks fall on Fed tapering concerns Dow drops 0 66 | Investing com U S stocks dropped on Thursday after better than expected retail sales numbers fanned expectations for the Federal Reserve to begin winding down its USD85 billion in monthly bond purchases possibly as early as next week Fed asset purchases drive down interest rates to spur recovery boosting stock prices in the process and talk of their dismantling can dampen stock prices by fanning uncertainty as to how equities will perform without a monetary crutch At the close of U S trading the Dow Jones Industrial Average fell 0 66 the S P 500 index fell 0 38 while the Nasdaq Composite index fell 0 14 U S stocks took a noted dive earlier though they did recover some losses after the Commerce Department reported that U S retail sales rose 0 7 in November beating market expectations for a 0 6 increase Core retail sales which are stripped of automobiles rose 0 4 well above forecasts for a 0 2 increase The data kept expectations strong that the Federal Reserve will soon decide to taper its USD85 billion in monthly bond purchases possibly at its Dec 17 18 policy meeting if not in early 2014 Elsewhere the U S Department of Labor said the number of individuals filing for initial jobless claims last week rose to a two month high of 368 000 far surpassing expectations for an increase to 320 000 from the previous week s revised total of 300 000 Markets shrugged off the news attributing the increase to holiday volatility typical this time of year while a budget deal underway in the U S Congress also sent stocks falling amid sentiments that fiscal uncertainties may fade and further convince the Fed the economy is in less need of monetary support Leading Dow Jones Industrial Average performers included Exxon Mobil up 1 15 Goldman Sachs up 0 44 and JPMorgan Chase up 0 42 The Dow Jones Industrial Average s worst performers included Coca Cola down 2 28 Johnson Johnson down 2 11 and Procter Gamble down 2 05 European indices meanwhile finished lower After the close of European trade the EURO STOXX 50 fell 0 64 France s CAC 40 fell 0 43 while Germany s DAX 30 fell 0 66 Meanwhile in the U K the FTSE 100 finished down 0 96 On Friday the U S is to round up the week with data on producer price inflation |
XOM | U S stocks gains as Fed tapers with dovish language Dow up 1 62 | Investing com U S stocks rose on Wednesday even after the Federal Reserve announced plans to begin scaling back a monthly bond buying program that has supported stocks for over a year now as dovish language in the policy statement sparked a rally Fed bond purchases drive down interest rates to spur recovery boosting equities in the process and talk of their dismantling had watered down stock prices in the past by fanning uncertainty over how equities will perform without a monetary crutch At the close of U S trading the Dow Jones Industrial Average rose 1 62 the S P 500 index rose 1 66 while the Nasdaq Composite index rose 1 15 The Federal Reserve on Wednesday left its key benchmark lending target the fed funds rate unchanged at 0 0 0 25 but said it was cutting the amount of Treasury holdings and mortgage debt it buys from banks each month to USD75 billion from USD85 billion However the Fed said overall monetary policy including interest rates at rock bottom levels will stay accommodative until the unemployment rate dips below 6 5 a figure previously seen as the threshold at which the U S central bank would rethink policy The Fed added it could adjust its asset purchasing program should recovery gain steam or deteriorate If incoming information broadly supports the Committee s expectation of ongoing improvement in labor market conditions and inflation moving back toward its longer run objective the Committee will likely reduce the pace of asset purchases in further measured steps at future meetings the Fed s policy statement said However asset purchases are not on a preset course and the Committee s decisions about their pace will remain contingent on the Committee s outlook for the labor market and inflation as well as its assessment of the likely efficacy and costs of such purchases the Fed added The Committee now anticipates based on its assessment of these factors that it likely will be appropriate to maintain the current target range for the federal funds rate well past the time that the unemployment rate declines below 6 5 percent especially if projected inflation continues to run below the Committee s 2 longer run goal the Fed said Stocks shot up on the notion that a decision to taper signifies Fed believe that the labor market is improving which will ultimately improve corporate fundamentals all while interest rates will remain at 0 0 0 25 for longer than once expected Elsewhere the Census Bureau reported earlier that U S housing starts rose to 1 09 million units in November from 890 000 in October beating consensus forecasts for an increase to 950 000 units Building permits in the U S fell 3 1 to 1 01 million units in November from 1 04 million units the previous month Still analysts were expecting building permits to drop 4 7 last month Leading Dow Jones Industrial Average performers included 3M up 3 35 Exxon Mobil up 3 13 and JPMorgan Chase up 2 71 The Dow Jones Industrial Average s worst performers included Boeing down 0 35 Microsoft which was up 0 04 and Cisco up 0 43 European indices meanwhile finished higher After the close of European trade the EURO STOXX 50 rose 1 04 France s CAC 40 rose 1 00 while Germany s DAX 30 rose 1 06 Meanwhile in the U K the FTSE 100 finished up 0 09 On Thursday the U S is to publish data on existing home sales manufacturing activity in the Philadelphia region and initial jobless claims |
XOM | US Jobless Claims Fall Unexpectedly Chinese Manufacturing Expands | Jobless claims in the United States last week unexpectedly fell with applications for unemployment payments falling to 330 000 against expectations of 355 000 in claims A survey conducted by HSBC and Markit Economics saw their China Purchasing Managers Index gain to 51 9 from 51 5 the previous month and indicates that the Chinese economy is improving at a faster rate than many including ourselves have expected The data precipitated a rally in the euro to a high above 1 3390 overnight Surprisingly in what could be interpreted as a sign of further weakness the Australian dollar fell by almost 1 to open this morning at 1 0460 The expansion of Chinese manufacturing at the fastest pace of growth in two years prompted the Japanese Yen to fall significantly to once again to breach the 90 00 USD JPY level The move was aided by comments from Japanese Deputy Economy Minister Nishimura who said that the yen s decline is far from over and that he wouldn t be concerned by USD JPY at 100 The moves by the new Abe government to introduce unlimited easing are beginning to attract global criticism with German Chancellor Angela Merkel saying in Davos Switzerland that the Japanese s government s policy of increased monetary easing is a risk to the global economic recovery The Yen slumped more than 1 5 to trade at 90 10 U S equity markets continue to perform well with the S P 500 trading above 1 500 today despite a 12 slump in Apple shares to below 455 00 on higher production costs The company s shares have now plunged more than 35 since hitting a record high in September last year and there is increasing pressure on the company to introduce more game changing products to revive sales The company may soon relinquish its position as the world s most valuable company to Exxon Mobil as its share price continues to fall The S P 500 has closed flat at 1 494 82 Earlier in Europe indexes where mixed but both the DAX and the FTSE managed modest gains Commodities were mostly unchanged even though strong China data precipitated a rally in other asset classes The UBS Bloomberg CMCI lost 0 12 WTI crude has firmed in response to better than expected global economic data to open this morning 0 8 higher at 96 00 Precious metals lost ground with gold falling 1 12 to 1 667 while silver slumped 2 36 at 31 68 Agricultural commodities were mixed while copper fell 0 2 EUR USD continued to find support towards 1 3300 during the Asia session and Europan morning with a mix of buyers liking the Chinese PMI number However with risk currencies like AUD and NZD falling the topside seemed to be limited Even better than expected European PMI numbers could not see the Euro break above the downward resistance line at 1 3340 It wasn t until the much better than expected US Unemployment Claims 330k that the risk sentiment lifted for the Euro The solid break above 1 3340 tripped stops with a rush of covering taking the pair to 1 3390 for a moment However we have the price back at 1 3370 to close out the day with US equities almost flat now and traders looking at AUD and NZD asking if its a matter of time before the Euro falls or they recover We favour the Euro falling The breakout was needed to cleanout some weak shorts A fall now below 1 3335 will turn us into happy bears Compass DirectionShort Term Medium TermBEARISH NEUTRALEUR USD title EUR USD width 1006 height 574 AUD USD was on the cycle lower from the Asia opening bell yesterday as the market looked heavy caught by the weight of expected bulls The better than expected Chinese PMI numbers helped support the currency for a period but once the Chinese equity market started to drift there was nothing for the AUD to grab onto The break below 1 0530 signalled that today was going to be tough but it wasn t until the US morning that we saw the pair break into the 1 0400 numbers Risk currencies like NZD and JPY also under preformed with AUD being the heaviest AUD NZD has fallen into the low 1 24 s Despite the US equity market recovering AUD has stuck towards the 1 0450 low to close the day Again its a data free day and with the lead we have of the past day it wouldn t be unexpected for the AUD to continue towards 1 0400 or possibly lower However we have fallen for this trap before and will not add to our already shorts positions unless we crack 1 0450 with trailing stops Compass DirectionShort Term Medium TermNEUTRAL NEUTRALAUD USD title AUD USD width 1005 height 605 |
TEVA | TEVA Completes Bullish Retrace | Shares of Teva Pharmaceutical Industries Ltd NYSE TEVA ran from 15 00 to 20 00 in two days just over a week ago Since then the stock has gradually pulled back This price action is known as consolidation and an inside bar bullish setup The inside bar bullish setup is almost complete with Teva Pharmaceutical Industries kissing the daily 20 moving average at 16 75 This is where it should begin to form some sort of base and begin its next leg up I am very bullish on Teva Pharmaceutical Industries especially after they landed a new CEO and saw some analyst upgrades I believe the stock will see 25 by early 2018 |
TEVA | Israel stocks higher at close of trade TA 25 up 0 83 | Investing com Israel stocks were higher after the close on Thursday as gains in the Real Estate Insurance and Technology sectors led shares higher
At the close in Tel Aviv the TA 25 rose 0 83 to hit a new 1 month high
The best performers of the session on the TA 25 were Gazit Globe TA GZT which rose 4 04 or 124 points to trade at 3194 at the close Meanwhile Teva TA TEVA added 2 96 or 660 points to end at 22990 and Ormat Technologies TA ORA was up 2 90 or 450 points to 15950 in late trade
The worst performers of the session were Bezeq TA BEZQ which fell 2 44 or 21 7 points to trade at 868 3 at the close Isramco L TA ISRAp declined 0 79 or 0 5 points to end at 63 1 and OPKO Health Inc TA OPK was down 0 69 or 27 points to 3893
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 210 to 130 and 112 ended unchanged
Shares in Ormat Technologies TA ORA rose to all time highs gaining 2 90 or 450 to 15950
Crude oil for April delivery was down 1 78 or 0 68 to 37 61 a barrel Elsewhere in commodities trading Brent oil for delivery in May fell 2 31 or 0 95 to hit 40 12 a barrel while the April Gold contract rose 0 86 or 10 80 to trade at 1268 20 a troy ounce
USD ILS was down 0 21 to 3 8845 while EUR ILS rose 1 17 to 4 3317
The US Dollar Index was down 0 85 at 96 36 |
TEVA | Israel stocks lower at close of trade TA 25 down 0 29 | Investing com Israel stocks were lower after the close on Tuesday as losses in the Biomed Technology and Insurance sectors led shares lower
At the close in Tel Aviv the TA 25 declined 0 29
The best performers of the session on the TA 25 were Nice TA NICE which rose 1 79 or 420 points to trade at 23890 at the close Meanwhile Elbit Systems TA ESLT added 1 49 or 500 points to end at 34050 and Ormat Technologies TA ORA was up 1 44 or 220 points to 15490 in late trade
The worst performers of the session were Teva TA TEVA which fell 3 27 or 750 points to trade at 22180 at the close Perrigo TA PRGO declined 1 90 or 1030 points to end at 53170 and Delek Group TA DLEKG was down 1 75 or 1160 points to 65040
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 183 to 156 and 114 ended unchanged
Crude oil for April delivery was down 2 88 or 1 07 to 36 11 a barrel Elsewhere in commodities trading Brent oil for delivery in May fell 2 58 or 1 02 to hit 38 51 a barrel while the April Gold contract fell 0 83 or 10 30 to trade at 1234 80 a troy ounce
USD ILS was up 0 15 to 3 8988 while EUR ILS rose 0 24 to 4 3329
The US Dollar Index was unchanged 0 00 at 96 60 |
TEVA | Israel stocks lower at close of trade TA 25 down 0 37 | Investing com Israel stocks were lower after the close on Thursday as losses in the Communication Oil Gas and Technology sectors led shares lower
At the close in Tel Aviv the TA 25 declined 0 37
The best performers of the session on the TA 25 were Gazit Globe TA GZT which rose 4 88 or 162 points to trade at 3480 at the close Meanwhile Osem TA OSEM added 2 28 or 183 points to end at 8220 and Azrieli Group TA AZRG was up 2 05 or 300 points to 14950 in late trade
The worst performers of the session were Perrigo TA PRGO which fell 4 44 or 2330 points to trade at 50110 at the close Teva TA TEVA declined 3 27 or 720 points to end at 21280 and Frutarom TA FRUT was down 1 03 or 210 points to 20230
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 191 to 149 and 113 ended unchanged
Crude oil for April delivery was up 3 56 or 1 37 to 39 83 a barrel Elsewhere in commodities trading Brent oil for delivery in May rose 2 48 or 1 00 to hit 41 33 a barrel while the April Gold contract rose 2 89 or 35 60 to trade at 1265 40 a troy ounce
USD ILS was down 0 64 to 3 8539 while EUR ILS rose 0 16 to 4 3606
The US Dollar Index was down 0 96 at 94 78 |
TEVA | Israel stocks higher at close of trade TA 25 up 0 12 | Investing com Israel stocks were higher after the close on Sunday as gains in the Biomed Technology and Real Estate sectors led shares higher
At the close in Tel Aviv the TA 25 gained 0 12
The best performers of the session on the TA 25 were OPKO Health Inc TA OPK which rose 4 72 or 190 points to trade at 4215 at the close Meanwhile Nice TA NICE added 1 87 or 460 points to end at 25010 and Azrieli Group TA AZRG was up 1 61 or 240 points to 15190 in late trade
The worst performers of the session were Teva TA TEVA which fell 1 69 or 360 points to trade at 20920 at the close Perrigo TA PRGO declined 1 28 or 640 points to end at 49470 and Delek Drilling LP TA DEDRp was down 1 16 or 14 points to 1191
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 215 to 100 and 138 ended unchanged
Shares in Teva TA TEVA fell to 52 week lows losing 1 69 or 360 to 20920
Crude oil for April delivery was unchanged 0 00 or 0 00 to 41 14 a barrel Elsewhere in commodities trading Brent oil for delivery in May fell 0 29 or 0 12 to hit 41 42 a barrel while the April Gold contract fell 0 71 or 9 00 to trade at 1256 00 a troy ounce
USD ILS was up 0 10 to 3 8542 while EUR ILS fell 0 32 to 4 3439
The US Dollar Index was up 0 32 at 95 07 |
TEVA | Israel stocks lower at close of trade TA 25 down 0 83 | Investing com Israel stocks were lower after the close on Thursday as losses in the Communication Biomed and Oil Gas sectors led shares lower
At the close in Tel Aviv the TA 25 fell 0 83
The best performers of the session on the TA 25 were Delek Group TA DLEKG which rose 3 77 or 2340 points to trade at 64440 at the close Meanwhile Paz Oil TA PZOL added 1 20 or 710 points to end at 59690 and Melisron TA MLSR was up 0 89 or 120 points to 13530 in late trade
The worst performers of the session were Bezeq TA BEZQ which fell 2 02 or 17 5 points to trade at 847 5 at the close Elbit Systems TA ESLT declined 1 80 or 650 points to end at 35370 and Teva TA TEVA was down 1 51 or 310 points to 20270
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 182 to 159 and 111 ended unchanged
Shares in Teva TA TEVA fell to 52 week lows down 1 51 or 310 to 20270
Crude oil for May delivery was up 1 49 or 0 57 to 38 89 a barrel Elsewhere in commodities trading Brent oil for delivery in June rose 1 42 or 0 57 to hit 40 62 a barrel while the June Gold contract rose 0 74 or 9 10 to trade at 1237 70 a troy ounce
USD ILS was down 0 80 to 3 7556 while EUR ILS fell 0 34 to 4 2775
The US Dollar Index was down 0 30 at 94 51 |
TEVA | Israel stocks lower at close of trade TA 25 down 0 87 | Investing com Israel stocks were lower after the close on Tuesday as losses in the Banking Real Estate and Insurance sectors led shares lower
At the close in Tel Aviv the TA 25 lost 0 87 to hit a new 1 month low
The best performers of the session on the TA 25 were Bezeq TA BEZQ which rose 1 30 or 11 0 points to trade at 856 0 at the close Meanwhile Teva TA TEVA added 0 63 or 130 points to end at 20730 and Mizrahi Tefahot TA MZTF was up 0 18 or 8 points to 4357 in late trade
The worst performers of the session were Gazit Globe TA GZT which fell 3 33 or 114 points to trade at 3311 at the close Frutarom TA FRUT declined 2 63 or 500 points to end at 18540 and Leumi TA LUMI was down 2 09 or 28 points to 1310
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 193 to 143 and 116 ended unchanged
Crude oil for May delivery was down 0 25 or 0 09 to 35 61 a barrel Elsewhere in commodities trading Brent oil for delivery in June fell 0 21 or 0 08 to hit 37 61 a barrel while the June Gold contract rose 1 00 or 12 20 to trade at 1231 50 a troy ounce
USD ILS was up 0 86 to 3 8156 while EUR ILS rose 0 72 to 4 3401
The US Dollar Index was up 0 13 at 94 71 |
TEVA | Israel stocks higher at close of trade TA 25 up 0 31 | Investing com Israel stocks were higher after the close on Wednesday as gains in the Insurance Financials and Banking sectors led shares higher
At the close in Tel Aviv the TA 25 added 0 31
The best performers of the session on the TA 25 were Perrigo TA PRGO which rose 3 57 or 1710 points to trade at 49670 at the close Meanwhile Frutarom TA FRUT added 3 45 or 640 points to end at 19180 and Teva TA TEVA was up 2 85 or 590 points to 21320 in late trade
The worst performers of the session were Avner L TA AVNRp which fell 2 07 or 4 4 points to trade at 207 7 at the close Nice TA NICE declined 1 95 or 470 points to end at 23600 and Israel Corp TA ILCO was down 1 94 or 1240 points to 62560
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 173 to 165 and 114 ended unchanged
Crude oil for May delivery was up 4 43 or 1 59 to 37 48 a barrel Elsewhere in commodities trading Brent oil for delivery in June rose 3 54 or 1 34 to hit 39 21 a barrel while the June Gold contract fell 0 50 or 6 10 to trade at 1223 50 a troy ounce
USD ILS was down 0 33 to 3 8031 while EUR ILS fell 0 40 to 4 3262
The US Dollar Index was up 0 10 at 94 70 |
XOM | Oil trades lower as risk appetite seen slack due to U S shutdown | Investing com Oil futures traded lower in the early part of Monday s Asian session as traders stepped away from riskier assets due to the ongoing U S government shutdown On the New York Mercantile Exchange light sweet crude futures for November delivery fell 0 35 to USD103 48 per barrel in Asian trading Monday The November contract settled up 0 51 at USD103 84 per barrel last Friday Last week New York traded crude broke a four week skid rising 0 95 Oil futures were likely to find support at USD101 07 a barrel the low from October 1 and resistance at USD105 09 a barrel the high from September 23 Oil prices were boosted as Tropical Storm Karen continued to bear down on the energy rich U S Gulf Coast prompting oil rig evacuations ahead of time Oil major BP shut in all its oil and natural gas output in the Gulf on Friday while Exxon Mobil reduced output by 1 000 barrels of oil equivalent a day and pulled nonessential personnel from offshore operations in the region However gains were capped due to the shutdown the first in the U S since the 1990s The shutdown prevented the release of September s non farm payrolls report last Friday and speculation is increasing that if the shutdown runs into the debt ceiling deadline the U S could see its sovereign credit rating lowered Elsewhere Brazil s government will announce a massive oil discovery off the country s northeast coast later this month according to MarketWatch It is expected the find off the coast of the Sergipe state will be the largest new oil discovery announced in the world this year Meanwhile Brent crude futures for November delivery lost 0 07 to USD109 23 per barrel on the ICE Futures Exchange |
XOM | U S futures edge lower after FOMC remarks Dow Jones down 0 06 | Investing com U S stock futures pointed to a lower open on Thursday after the Federal Reserve gave no clear indication on when it plans to scale back its bond buying program Ahead of the open the Dow Jones Industrial Average futures pointed to a 0 06 dip S P 500 futures signaled a 0 13 loss while the Nasdaq 100 futures indicated a 0 34 decline Global equities came under pressure after the Fed on Wednesday left its USD85 billion a month asset purchase program in place and gave no clear indication whether it would start scaling back stimulus at the December meeting or continue it into the start of 2014 The housing sector has slowed somewhat in recent months the Fed statement said However Fed officials stuck to the view that the economy is expanding at a moderate pace and said downside risks were diminishing Starbucks Corp plummeted 1 65 in pre market trade after the world s largest coffee shop chain said sales at stores open at least 13 months rose 8 in its China and Asia Pacific region in the fiscal fourth quarter less than analysts estimates Adding to losses Visa Inc plunged 2 98 in early trading after the bank card network said revenue rose less than projected On the upside Facebook surged 4 37 pre market after posting earnings that exceeded market estimates Separately the social media giant s Chief Financial Officer David Ebersman said the company will limit news feed ads and younger teens aren t using its website as much as they used to Other stocks likely to be in focus included Exxon Mobil MasterCard Avon Products Discovery Communication and Time Warner Cable all scheduled to report quarterly earnings later in the day Across the Atlantic European stock markets were mixed The EURO STOXX 50 added 0 11 France s CAC 40 edged up 0 09 Germany s DAX slipped 0 18 while Britain s FTSE 100 declined 0 51 During the Asian trading session Hong Kong s Hang Seng Index retreated 0 42 while Japan s Nikkei 225 Index tumbled 1 20 Later in the day the U S was to release data on initial jobless claims and a report on manufacturing activity in the Chicago region |
XOM | Exxon Mobil Q3 EPS USD1 79 vs expectations of USD1 76 | Investing com The world s largest oil and gas company Exxon Mobil reported better than expected third quarter earnings ahead of Thursday s opening bell Earlier in the day in its third quarter earnings report Exxon said earnings per share came in at USD1 79 above expectations for USD1 76 per share The company s third quarter revenue totaled USD112 4 billion Following the release of the report Exxon Mobil shares were flat in pre market trade Meanwhile the outlook for U S equity markets remained lower The Dow Jones Industrial Average futures indicated a loss of 0 1 at the open S P 500 futures pointed to a decline of 0 15 while the Nasdaq 100 futures indicated a drop of 0 4 |
XOM | U S stocks open lower as Fed statement weighs Dow Jones down 0 12 | Investing com U S stocks opened lower on Thursday after the Federal Reserve was less dovish than anticipated in its assessment of the economy sparking expectations for it to start scaling back stimulus sooner than expected During early U S trade the Dow Jones Industrial Average fell 0 12 the S P 500 index edged down 0 07 while the Nasdaq Composite index slipped 0 24 Global equities came under pressure after the Fed left its USD85 billion a month asset purchase program in place following its monthly meeting on Wednesday The bank gave no clear indication whether it would start scaling back stimulus at the December meeting or continue it into the start of 2014 The housing sector has slowed somewhat in recent months the Fed statement said However Fed officials stuck to the view that the economy is expanding at a moderate pace and said downside risks were diminishing Investors shrugged off data showing that U S initial jobless claims fell in line with expectations last week The Department of Labor said the number of individuals filing for initial jobless benefits in the week ending October 25 declined by 10 000 to a seasonally adjusted 340 000 Starbucks Corp plummeted 2 75 after the world s largest coffee shop chain said late Wednesday that sales at stores open at least 13 months rose 8 in its China and Asia Pacific region in the fiscal fourth quarter less than analysts estimates Adding to losses Visa Inc plunged 3 12 after the bank card network said revenue rose less than projected Facebook saw shares dive 3 65 even after posting earnings that exceeded market estimates Separately the social media giant s Chief Financial Officer David Ebersman said the company will limit news feed ads and younger teens aren t using its website as much as they used to On the upside Exxon Mobil rallied 1 17 after the oil company reported a drop in quarterly profit that still beat market expectations Other stocks likely to be in focus included MasterCard Avon Products Discovery Communication and Time Warner Cable all scheduled to report quarterly earnings later in the day Across the Atlantic European stock markets were mixed The EURO STOXX 50 rose 0 31 France s CAC 40 added 0 29 Germany s DAX dipped 0 05 while Britain s FTSE 100 declined 0 58 During the Asian trading session Hong Kong s Hang Seng Index retreated 0 42 while Japan s Nikkei 225 Index tumbled 1 20 Later in the day the U S was to release data a report on manufacturing activity in the Chicago region |
XOM | U S stocks dip as market recalibrates Fed expectations Dow slips 0 47 | Investing com U S stocks dipped on Thursday as investors jumped to the sidelines to ponder when the Federal Reserve will begin unwinding its USD85 billion monthly bond buying program which boosts equity prices by driving down borrowing costs At the close of U S trading the Dow Jones Industrial Average finished down 0 47 the S P 500 index fell 0 38 while the Nasdaq Composite index fell 0 28 On Wednesday the Federal left its key benchmark lending target the fed funds rate unchanged at 0 25 and kept its USD85 billion monthly asset purchasing program in place which came as little surprise on Wall Street Still the Fed s language came across as less dovish than markets were anticipating by omitting threats to the labor market mentioned in previous statements which pressured stocks lower Solid data hitting the wire on Thursday solidified expectations that the Fed will begin tapering its stimulus programs in early 2014 as opposed to after March as once thought and thus take away the monetary crutch that has pushed up stock prices for over a year Data released earlier revealed that the Chicago manufacturing purchasing managers index jumped to 65 9 in October from 55 7 in September Analysts had expected the index to decline to 55 0 The new orders component of the index jumped to a nine year high of 74 3 from 58 9 in September Elsewhere the Department of Labor said the number of individuals filing for initial jobless benefits in the week ending October 25 declined by 10 000 to a seasonally adjusted 340 000 in line with market expectations Leading Dow Jones Industrial Average performers included Exxon Mobil up 0 91 3M up 0 90 and Boeing up 0 71 The Dow Jones Industrial Average s worst performers included Visa down 2 92 JPMorgan Chase down 1 99 and American Express down 1 52 European indices meanwhile finished largely higherAfter the close of European trade the EURO STOXX 50 rose 0 80 France s CAC 40 rose 0 60 while Germany s DAX 30 rose 0 26 Meanwhile in the U K the FTSE 100 finished down 0 68 |
XOM | U S gain on expectations for loose Fed policy Dow rises 0 15 | Investing com U S stocks rose on Monday after investors digested data and comments from Federal Reserve officials and concluded that the U S central bank remains on course to keep its USD85 billion in monthly bond purchases in place until 2014 Asset purchases aim to spur recovery by driving down long term interest rates boosting stock prices in the process At the close of U S trading the Dow Jones Industrial Average finished up 0 15 the S P 500 index rose 0 36 while the Nasdaq Composite index rose 0 37 U S economic indicators continue to point to an economy in recovery though they haven t been strong enough to prompt the Federal Reserve to begin tapering the pace of its asset purchases investors concluded on Monday Federal Reserve officials said earlier the U S central bank won t scale back its USD85 billion in monthly bond purchases until economic fundamentals display noted improvements While St Louis Federal Reserve Bank President James Bullard and Federal Reserve Board Governor Jerome Powell stressed the need to keep stimulus programs in place they didn t indicate when monetary authorities should begin tapering and then end asset purchases which watered down Wall Street s gains Elsewhere in the U S data released earlier revealed that U S factory orders rose 1 7 in October from September in line with expectations Many investors remained on the sidelines ahead of the release of the October jobs report on Friday with many predicting modest gains in the number of nonfarm payrolls though not enough to spark a change in monetary policy Elsewhere Blackberry said it was canceling plans to sell itself off while pharmaceutical giant Johnson Johnson agreed to pay USD2 2 billion to the U S government to resolve criminal and civil claims that the company marketed prescription drugs for uses that were never approved as safe and effective and also over allegations the company paid kickbacks to both physicians and pharmacies for prescribing and promoting these drugs Leading Dow Jones Industrial Average performers included Exxon Mobil up 2 52 Microsoft up 1 20 and Verizon up 1 14 The Dow Jones Industrial Average s worst performers included Visa down 1 40 DuPont down 1 28 and JPMorgan down 0 96 European indices meanwhile finished higher After the close of European trade the EURO STOXX 50 rose 0 26 France s CAC 40 rose 0 36 while Germany s DAX 30 rose 0 33 Meanwhile in the U K the FTSE 100 finished up 0 43 On Tuesday in the U S the Institute of Supply Management is to release a report on service sector activity |
XOM | U S futures higher on Yellen rally eyes on data Dow Jones up 0 16 | Investing com U S stock futures pointed to a higher open on Friday supported by Thursday s dovish comments by Federal Reserve Chair nominee Janet Yellen while investors eyed the release of U S data later in the day Ahead of the open the Dow Jones Industrial Average futures pointed to a 0 16 gain S P 500 futures signaled a 0 19 rise while the Nasdaq 100 futures indicated a 0 23 increase In a Senate hearing on Thursday Yellen defended the Fed s stimulus measures to bolster growth and called efforts to boost hiring an imperative The comments added to expectations that the Fed s monthly bond purchases may remained unchanged for an extended period of time The financial sector was expected to be active after Moody s Investors Service cut its ratings on four of the biggest U S banks after deciding the government would be less likely to help them repay creditors in a crisis Morgan Stanley Goldman Sachs JPMorgan Chase and Bank of New York Mellon had their senior holding company ratings lowered one level on Thursday Google was also likely to be in focus as a federal judge in New York on Thursday ruled that the Google Books project doesn t violate copyright law dismissing an eight year old lawsuit against the search engine company In other company news Berkshire Hathaway reported a stake in Exxon Mobil valued at about USD3 7 billion as Warren Buffett s company disclosed its largest new holding since International Business Machines in 2011 Following the news Exxon Mobil rallied 1 80 in pre market trade Elsewhere Comcast was said to be planning to begin selling movies over its cable service before the end of the year Film sales would add to Comcast s on demand service which currently lets viewers rent movies not own them In earnings news late Thursday Applied Materials forecast fiscal first quarter sales and profit that were in line with estimates amid rising machinery orders from contract chipmakers Shares still edged down 0 08 in after hour trade Across the Atlantic European stock markets were higher The EURO STOXX 50 inched up 0 01 France s CAC 40 added 0 14 Germany s DAX edged 0 11 higher while Britain s FTSE 100 rose 0 37 During the Asian trading session Hong Kong s Hang Seng Index jumped 1 69 while Japan s Nikkei 225 Index rallied 1 95 Later in the day the U S was to release data on manufacturing activity in the New York region as well as reports on industrial production and import prices |
XOM | Coal And Natural Gas Stocks That Could Profit In Volatile Global Markets | From the coal beds of Indonesia to oil and gas fields throughout Europe Sam Wahab of the London based investment firm Seymour Pierce is a master at spotting investment opportunities in the topsy turvy world of fluctuating energy prices In this interview with The Energy Report he deftly defines the structural problems affecting gas and coal markets while identifying some plays that demonstrate the savvy to come out on top The Energy Report Sam with natural gas production stalling in North America where can investors find good deals in the junior exploration space Sam Wahab Gas exploration in the U S especially of the unconventional type has resulted in diminishing Henry Hub spot prices Nevertheless gas exploration on a global scale remains strong The key reason is that gas prices in Europe and Asia are underpinned by robust consumer demand and the need for energy security A clear example is in Central and Eastern Europe where Gazprom OGZD LSE GAZ FSE GAZP MCX GAZP RTS OGZPY OTC has a strong monopoly on gas supply despite a plethora of untapped resources Many of the governments in these countries Poland Romania Ukraine etc are now incentivizing junior domestic players through undemanding fiscal terms to prove up these resources to secure energy self sufficiency In return these junior companies enjoy gas prices far in excess of the Henry Hub which is about 3 per thousand cubic feet Mcf The Romanian gas market is slated to deregulate its gas prices next year That should bring it inside the European average of 8 13 Mcf We have a Buy recommendation on Hawkley Oil Gas Ltd HOG ASX an Australia listed company that owns and operates Ukrainian assets It was getting 11 80 Mcf which is a fourfold multiple to the Henry Hub Our target price for Hawkley is 0 72 share Other beneficiaries of this type of price movement in Europe include Zeta Petroleum Plc ZTA ASX Aurelian Oil Gas Plc AUL LSE and San Leon Energy Plc SLE LSE SLGYY OTCBB which is merging into Aurelian Another interesting proposition for investors in my view is the growing interest in the supply of regassified liquid natural gas LNG to gas starved West African markets To clarify LNG is natural gas that has been converted to liquid form for ease of storage or transport Regasification is the process of returning the LNG to natural gas prior to distribution London listed Gasol Plc GAS LSE is looking to service this growing demand by securing sales agreements with LNG suppliers and national governments for fixed periods LNG cargoes will be delivered to a floating LNG regasification facility which will then either pipe gas to nearby industry or power generation facilities TER Are the explorers that you cover focused on finding and developing gas producing properties that they can hold onto as income producers or are they typically more interested in selling their properties to a major corporation once the resources are proved out SW That s a very good question and the answer will strongly depend on the individual management team their strategy and the diversification of the company s asset portfolio It is extremely difficult for a junior gas explorer to prove up and commercialize an asset alone given the significant financial and technical resource base necessary to do so We often see juniors acquire an asset shoot seismic and potentially drill one or two exploration wells at which point they have sufficiently derisked the acreage to attract a partner to assist in bringing the asset through field development We ve seen this strategy work recently with Tethys Petroleum Ltd TPL TSX TPL LSE Seymour Pierce has a Buy recommendation on Tethys and a target price of 0 72 share Its most significant asset is the Bokhtar area in Tajikistan with an estimated 27 5 billion barrels oil equivalent Bboe The company recently announced a farm out of this asset bringing in Total S A and CNODC as equity partners We also have a Buy recommendation on CBM Asia Development Corp TCF TSX V with a target of 0 54 share CBM is acquiring high quality cold bed methane CBM acreage in Indonesia It plans to derisk the properties to about 80 certainty by drilling low cost wells to reach early stage production and generate cash flow At that stage the company will seek to sell the property to a major oil company to capture the valuation upside from the derisking process and unleash shareholder value TER Indonesia is a microcosm of East Asian energy development It is balancing its domestic needs against export demands and it enters into production sharing contracts between the government and the CBM explorers that bear the burden of derisking the gas fields Where is the margin in this type of public private venture SW The country s natural gas market is characterized by a declining supply of conventional gas and a rapidly growing domestic market with a large export segment A clear margin exists where the domestic gas price is between 5 11 Mcf whereas the export prices go as high as 15 Mcf It turns out that 50 of Indonesia s gas is exported to North Asian markets in the form of LNG down from 62 during the past decade So a declining conventional gas production combined with driving domestic gas consumption is crimping Indonesia s ability to meet its own LNG export obligations and its ability to capitalize on the high gas prices in North Asia Meanwhile domestic consumption has risen over 100 during the last 10 years That s largely a function of Indonesia s strong economic growth which is headed toward a gross domestic product of 1 trillion this year Looming shortage of supply is causing the Indonesian government to support public private CBM development projects with incentivized production sharing contracts PSCs The terms allow contractors to take 40 45 on an after tax basis higher than the industry average The capital requirements for CBM exploration which is classed as unconventional are low between 2 5 3 million 2 5 3M to acquire a production sharing agreement and up to 4 6M to complete the exploration phase The risk and costs are low with the potential for high returns The situation has set off a bit of a land grab in Indonesia TER What other companies are focused on CBM exploration SW In addition to CBM Asia other companies active in CBM exploration in Indonesia include BP Plc BP NYSE BP LSE Dart Energy Ltd DTE ASX Exxon Mobil Corp XOM NYSE Santos STO ASX and Total Whilst in our view CBM Asia and Dart Energy have the most compelling investment case at the moment we would expect more entrants into this particular market given the low cost of drilling and access to existing infrastructure The Australian CBM industry is mature Between 2003 and 2011 Australia s CBM industry consolidated through 33 mergers of small independent operators with a value of over 30 billion Aussie dollars I believe a similar consolidation could occur in Indonesia as acquirers of Australian CBM assets such as Total and Santos which are active in Indonesia look to pick up small companies like CBM Asia TER Let s talk about CBM drilling for a moment How does it differ from conventional gas drilling SW Coal bed methane is a byproduct of the coal formation process It s chemically identical to other sources of natural gas but it s cleaner than hydrogen sulphide In the reservoirs the methane is absorbed into the coal surface held tightly in place by a layer of water Drilling a production well releases the water pressure in the coal stream allowing the gas to float to the surface following the water The wells are shallow less than 1 000 meters down to the gas rich stream Remarkably such a well can be drilled and completed in less than 48 hours TER When a major is looking at CBM juniors what metrics do they require SW The effects of the U S shale boom on the Henry Hub have led many majors to deploy their technical resource base in extracting unconventional resources in high spot price environments They are constantly on the lookout for sufficiently derisked assets made through a combination of seismic and drilling activity They want to take a significant equity portion and they want the asset to be located in geopolitically stable regions with a strong demand or sufficient infrastructure in place so that they can easily export the hydrocarbons If most of these boxes are checked there is a good chance that a major will show interest in a junior oil and gas company Recently BP divested many of its non operating gas interests in the North Sea while increasing its presence in West Africa It has just farmed in to Chariot Oil Gas Ltd CHAR LSX block Exxon exited many of its Polish shale concessions in favor of the reported interests in onshore United Kingdom shale by Egdon Resources Plc EDR AIM The U K government has lifted a suspension on fracking in the U K Now Exxon is interested in some of the onshore U K assets Egdon Resources could be a key benefactor TER Nonetheless share prices for many gas explorers are not very robust Why SW Historically gas prices have been linked to oil prices Starting with the U S shale boom we have seen a divergence oil prices have remained strong while gas prices have generally fallen However contract prices for drilling infrastructure such as rig equipment and personnel continue to be linked to oil prices The upshot is that gas exploration has become increasingly less viable There have also been a number of micro economic events that affected individual companies and regions The difficulty in employing extraction methods in Central Europe using similar techniques as those in North America arises from the significant differences in the geological makeup This has led to disappointing exploration performance TER Are there limits to the supply of natural gas that can be profitably brought to market SW The movement of the gas market is largely randomized on a macro level Shifts in supply and demand are being dictated by economic growth in emerging economies and continued productivity from existing and untapped resources It s fairly unpredictable But in the near term gas prices will be dictated by the aggressive use of gas in China and India from their growing economies which will push prices on a global scale As will the discovery and utilization of gas resources in Latin America an up and coming region with a huge untapped potential for natural gas There is a move away from nuclear power in Japan and some European countries in response to the nuclear incident in Fukushima And Europe is continuing to process policies requiring greenhouse gas emissions reductions That could hinder direct gas exploration there In Russia however people are slowly chipping away at Gazprom s monopoly In response it is looking to regasify the Far Eastern region which could also push prices Generally the ongoing search for shale and other unconventional gas will dictate the global gas price regime In the U S though the low Henry Hub price could result in a lot less drilling for gas and more of a focus toward oil production which could drive gas prices back up TER Thanks very much Sam SW Many thanks Peter began his career at PricewaterhouseCoopers PwC where he qualified as a prize winning chartered accountant On PwC s energy team he specialized in assurance and transaction advisory His clients including Royal Dutch Shell and JKX Oil Gas Following a spell in the oil and gas research team at Arbuthnot Securities Wahab joined Seymour Pierce in 2011 He heads up oil and gas equity research at the firm His coverage includes companies with global operations on multiple stock exchanges DISCLOSURE 1 Peter Byrne of The Energy Report conducted this interview He personally and or his family own shares of the following companies mentioned in this interview None 2 The following companies mentioned in the interview are sponsors of The Energy Report Tethys Petroleum Ltd and CBM Asia Development Corp Interviews are edited for clarity 3 Sam Wahab I personally and or my family own shares of the following companies mentioned in this interview None I personally and or my family am paid by the following companies mentioned in this interview None I was not paid by Streetwise Reports for participating in this interview |
XOM | Why Long Term Forecasts For Cheap Oil And Natural Gas Are Baseless | Here s the short version of why forecasts of low long term oil and natural gas prices are almost certainly wrong It costs more than that to get the stuff out of the ground Only two things could actually lead to low long term prices 1 Somebody could invent and deploy some genuinely brand new technology that makes it really cheap once again to get oil and gas out of the ground or 2 we could have a deep and grinding deflationary depression that brings demand for oil and natural gas down so much that prices collapse The people who are predicting now and now in the United States for as far as the eye can see believe that such prices will result from the already widespread application of current technology And yet the very companies that use that technology to extract these hydrocarbons say that there s no way they can produce them profitably at those prices ExxonMobil s XOM CEO We are losing our shirts selling natural gas at such low prices Forecasts for much lower oil prices would also represent losses on new wells for most oil producers Here s why The full cost of producing new oil for the 50 largest publicly traded oil companies in the world is 92 a barrel While average costs are lower because they include previously discovered conventional oil which is cheaper and easier to produce the Bernstein report challenges the notion that new technologies will lead to cheaper oil Those technologies including hydraulic fracturing will make it possible to extract previously uneconomic oil resources but only at very high and rising costs In fact the cost of producing the marginal new barrel of oil has been rising at 14 percent per year since 2001 Bernstein says Finding developing and producing new oil isn t getting cheaper it s getting much more expensive So while oil prices could fall below the cost of producing new barrels for a while they simply could not stay there unless the world were to become content with ever shrinking supplies of oil No company will continue to drill for oil when each new well loses money So given that the world will probably continue to seek expanded supplies of oil prices in the long run below 92 a barrel seem implausible And that floor is likely to rise as the oil resources that companies are now forced to pursue become costlier and more difficult to extract We ve already extracted the easy to get oil in the first 150 years of the oil age now comes the hard stuff The same logic applies to natural gas The bulk of new U S supplies are coming from Looking at the actual data petroleum consultants Art Berman and Lynn Pittinger industry claims of profitability of shale gas production at 4 per thousand cubic feet were based on excluding important costs such as land acquisition Once all the costs are figured in Berman and Pittinger found that costs for gas wells drilled in the the and the were 8 31 8 68 and 8 75 respectively If land acquisition is excluded and only drilling completion and other variable costs are included the cost falls to 5 06 5 63 and 6 80 respectively Even these lower costs are still far above what some forecasts say will be the long term U S price of natural gas But natural gas drillers will not drill wells indefinitely that lose money All of this flies in the face of the current popular meme that the United States and perhaps even the world will enjoy both cheap and plentiful supplies of oil and natural gas for the foreseeable future whenever that is Keep in mind that the costs cited above include the use of the latest technology That tells us that depletion is long since winning the contest with technology Yes technology has helped to mitigate the damage that constrained energy supplies are inflicting on the world economy Without it matters would be much worse But it is clear now that technology will no longer be able to overcome the fact that we as a species have used up the easy to extract hydrocarbons We are now faced with exploiting ever leaner resources with diminishing returns on ever higher investments In fact record investment in finding and developing new oil resources has only just kept the rate of worldwide oil production When it comes to oil major agencies such as the and the recognize this reality and predict continuing high oil prices But neither seems to understand the relevant data about U S natural gas extraction costs that also spell higher U S natural gas prices unless the country chooses miraculously to use a lot less The United States is now actually choosing to use more natural gas which is logical since the price of competing energy sources is currently so much higher on an energy equivalency basis Of course it s possible that someone could invent new technology that will make it much cheaper to extract the remaining hard to get oil and natural gas But even if they do as I have said before if that technology is not on the shelf and ready to deploy today it will make almost no difference in the next two decades It takes a very long time for new technology to be adapted for use in the field tested and then widely deployed It took more than 60 years for hydraulic fracturing to move from field testing to regular use in vertical wells and then finally to that uses long horizontal wells to unlock oil and natural gas in deep shale deposits Currently there appears to be no new transformative on the shelf technology that will significantly reduce the cost of extracting oil and natural gas And so barring a deep economic depression we can look forward to prices for oil and natural gas that are consistently above the cost of production and therefore far above the bizarrely low forecasts in the air today In fact we should expect costs to continue to escalate as we seek out resources that are ever more difficult to extract and refine |
XOM | Energy Sector Bullish Technicals | The energy sector lagged the financial market for the better part of the fourth quarter 2012 before showing signs of life into year s end In fact the party started on December 31 with a big gain And the momentum carried over to the next session with a gap higher to ring in the New Year But what I found most interesting about this technical setup was the price action that preceded the move higher See chart below In its simplest terms this is called a fake out However I like to call this type of setup a pendulum reversal As you can see below the price moved higher into resistance increasing the bulls hopes of a breakout The move higher was then followed by a swift reversal lower that took out the short term trend line on its way to the intermediate term trend line This action quickly shakes out the weak longs and brings in overzealous bears And finally the stock reverses higher This has left the sector in good shape for a retest of the September highs As well the 50 day moving average is turning higher the uptrend is still in place and the biggest weighted participant in the XLE Energy Sector is Exxon Mobil XOM And its chart is still bullish see chart below That said keep an eye on the intermediate term trend line and 50 day moving average both at 71 The bulls will need these technical support levels to hold Trade safe trade disciplined Energy Sector XLE Exxon Mobil XOM |
XOM | ExxonMobil Long Entry Update | For those of you following my exploits in ExxonMobil XOM from my post two weeks ago A Long Entry into ExxonMobil I took another step in the trade today The Breakout from the 90 level gives a good support line to trade against I have bought back the January 87 5 Puts and sold to open February 90 Puts for a net 1 35 credit This brings the total credit in pocket to 5 42 and would put me in the stock with a basis of84 58 if it closes below 90 on February Expiry Disclosure The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment I or my affiliates may hold positions or other interests in securities mentioned in the Blog please see my page for my full disclaimer |
TEVA | Eased Anxieties Help Stocks Rally | The U S equity markets rallied courtesy of eased geopolitical concerns amid a pause in North Korean missile tests and as early economic assessments of losses in the aftermath of Hurricane Irma are less than feared Treasury yields continued to recover from multi month lows giving financials a boost while the US dollar also rebounded from multi year lows Crude oil prices were higher while gold was solidly lower
The Dow Jones Industrial Average DJIA jumped 260 points 1 2 to 22 057 the S P 500 Index was 27 points 1 1 higher at 2 488 and the NASDAQ Composite rallied 72 points 1 1 to 6 432 In moderate volume 795 million shares were traded on the NYSE and 1 8 billion shares changed hands on the NASDAQ WTI crude oil rose 0 59 to 48 07 per barrel and wholesale gasoline lost 0 02 to 1 63 per gallon Elsewhere the Bloomberg gold spot price dropped 18 97 to 1 327 62 per ounce and the dollar index a comparison of the U S dollar to six major world currencies was 0 6 higher at 91 87
Insurance stocks got a boost as the markets assessed the impact of Hurricane Harvey in Texas two weeks ago and Hurricane Irma that hammered the Caribbean and made landfall in Florida over the weekend Early reports are suggesting Irma s costs will likely be less than feared as the storm has been downgraded to a tropical storm Airlines and travel companies also found support
Pilgrims Pride Corp NASDAQ PPC 28 announced an agreement to acquire poultry and prepared foods supplier Moy Park from Brazil s JBS SA OTC JBSAY 5 for about 1 0 billion PPC said the acquisition is expected to be immediately accretive to earnings per share PPC finished lower
Teva Pharmaceutical Industries Ltd NYSE TEVA 19 rallied nearly 20 after the generic drug company named Kare Schultz as its new Chief Executive Officer CEO the former CEO of Danish drugmaker H Lundbeck AS OTC HLUYY 57 HLUYY was sharply lower
Treasury yields and the U S dollar regaining footing Treasuries were lower amid a dormant economic calendar as the yield on the 2 Year note increased 6 basis points bps to 1 32 while the yields on the 10 Year note and the 30 Year bond gained 8 bps to 2 13 and 2 75 respectively
Treasury yields and the U S dollar rebounded from recent weakness that took the former to levels not seen since November and the latter to well over a two year low as risk aversion eases with North Korea holding off on another missile test and the impact of Hurricane Irma appears to less than feared Downside pressure on bond yields and the greenback has come amid fading expectations of another Fed rate hike this year and as the euro surged in the wake of the European Central Bank s signal that it will likely begin discussions of tapering stimulus measures at its meeting next month
This sets the stage for this week s economic calendar to likely regain some focus beginning with tomorrow s NFIB Small Business Optimism Index forecasted to show a slight downtick to a level of 104 8 for August from the 105 2 posted in July as well as the Job Openings and Labor Turnover Survey JOLTS report with economists expecting the measure of unmet demand for labor to have fallen to 5 8 million jobs available to be filled in July from the 6 2 million registered in June
Stubbornly low inflation which has kept Fed rate expectations hamstrung will also be on display this week courtesy of the releases of the Consumer Price Index CPI and Producer Price Index PPI for August The all important U S consumer will also garner attention as the markets digest the August retail sales report and the preliminary September University of Michigan Consumer Sentiment Index The docket will also bring industrial production and capacity utilization
Europe and Asia higher as geopolitical concerns fade and Irma downgraded
European equity markets gained solid ground with the lack of another missile test by North Korea easing geopolitical concerns while assessments of the U S economic impact of Hurricane Irma were preliminarily reported to be less than estimated as it was downgraded to a tropical storm Insurance and travel companies got a boost while sentiment also found some support from upbeat data out of China and Japan
The euro gave back some of a recent surge to near a three year high versus the U S dollar while bond yields recovered to also bolster the financial sector The British pound dipped versus the greenback ahead of this week s Bank of England monetary policy decision In economic news Italian industrial production rose more than expected
Stocks in Asia finished higher as North Korea held off on conducting another missile test which is easing geopolitical concerns while early reports of the impact of Hurricane Irma in the U S are suggesting the costs will be less than feared Moreover Japan posted much stronger than expected machine orders a gauge of capital spending for July while China s CPI and PPI figures topped forecasts
Japanese equities rallied with the yen giving back some recent gains while stocks in China and Hong Kong rose as sentiment also gets a boost from reports that the People s Bank of China intends to ease requirements for financial institutions Meanwhile markets in South Korea Australia and India also advanced
Tomorrow s international economic calendar will mostly focus on reports out of the U K with the island nation set to release CPI PPI housing prices and the Retail Price Index |
TEVA | Israel stocks higher at close of trade TA 25 up 0 06 | Investing com Israel stocks were higher after the close on Sunday as gains in the Oil Gas Communication and Banking sectors led shares higher
At the close in Tel Aviv the TA 25 gained 0 06
The best performers of the session on the TA 25 were Delek Drilling LP TA DEDRp which rose 6 77 or 92 points to trade at 1451 at the close Meanwhile Avner L TA AVNRp added 5 93 or 15 1 points to end at 269 9 and Delek Group TA DLEKG was up 3 32 or 3100 points to 96600 in late trade
The worst performers of the session were Perrigo TA PRGO which fell 4 47 or 2860 points to trade at 61140 at the close OPKO Health Inc TA OPK declined 2 97 or 112 points to end at 3654 and Teva TA TEVA was down 2 61 or 620 points to 23090
Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 175 to 122 and 150 ended unchanged
Crude oil for December delivery was up 0 73 or 0 34 to 46 40 a barrel Elsewhere in commodities trading Brent oil for delivery in December rose 1 35 or 0 66 to hit 49 46 a barrel while the December Gold contract fell 0 48 or 5 50 to trade at 1141 80 a troy ounce
USD ILS was down 0 17 to 3 8648 while EUR ILS rose 0 11 to 4 2538
The US Dollar Index was down 0 38 at 96 99 |
TEVA | Israel stocks higher at close of trade TA 25 up 0 31 | Investing com Israel stocks were higher after the close on Tuesday as gains in the Banking Technology and Financials sectors led shares higher
At the close in Tel Aviv the TA 25 added 0 31 to hit a new 1 month high
The best performers of the session on the TA 25 were Teva TA TEVA which rose 2 91 or 680 points to trade at 24020 at the close Meanwhile ICL Israel Chemicals Ltd TA ICL added 1 84 or 38 points to end at 2100 and Israel Corp TA ILCO was up 1 76 or 1710 points to 99070 in late trade
The worst performers of the session were Bezeq TA BEZQ which fell 3 40 or 29 0 points to trade at 825 0 at the close Frutarom TA FRUT declined 2 79 or 460 points to end at 16050 and Delek Drilling LP TA DEDRp was down 1 05 or 15 points to 1415
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 181 to 137 and 129 ended unchanged
Crude oil for December delivery was up 2 51 or 1 16 to 47 30 a barrel Elsewhere in commodities trading Brent oil for delivery in December rose 2 31 or 1 12 to hit 49 91 a barrel while the December Gold contract fell 1 19 or 13 50 to trade at 1122 40 a troy ounce
USD ILS was unchanged 0 00 to 3 8742 while EUR ILS fell 0 56 to 4 2437
The US Dollar Index was up 0 42 at 97 40 |
TEVA | AstraZeneca Teva reach deal with states in Medicaid pricing case | By Sarah N Lynch Reuters Drugmakers AstraZeneca Plc L AZN N AZN and Cephalon a unit of Teva Pharmaceutical Industries Ltd TA TEVA N TEVA reached a multistate accord on Wednesday over civil charges they overbilled state Medicaid programs the New York Attorney General announced The settlement with the states comes after the U S Justice Department settled parallel civil charges with both companies in July The 54 million to be collectively paid was previously announced by the Justice Department Of that amount AstraZeneca is responsible for 46 5 million and Cephalon for 7 5 million AstraZeneca makes no concessions or admissions of fault in the settlement agreement and its price reporting decisions were undertaken in good faith the company said in an emailed statement to Reuters AstraZeneca said it was in the company s best interest to resolve the matter New York Attorney General Eric Schneiderman said the New York State Medicaid Program will collect nearly 7 5 million from AstraZeneca and a little more than 996 000 from Cephalon as part of the deal Many New Yorkers rely on Medicaid for essential health care services and when companies overcharge Medicaid it harms taxpayers and patients alike he said in a statement Drug manufacturers are required to pay quarterly rebates to state Medicaid programs that provide coverage for the cost of the drugs The rebates are based on the average manufacturer s price Higher average prices generally translate into higher rebates The federal government and the states alleged AstraZeneca and Cephalon treated certain fees to wholesalers as discounts effectively discounting the average manufacturer s price reported to the government and thereby lowering the rebates they were required to pay The settlement with AstraZeneca covered all 50 states while Cephalon covered most states
The case was triggered by Ronald Streck a whistleblower who filed complaints in the U S District Court for the Eastern District of Pennsylvania |
TEVA | European stocks fall on German data U S rate hike talk Dax down 0 32 | Investing com European stocks opened lower on Thursday after the release of downbeat German data dampened optimism over the strength of the euro zone s biggest economy as expectations for a December rate hike in the U S weighed
During European morning trade the EURO STOXX 50 fell 0 28 France s CAC 40 edged down 0 11 while Germany s DAX 30 slid 0 32
European equities weakened after Fed Chair Janet Yellen said on Wednesday that a December rate hike is a live possibility depending on the data
Earlier Thursday official data showed that German factory orders dropped 1 7 in September confounding expectations for an increase of 1 0 after a 1 8 decline the previous month
Financial stocks were mixed to lower as French lenders BNP Paribas PA BNPP and Societe Generale PA SOGN were up 0 09 and 4 49 while Germany s Deutsche Bank DE DBKGn and Commerzbank DE CBKG slid 0 44 and 0 37
Societe Generale reported a 27 increase in third quarter group net profit to 1 126 billion on Thursday
Among peripheral lenders Italy s Intesa Sanpaolo MI ISP and Unicredit MI CRDI fell 0 33 and 0 65 respectively while Spanish banks BBVA MC BBVA and Banco Santander MC SAN retreated 0 45 and 0 51
Elsewhere Volkswagen DE VOWG remained in the spotlight after the carmaker s credit rating was downgraded by Moody s on Wednesday Shares were still up 0 35 in early European trade
Germany is to retest all Volkswagen car models to gauge their genuine emissions levels after the carmaker said this week that it found faulty emissions readings for the first time in gasoline powered vehicles
On the downside Adecco VX ADEN saw shares dive 9 22 after reporting a third quarter net loss of 513 million confounding expectations for a 223 million profit
In London commodity heavy FTSE 100 dropped 0 57 weighed by losses in the mining sector and as markets eyed the Bank of England s interest rate decision due later in the day
Shares in Bhp Billiton L BLT and Rio Tinto L RIO tumbled 1 45 and 1 62 respectively while Randgold Resources L RRS plummeted 3 06 and Anglo American L AAL dove 3 37
Financial stocks added to losses as Lloyds L LLOY Bamking slipped 0 11 and Barclays L BARC declined 0 71 while HSBC Holdings L HSBA dropped 0 81 and the Royal Bank of Scotland L RBS lost 0 97
Meanwhile AstraZeneca PLC L AZN was one of the top performers on the index with shares surging 3 05 after the drugmaker and Cephalon a unit of Teva Pharmaceutical Industries N TEVA Ltd reached an agreement on Wednesday over civil charges they overbilled U S Medicaid programs
In the U S equity markets pointed to a steady open The Dow Jones Industrial Average futures pointed to a 0 01 dip S P 500 futures signaled a 0 02 downtick while the Nasdaq 100 futures indicated a 0 06 loss |
TEVA | Israel stocks lower at close of trade TA 25 down 0 08 | Investing com Israel stocks were lower after the close on Thursday as losses in the Oil Gas Insurance and Real Estate sectors led shares lower
At the close in Tel Aviv the TA 25 fell 0 08
The best performers of the session on the TA 25 were Frutarom TA FRUT which rose 2 27 or 360 points to trade at 16190 at the close Meanwhile Bezeq TA BEZQ added 2 12 or 17 0 points to end at 818 0 and Azrieli Group TA AZRG was up 1 84 or 270 points to 14950 in late trade
The worst performers of the session were ICL Israel Chemicals Ltd TA ICL which fell 2 95 or 64 points to trade at 2104 at the close Israel Corp TA ILCO declined 2 23 or 2300 points to end at 100900 and Teva TA TEVA was down 2 09 or 500 points to 23400
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 169 to 147 and 132 ended unchanged
Crude oil for December delivery was down 1 42 or 0 66 to 45 66 a barrel Elsewhere in commodities trading Brent oil for delivery in December fell 0 79 or 0 39 to hit 48 20 a barrel while the December Gold contract rose 0 02 or 0 20 to trade at 1106 40 a troy ounce
USD ILS was up 0 05 to 3 8832 while EUR ILS rose 0 05 to 4 2194
The US Dollar Index was up 0 14 at 98 14 |
TEVA | Israel stocks lower at close of trade TA 25 down 0 73 | Investing com Israel stocks were lower after the close on Sunday as losses in the Real Estate Insurance and Oil Gas sectors led shares lower
At the close in Tel Aviv the TA 25 fell 0 73
The best performers of the session on the TA 25 were OPKO Health Inc TA OPK which rose 1 96 or 75 points to trade at 3895 at the close Meanwhile Perrigo TA PRGO added 1 37 or 860 points to end at 63580 and Teva TA TEVA was up 1 15 or 270 points to 23670 in late trade
The worst performers of the session were Gazit Globe TA GZT which fell 4 21 or 176 points to trade at 4000 at the close Delek Group TA DLEKG declined 2 73 or 2680 points to end at 95500 and Melisron TA MLSR was down 2 51 or 330 points to 12810
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 178 to 128 and 144 ended unchanged
Crude oil for December delivery was down 1 46 or 0 66 to 44 54 a barrel Elsewhere in commodities trading Brent oil for delivery in December unchanged 0 00 or 0 00 to hit 48 17 a barrel while the December Gold contract fell 1 39 or 15 30 to trade at 1088 90 a troy ounce
USD ILS was up 1 15 to 3 9275 while EUR ILS fell 0 19 to 4 2184
The US Dollar Index was up 1 23 at 99 29 |
TEVA | Israel stocks higher at close of trade TA 25 up 0 28 | Investing com Israel stocks were higher after the close on Thursday as gains in the Real Estate Banking and Technology sectors led shares higher
At the close in Tel Aviv the TA 25 rose 0 28
The best performers of the session on the TA 25 were Frutarom TA FRUT which rose 5 68 or 940 points to trade at 17500 at the close Meanwhile Nice TA NICE added 2 74 or 670 points to end at 25150 and Teva TA TEVA was up 2 19 or 510 points to 23780 in late trade
The worst performers of the session were Elbit Systems TA ESLT which fell 2 61 or 890 points to trade at 33210 at the close OPKO Health Inc TA OPK declined 1 61 or 68 points to end at 4160 and Delek Group TA DLEKG was down 1 25 or 1130 points to 89370
Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 185 to 144 and 121 ended unchanged
Shares in Frutarom TA FRUT rose to all time highs up 5 68 or 940 to 17500
Crude oil for January delivery was down 0 29 or 0 12 to 41 83 a barrel Elsewhere in commodities trading Brent oil for delivery in January rose 0 56 or 0 24 to hit 44 38 a barrel while the December Gold contract rose 1 28 or 13 70 to trade at 1082 40 a troy ounce
USD ILS was down 0 40 to 3 8837 while EUR ILS rose 0 31 to 4 1688
The US Dollar Index was down 0 67 at 99 00 |
XOM | Exxon Mobil Q2 EPS USD1 55 miss expectations of USD1 89 | Investing com The world s largest oil and gas company Exxon Mobil reported lower than expected second quarter earnings ahead of Thursday s opening bell sending its shares lower in pre market trade Earlier in the day in its second quarter earnings report Exxon said earnings per share came in at USD1 55 significantly lower than expectations for USD1 89 per share The company s second quarter revenue totaled USD106 47 billion beating forecasts for sales of USD105 54 billion Following the release of the report shares in Exxon Mobil fell 1 2 in pre market trade Meanwhile the outlook for U S equity markets remained higher The Dow Jones Industrial Average futures indicated a gain of 0 7 at the open S P 500 futures pointed to a rise of 0 7 and Nasdaq 100 futures indicated an increase of 0 7 |
XOM | U S stocks hit record highs after jobless claims Fed S P up 1 | Investing com U S stock markets opened higher on Thursday after data showed that the number of people who filed for unemployment assistance in the U S fell to the lowest level since January 2008 last week Sentiment was also boosted after the Federal Reserve gave no indications on whether it will begin to taper its bond buying program in the near future During early U S trade the Dow Jones Industrial Average rose 0 9 the S P 500 index rallied 1 while the Nasdaq Composite index advanced 0 9 The U S Department of Labor said earlier that the number of individuals filing for initial jobless benefits fell by 19 000 to a seasonally adjusted 326 000 last week Jobless claims for the preceding week were revised up to a gain of 345 000 from a previously reported 343 000 Analysts had expected U S jobless claims to hold steady at 345 000 last week Market players now looked ahead to highly anticipated data on U S nonfarm payrolls due on Friday for indications of how the recovery in the U S labor market is progressing Meanwhile the Fed said on Wednesday that it would keep buying USD85 billion a month in mortgage and Treasury securities and gave no hint of plans to pare its stimulus program In earnings news Dow component Proctor Gamble saw shares climb 2 2 after reporting better than expected second quarter earnings and revenue figures Time Warner Cable shares rose 3 1 after the company reported second quarter earnings per shares of USD1 69 above market expectations for USD1 65 Yelp saw shares rally more than 20 after several brokers upgraded the online review company s stock following its upbeat second quarter results released after Wednesday s closing bell Meanwhile JC Penny saw shares climb 2 after clarifying that a New York Post report that CIT Group had stopped backing deliveries to Penney stores from small manufacturers was false On the downside the world s largest oil and gas company Exxon Mobil saw shares slump 2 after reporting lower than expected second quarter earnings earlier in the day Later in the session the U S Institute of Supply Management was to release a report on manufacturing activity Across the Atlantic European stock markets added to gains after European Central Bank President Mario Draghi confirmed that interest rates would remain at present or lower levels for an extended period of time The EURO STOXX 50 rose 1 1 France s CAC 40 added 0 9 Germany s DAX edged rallied 1 4 while Britain s FTSE 100 gained 0 6 Speaking at the ECB s post policy meeting press conference Draghi said that the central bank s monetary policy will remain accommodative for an extended period of time Draghi s comments came after the ECB held its benchmark interest rate at a record low 0 50 in August in line with expectations European equities were further supported after data indicated that the slump in the euro zone s manufacturing sector is easing Data released earlier showed that July s manufacturing purchasing managers index improved to a two year high of 50 3 from 48 8 in June Germany s manufacturing PMI was revised up to an 18 month high of 50 7 in July from a final reading of 48 6 in June and above the preliminary reading of 50 3 Also Thursday the Bank of England announced no changes to monetary policy following its policy setting meeting The BoE left interest rates on hold at a record low 0 5 and kept the size of its asset purchase program unchanged at GBP375 billion The decision came after Markit said the U K manufacturing purchasing managers index rose to a 28 month high of 54 6 last month from a reading of 52 9 in June During the Asian trading session Hong Kong s Hang Seng Index rose 0 95 while Japan s Nikkei 225 Index surged 2 5 on the back of a slew of upbeat earnings reports Sentiment was also buoyed following the release of stronger than expected data on Chinese factory activity A government report released earlier in the session showed that China s manufacturing purchasing managers index rose unexpectedly to 50 3 in July from 50 1 in June A reading above 50 0 indicates industry expansion below indicates contraction |
XOM | Oil rises amid bargain hunting | Investing com Oil futures rose modestly in the early part of Friday s Asian session as some traders stepped into buy crude after the commodity took a tumble during Thursday s U S session On the New York Mercantile Exchange light sweet crude futures for September delivery rose 0 13 to USD103 94 per barrel in Asian trading Friday The September contract settled 0 42 at USD103 81 per barrel on Thursday Tepid U S jobs data was one culprit behind oil s Thursday decline In U S economic news out Thursday the U S Labor Department said initial claims for jobless benefits rose by 5 000 last week to 333 000 The less volatile four week moving average dropped to 335 500 the lowest level since the fourth quarter of 2007 The U S is the world s largest oil consumer Also on Thursday China said its overall exports rose 5 1 in July swinging from June s 3 1 fall China is the world s second largest oil consumer Elsewhere ConocoPhillips the largest U S independent oil company said it will sell a stake in its Canadian oil sands operation to Exxon Mobil and Canada s Imperial Oil for USD720 million Conoco has been selling assets for several years to bolster its balance sheet Texas based Conoco has sold international assets totaling USD13 5 billion since the start of last year The Canada deal is reportedly all cash Traders will now turn their attention to new monthly forecasts from the International Energy Agency and the Organization of the Petroleum Exporting Countries due out later Friday Meanwhile Brent futures for September delivery rose 0 18 to USD106 94 per barrel on the ICE Futures Exchange |
XOM | U S futures edge higher eyes on data Dow Jones up 0 11 | Investing com U S stock futures pointed to a moderately higher open on Friday ahead of the release of U S economic reports later in the day amid ongoing uncertainty over the future of the Federal Reserve s stimulus program Ahead of the open the Dow Jones Industrial Average futures pointed to a 0 11 gain S P 500 futures signaled a 0 27 increase while the Nasdaq 100 futures indicated a 0 27 rise The release of mixed U S data on Thursday added to uncertainty over whether the U S central bank could start winding up its USD85 billion a month asset purchase program later this year The Department of Labor on Thursday said the number of people who filed for unemployment assistance in the U S fell to the lowest level since January 2008 last week dropping by 15 000 to 320 000 A separate report showed that U S consumer prices rose by a seasonally adjusted 0 2 in July in line with forecasts Core consumer prices excluding food and energy costs also rose 0 2 matching forecasts In addition data showed that U S industrial production was flat in July missing expectations for a 0 3 increase Other reports showed that manufacturing activity in the Philadelphia region expanded at the slowest pace in four months in August while manufacturing activity in the Empire state fell unexpectedly Tech stocks were expected to be active as Dell said late Thursday that net income for the fiscal second quarter fell 72 to USD204 million from USD732 million a year earlier Dell shares dropped 0 40 in after hour trade Separately BlackBerry gained 0 32 in extended trading amid reports Chief Executive Officer Thorsten Heins stands to make USD55 6 million if he sells the company and is ousted In the energy sector Exxon Mobil and Royal Dutch Shell were said to be among bidders for Asian oil and natural gas fields that may fetch about USD3 billion for Hess Corp and Newfield Exploration Co Other stocks likely to be in focus included Ann and Foot Locker scheduled to post results later in the day Across the Atlantic European stock markets were mixed The EURO STOXX 50 added 0 25 France s CAC 40 edged up 0 19 Germany s DAX slipped 0 21 while Britain s FTSE 100 dipped 0 06 During the Asian trading session Hong Kong s Hang Seng Index fell 0 10 while Japan s Nikkei 225 Index dropped 0 75 Later in the day the U S was to produce data on building permits and housing starts while the University of Michigan was to release its closely watched preliminary data on consumer sentiment |
XOM | U S stocks open lower UoM report ahead Dow Jones down 0 12 | Investing com U S stocks opened lower on Friday ahead of a U S consumer sentiment report even as earlier U S data added to speculation that the nation s economic recovery is not yet strong enough for the Federal Reserve to soon begin tapering its stimulus program During early U S trade the Dow Jones Industrial Average slipped 0 12 the S P 500 index fell 0 18 while the Nasdaq Composite index dipped 0 02 Official data showed that U S building permits rose 2 7 to 0 943 million units in July disappointing expectations for an increase of 2 9 to 0 945 million units The previous month s figure was revised up to 0 918 million units from 0 911 million The report also showed that housing starts rose 5 9 to 0 896 million units last month confounding expectations for a 8 3 increase to 0 900 million units The previous month s figure was revised up to 0 846 million units from 0 836 million Separately the Bureau of Labor Statistics said in a preliminary report that nonfarm productivity rose 0 9 in the second quarter beating expectations for a 0 6 gain after a 1 7 decline in the previous quarter Exxon Mobil shares dipped 0 06 as it and Royal Dutch Shell were said to be among bidders for Asian oil and natural gas fields that may fetch about USD3 billion for Hess Corp and Newfield Exploration Co In the tech sector U S traded BlackBerry shares tumbled 1 23 amid reports Chief Executive Officer Thorsten Heins stands to make USD55 6 million if he sells the company and is ousted On the upside Dell shares edged up 0 04 after the company said late Thursday that net income for the fiscal second quarter fell 72 to USD204 million from USD732 million a year earlier Adding to gains Applied Materials rallied 1 79 even as the semiconductor company missed quarterly expectations for current quarter earnings Other stocks likely to be in focus included Ann and Foot Locker scheduled to post results later in the day Across the Atlantic European stock markets were mixed The EURO STOXX 50 edged up 0 07 France s CAC 40 added 0 10 Germany s DAX slid 0 36 while Britain s FTSE 100 eased 0 03 During the Asian trading session Hong Kong s Hang Seng Index fell 0 10 while Japan s Nikkei 225 Index dropped 0 75 Later in the day the University of Michigan was to release its closely watched preliminary data on consumer sentiment |
XOM | U S stocks gain on U S data waning Syria concerns Dow up 0 11 | Investing com U S stocks rose on Thursday after investors applauded U S growth and jobless claims reports though concerns the U S may soon launch air and missile strikes against Syrian dampened gains earlier before abating later in the session At the close of U S trading the Dow Jones Industrial Average finished up 0 11 the S P 500 index rose 0 20 while the Nasdaq Composite index rose 0 75 The Commerce Department reported earlier that the U S gross domestic product expanded at an annual rate of 2 5 in the second quarter above expectations for 2 2 growth and up from a preliminary estimate of 1 7 Separately the Department of Labor reported that the number of individuals filing for initial jobless claims fell to its lowest level since October of 2007 last week Initial jobless claims in the week ending Aug 23 fell by 6 000 to 331 000 outpacing consensus forecasts for a decline of 5 000 Thursday s data drew applause on Wall Street though the numbers did rekindle expectations that the Federal Reserve may begin to taper its USD85 billion monthly bond buying program in September as opposed to later in the year Stimulus tools such as Federal Reserve asset purchases bolster stock prices by driving down interest rates and talk of their dismantling often repels investors away from equities by fueling uncertainty as to how markets will react without monetary support Investors still remained wary over the possibility of a U S led military strike against Syria s government following its alleged use of chemical weapons although an attack seemed less imminent on Thursday due to complaints from U S lawmakers that they have not been properly consulted Furthermore the U K and France said they would be willing to wait for results of a U N probe into Syria s alleged chemical attack which eased concerns that an attack was imminent U S Defense Secretary Chuck Hagel said earlier Washington won t strike without allies Leading Dow Jones Industrial Average performers included Verizon up 2 73 Microsoft up 1 64 and Boeing up 1 63 The Dow Jones Industrial Average s worst performers included Exxon Mobil down 1 78 Alcoa down 1 39 and McDonald s down 1 29 European indices meanwhile finished higher After the close of European trade the EURO STOXX 50 rose 0 55 France s CAC 40 rose 0 65 while Germany s DAX 30 finished up 0 45 Meanwhile in the U K the FTSE 100 finished up 0 82 On Friday the U S is to round up the week with a report on manufacturing activity in Chicago and revised data from the University of Michigan on consumer sentiment as well as reports on personal income and personal spending |
XOM | Using Short Strangles To Trade AAPL Options | My last missive dealt with a simple trading plan for Exxon Mobil XOM using the straightforward easily managed and easily understood strategy of selling naked puts and either allowing assignment of the stock and entering a covered call campaign or closing the position after extracting most of the premium initially received Continuing on the theme of basic strategies I would like to look at a different high probability strategy applicable to Apple Inc AAPL The reason for focusing on basic option trades is quite simple they consist of few moving parts are easy to enter and manage and the statistics underlying their probabilities of success are straightforward While the available option strategies are protean and can be tailored to fit a wide variety of market conditions it is easy to get confused with these multi legged constructions I encourage the novice option trader to understand fully these basic approaches and recognize that many of these are the core of more advanced strategies I want to emphasize again that traders should focus their trading on the most liquid of the options series available Life as an option trader is sufficiently difficult that there is no need to introduce the additional complications of dealing with liquidity traps Let us take a look at the current situation in AAPL This stock has incredibly liquid options trading well over 1 million in daily option volume over the last several weeks Another manifestation of liquidity the size of the bid ask spread is only a few cents Finally there is robust open interest in a wide variety of the option strikes This is a liquid trading vehicle and it in fact has THE most liquid options of any individual common stock The strategy on which I would like to focus has as its essential element the simultaneous selling of both an out of the money call and put resulting in establishing a high probability short strangle The trade has potentially unlimited risk on the upside and risk of AAPL trading to 0 on the downside However at a practical level risk is controlled by two essential characteristics the trade is taken in small size relative to the total portfolio and the specific options sold have in excess of 90 probability of expiring worthless Let us consider the specifics The first thing to consider in premium selling strategies is the current state of the implied volatility of the underlying asset in question AAPL is one of a small number of stocks that has its own ticker symbol for the implied volatility symbol VXAPL The current status is displayed below As can be seen above the current implied volatility is mid range meaning options are neither particularly rich nor poor in valuation Now let us consider a specific trade Below is displayed the current option chain for AAPL We will be selling options with a delta of around 5 The delta is roughly equivalent to the probability of expiring in the money Therefore the option has an estimated 95 probability of expiring out of the money Since we are selling both the call and the put the probability of both being out of the money is 0 95 0 95 0 90 The position therefore has a 90 probability of expiring out of the money while keeping the entirety of the premium received when it was entered The trade is capital intensive requiring approximately 6 700 of margin encumbrance per 1 lot in a Reg T account Substantially less capital is required in a Portfolio Margin account approximately one third of that amount On the basis of this maximum potential initial margin the trade has an annual yield of 57 While the nuances of trade management are beyond the scope of today s missive suffice it to say that prudent management is not to allow the position to incur a loss greater than the initial credit received The trade can be actively managed by closing the good side and rolling the strikes up or down to receive additional credits as price action permits Last week we discussed the elusive free money trade This Is not it either but is simply a high probability trade constructed in a liquid trading proxy It is important that this trade be entered with only a small portion of total portfolio value Remember that probabilities only are realized over a growing series of specific encounters It is imperative to retain sufficient capital in reserve to allow enough subsequent entries that probabilities are allowed to be realized |
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