Energy/Shipping
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News and Views
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Macro/Technicals
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Active Names
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Earnings
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Sector News, M&A, Capital Raises
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Research Away
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Cantor Research
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Top Events/Earnings Calendar
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News and Views
MLP stocks were in favor again Friday with the AMJ up 1.72%. AHD and APL led that group higher. Coal stocks performed well after a good earnings report by ACI. Alternative energy stocks were the laggards after FSLR reported earnings. They beat estimates, but gave disappointing guidance. FSLR closed down 7.42%. The bright spot in that group was PWER which was up 24.8% on a very strong earnings report. That boosted SATC as well which was up 9.41%. The momentum in the solar space is running out of steam as it is becoming clear the strong demand through the end of the year will not continue into next year. Utilities were mostly weak with DTE, PEG and DPL down the most. NRG was the bright spot, up 1.16% ahead of earnings this morning. They beat estimates and boosted guidance.
Macro/Technicals
SP500 : 1111.10; 1.17Crude : 79.69; +.94
Gas : 4.952; +0.59
XLE : 53.84; -.20
UTY : 407.91; -.67
TAN : 7.62; -3.3
BIDY : 796; -1.61
BDIY : 1967; +1.29
Leaders: PWER+24.8%, MXWL+21.42%, AHD+9.56%, PHX+9.45%, SUN+ 4.02%
Laggards: ANW-11.23%,DST-9.24%,DVR-5.43%,PSE-4.81%,RRC-3.11%
Active Names
Oil & Gas: AGL, CHKM, CRK, EOG, KMP, MILL, NI, PVA
Solar: FSLR
Utilities: CVA, NRG
Earnings
NRG NRG Energy reports Q2 EPS $0.81 vs Reuters $0.42 ($22.68)
Q2 adjusted EBITDA $693M vs. Reuters $549.6M. Guides f10 adjusted EBITDA to $2.45-$2.55B, above prior guidance of $2.20B. NRG completed the repurchase of $50M in stock during Q2 and is authorized to repurchase another $130M with the intention to do so by the end of the year under the $180M in authorizations announced 23-Feb and approved for 2010.
Sector News, M&A, Capital Raises
Energy Markets Hedge Funds Boost Gas Bets First in Six Weeks – BBG
Hedge funds increased their bets that natural gas prices would rise for the first time in six weeks after hotter-than-normal weather stoked air-conditioning demand
Natural gas climbed every day last week, the longest- winning streak since November
House Passes Oil Spill Measure, Other Bills Before Adjourning Roll Call
Democratic leaders shepherded a hodgepodge of bills through the House Friday before lawmakers departed for a six-week recess that will be a high-stakes messaging period as both parties jockey for control of the chamber after the November midterms.
BP could start "static kill" on well Monday says official
Move to block BP from US drilling from Financial Times
BP would be blocked from winning future drilling permits in the US because of its safety record under energy legislation passed by the House of Representatives
BP eyes German gas station sale from FT
BP is seeking to sell its German petrol station chain Aral for around €2bn (£1.66bn) German magazine Wirtschaftswoche reported a the weekend, citing people familiar with BP’s plans,...
CAM etc…lf Spill Triggers New Oil-Field Work – WSJ lnk
The Gulf of Mexico oil spill is triggering new work for safety equipment makers such as Cameron International, which built the failed blowout preventer for the Deepwater Horizon rig
Warm Temperatures Turn Utilities Into Hot Investments from CNBC
WES Western Gas Partners LP to acquire the Wattenberg gathering system and related assets for $498M ($23.96)
WES announced that it has agreed to acquire the Wattenberg gathering system and related assets located in the DJ Basin of northeastern Colorado from Anadarko Petroleum Corporation APC for total consideration of $498M.
SWWC Southwest Water receives clearance for proposed merger from three of five required states ($10.85)
SWWC announced that it has received clearance for its proposed merger from three of the five required state public utility regulators, including Alabama, Mississippi and Texas. Public utility regulator approvals in Oklahoma and California are the only remaining state approvals needed
CLNE Clean Energy Fuels anticipates that it will record a non-cash gain of approximately $16.6M related to valuing Series I warrants in Q2 ($18.88)
Additionally, the company anticipates recording a charge of approximately $0.2M related to additional consideration that the company may need to pay to the shareholders of BAF in connection with the company’s acquisition of BAF on October 1, 2009.
Shipping rates double y/y as retailers, distributors attempt to ensure they will get merchandise by Christmas - London Times
Capacity issues have been exacerbated by the fact that there is a shortage of both 20-foot and 40-foot containers
Shippers slow down in effort to reduce fuel costs - LA Times
Ocean shipping lines have ordered their captains to ease up to the point that some trans-Pacific journeys that used to take 11 days now take 15 days. Maersk says that a journey from Hong Kong to Long Beach, California, uses $250K less fuel at 15 knots than it does at 21 knots. The practice also allows shippers to use a higher percentage of their fleets at any given time.
Iraq delays auction to develop three of its gas fields one month to 1-Oct - Reuters
Oil ministry officials say they want to give companies more time to look at the Akkas, Siba, and Mansuriyah fields, but an oil executive says the extra month may not be enough to identify customers and export routes. One official says the Iraqi government will buy half the gas the fields produce, and the other half will be for export.
Research Away
UBS
EXC ($41.83) Exelon downgraded to neutral from buy at UBS Target cut to $40 from $56. Firm notes increasing concerns regarding cash flow, the ongoing rate case in Illinois, and exposure to commodity prices
Barclays Capital
APL ($18.04) Atlas Pipeline Partners upgraded to overweight from equal-weight at Barclays Capital Target increased to $19 from $16.
Oppenheimer
AEP ($35.98) American Electric Power downgraded to perform from outperform at Oppenheimer Target cut to $36 from $37. Downgrade follows Fridy's earnings announcement.
Wells Fargo
VQ ($18.82) Venoco downgraded to market perform from outperform at Wells Fargo Shares downgrade based largely on valuation. Valuation range remains $20-$22.
Cantor Research
For the full pdf report, click the below link.
https://cantor.bluematrix.com/docs/pdf/5f4fde05-03bb-4216-8411-3dc9558cd8da.pdf
Top Events/Earnings Calendar
post-mkt AHD earnings (confirmed)call at: 09:00, 03-Aug-10 , webcast
post-mkt APL earnings (confirmed)call at: 09:00, 03-Aug-10 , webcast
post-mkt CRK earnings (confirmed)call at: 10:30, 03-Aug-10 , webcast
post-mkt ESLR earnings (confirmed)call at: 08:30, 03-Aug-10 888.277.7128 pw:3754036, webcast
post-mkt FST earnings (confirmed)call at: 14:00, 03-Aug-10 800.399.6298 pw:88197371, webcast
post-mkt OTTR earnings (confirmed)
post-mkt SM earnings (confirmed)call at: 10:00, 03-Aug-10 866.788.0539 pw:18765995, webcast
pre-mkt NRG earnings (confirmed)call at: 09:00, 02-Aug-10 866.202.0886 pw:81227948, webcast
pre-mkt NS earnings (confirmed)call at: 15:00, 02-Aug-10 800.622.7620 pw:84452313, webcast
pre-mkt NVE earnings (confirmed)call at: 10:00, 02-Aug-10 , webcast