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  • ThePitBoss

    Foot Locker (FL 22.38, -0.94, -4.0%): downgraded to Sell from Neutral at Citigroup
    Graphic Packaging (GPK 22.63, -0.19, -0.8%): downgraded to Market Perform from Strong Buy at Raymond James

    Mondelez (MDLZ 72.48, +0.86, +1.2%): upgraded to Outperform from Sector Perform at RBC Capital Markets
    Teva Pharmaceutical (TEVA 9.76, +0.21, +2.2%): upgraded to Buy from Neutral at UBS

    Participant delivery business is now ahead of UPS (UPS) and FedEX (FDX), according to The Wall Street Journal
    $AMZN 147.81, +1.07, +0.7%

    Participant (AMZN 147.81, +1.07, +0.7%): delivery business is now ahead of UPS (UPS) and FedEX (FDX), according to The Wall Street Journal


    Occidental believes U.S. oil production will be less than government forecast

    Occidental Petroleum expects daily U.S. oil production likely will grow by just 500K bbl/day this year, nearly 100K bbl/day below the official government forecast executive Frederick Forthuber said Tuesday.

    80%-90% of the increase will come from the Permian Basin of West Texas and New Mexico, Forthuber told the CERAWeek energy conference in Houston.

    Occidental itself expects its Permian production this year will average 560K-590K boe/day and has allocated $2.3B-$2.6B to add 10 net drilling rigs on average, bringing 380-410 gross operated wells online in the basin.

    Also at CERAWeek, Occidental (OXY) CEO Vicki Hollub said the company is considering plans to extract lithium from feedstock it already handles for its chemicals and oil refining operations.

    “We are looking at possible lithium projects,” Hollub told CERAWeek, according to the Houston Chronicle.

    The CEO also said the company has looked at investing in nuclear technologies and believes modular designs could evolve to a place of more prominence in the energy mix.

    Hollub spoke of Occidental’s (OXY) carbon capture strategy as an important path for the energy transition; the company recently unveiled plans Thursday to develop a new carbon capture and sequestration hub along the Texas Gulf Coast.


    Exxon Mobil (NYSE:XOM) reiterated as a Buy with a $112 price target at Goldman Sachs on Thursday after the bank hosted investor meetings with Chairman/CEO Darren Woods and other senior management.

    Analyst Neil Mehta said Goldman continues to believe Exxon (XOM) offers differentiated upstream projects led by Guyana and the Permian Basin, a unique business transformation that drives the company’s free cash flow breakeven lower, and improving returns on capital employed.

    Goldman noted Exxon’s (XOM) increasingly important role in energy transition and low-carbon emissions projects, seeing “biofuels, hydrogen and CCS as areas of focus where they have differentiated capabilities… Its refineries over time can be repurposed for biofuels production, chemicals/lubricants production, or plastic recycling.”

    Exxon (XOM) management noted margins in the Chemicals unit have dropped closer to the low end of the 10-year average, but U.S. exposure and the ethane advantage in that market still positions the company well on a relative basis.


    If you’re having a bad day, just remember someone else is having a worse day…

    • This reply was modified 2 years ago by ThePitBoss.

    Blood on the streets


    Europe hammered by inflation worries, rate hikes and the potential for a sovereign debt crisis, which is why Italy underperformed today.

    Stoxx 600 -2.7%
    UK FTSE 100 -2.1%
    German DAX -3.1%
    French CAC -2.8%
    Italy MIB -5.0%
    Spain IBEX -3.8%

    European stocks had held up much better than US stocks since the March low, in part because of far less tech exposure and lower multiples.


    European equity close: Last day of month of May

    Tuesday, 31/05/2022

    Stoxx 600 -0.9%
    German DAX -1.4%
    UK FTSE 100 -0.1%
    French CAC -1.6%
    Italy MIB -1.2%
    Spain IBEX -0.9%

    On the month:

    Stoxx 600 -1.6%
    German DAX +2.1%
    UK FTSE 100 +0.8%
    French CAC -1.0%
    Italy MIB +1.1%
    Spain IBEX +3.0%

    The euro gained 1.7% in the month and the pound 0.2%.

    The S&P 500 is on track for a 0.2% decline this month.


    Banks are facing the toughest market in months to sell leveraged loans for buyouts, leaving them at risk of lower fees or even potential losses. But they’re forging ahead anyway since there’s no obvious sign of a near-term catalyst which could help curb the meltdown. BBG


    jeroen blokland @jsblokland

    Erdogan wants to be a key mediator in the #Ukraine war. And while he may add value there, he faces some big challenges back home with the Turkish #Lira making new lows every day now and #inflation already at 70% (no that is not a typo).

    • This reply was modified 2 years ago by ThePitBoss.

    FOMC meeting minutes for May 2022:

    inflation risks are skewed to the upside
    All participant voted for 50 basis point hike
    Several participants commented on the challenges that monetary policy faced in restoring price stability while also maintaining strong labor market conditions
    China lockdowns and Ukraine increased risks
    restrictive stance on monetary policy may well become appropriate
    should assess the risk the economy later this year after the rate hikes
    Fed should move expeditiously to neutral
    some felt inflation expectations could become unanchored
    50 basis point increase is likely appropriate to the next couple of meetings
    a number supported selling mortgage-backed securities
    several thought the potential for unanticipated effects in the financial markets from the run off of the balance sheet
    concerned about the risks from higher income commodity prices
    many expect tight labor market and wage pressures to continue for some time
    China and the Ukraine war posed heightened risks for both United States and and economies around the world
    new inflation pressures received from China as well as the Ukraine war, and were likely to weigh on economic activity
    Members judged that the implications of the war for the U.S. economy were highly uncertain
    higher wages and input prices were being passed on to consumers
    inflation risk being skewed to the upside
    Many participants judged that expediting the removal of policy accommodation would leave the Committee well positioned later this year to assess the effects of policy firming and the extent to which economic developments warranted policy adjustments.
    COVID-related lockdowns in China were likely to exacerbate supply chain disruptions
    although overall economic activity had edged down in the first quarter, household spending and business fixed investment had remained strong
    Job gains had been robust in recent months, and the unemployment rate had declined substantially.
    inflation remained elevated, reflecting continued supply and demand imbalances, higher energy prices, and broader price pressures.


    As the world turns..

    NYC’s last working public payphone booth is gone …
    Officials removed it Monday morning, located on 7th Ave. and 50th St. in Midtown Manhattan, the last of its kind.
    No more superman for New York.


    Sad news while looking for the song I read ‘Chariots of Fire’ Composer Vangelis Dead at 79
    Legendary Movie Music Composer DEAD AT 79


Viewing 15 posts - 1 through 15 (of 416 total)