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Oil traded near its highest level in three days after stronger-than-estimated U.S. manufacturing data yesterday stirred confidence in demand growth and pushed prices up the most in a month raising hopes record oil inventories will draw down and reviving confidence across markets.
U.S. natural gas futures, pressured by milder U.S. weather forecasts and no immediate storm threats to the Gulf of Mexico gas production, ended lower on Wednesday, but concerns about rising tropical activity and more hot weather this week helped limit the downside.
This morning crude oil retreated as equity markets gave up gains and the euro weakend against the dollar before the European Central Bank decides whether tp extend emergency lending at a meeting today.
XLE:
+3.73%
UTY:
+2.09%
OIH:
+5.19%
TAN:
+3.7%
AMJ:
+1.55%
BIDY:
-.98%
BDIY:
+1.03%
SEA:
+3.59%
Leaders:
ORN +10.34%, DRYS +9.68%, KOG +9.35%, PETD +8.25%, XTEX +7.25%
Laggards:
ENER -5.1%, PNRG -3.83%, CPNO -2.11%, ONAV -2.03%, GASS -1.28%
Oil & Gas: APC, CKH, CXO, DVR, FTK, MHR, NOA, PVA, SPN, VTG, XOM
Shipping: SHIP, GMR
Utilities: ALE
LAYN
Layne Christensen reports Q2 EPS $0.33 vs Reuters $0.28
Company reports revenues of $253.3M vs Reuters $235.1M.
Backlog in the water infrastructure division was $526,972,000 as of 31-Jul, compared to $553,034,000 as of 30-Apr-10, and $453,384,000 as of 31-Jul-09.
CSIQ
Canadian Solar reports Q3 EPS $0.07 and may not be comparable to First Call $0.15
Company reports revenues of $328.7M vs First Call $305.66M
Shipments reported 181.2 MW for 2Q10, compared to shipments of 185.0 MW for 1Q10.
Gross margin reported 13.6% for 2Q10, compared to gross margin of 12.4% for 1Q10.
For 3Q10, the company expect shipments of approximately 190 MW to 200 MW, with a gross margin of approximately 14.5% to 15.5%.
For the full year 2010, the company reiterates shipments guidance of approximately 700 MW to 800 MW.
FCEL
FuelCell Energy reports Q3 EPS ($0.15) vs Reuters ($0.15)
Company reports revenues of $18.9M vs Reuters $18.8M
Revenue increased over Q2 with 3.4 megawatts (MW) of orders received.
Total product sales and service backlog as of July 31, 2010, was $79.8M compared to $104.8M as of July 31, 2009.
Three orders were received subsequent to July 31, 2010 which will add $13.1M to backlog in Q4 of 2010.
The product cost-to-revenue ratio was 1.24-to-1.00 in Q3 of 2010 compared to 1.40-to-1.00 in Q3 of 2009 and 1.47-to-1.00 in Q2 of 2010.
ASYS
Amtech Systems announces $37M in new solar orders
CNOOC
: Plans to invest up to CNY250B-300B to boost offshore oil production - Shanghai Daily
Statoil
CEO Says Industry Comfortable With Oil Price at $70-80 – BBG
Petropras
snapping up Brazil oil reserve..must sell shares to fund – BBG says pays a high $8.50 per barrel..exact terms tomorrow (Friday)
Gazprom's
Profit Triples - WSJ link
Taiwan solar wafer makers holding price steady for Sept 2010 from DIGITIMES
o
Solar-grade silicon wafer makers in Taiwan will not raise quotes for September 2010 as they believe further price increase could have serious ramifications for the entire solar sector, according to sources from the wafer suppliers. Spot quotes for 6-inch wafers will hold steady at US$3.8 and contract quotes at US$3.5-3.6 for September, the sources indicated.
o
Land Acquisition Starts for Australian LNG Project - WSJ link
o
Western Australia state said Thursday that it has begun a compulsory acquisition process for land planned for the massive Browse liquefied natural gas project, after talks with an indigenous land council failed to reach a deal by the latest deadline.
RIG
Rises as Fredriksen Considers Takeover Bid – BBG
o
Transocean Ltd., owner of the oil rig that exploded while drilling BP Plc’s Macondo well in the Gulf of Mexico, rose in New York trading after billionaire John Fredriksen said his Seadrill Ltd. may bid for the company. “We’re looking at everything that is reasonable,”
o
Fredriksen said today in an interview in Oslo. “Transocean is reasonable these days. We’re looking at companies that are cheap and that have good equipment.”
Four of UK's big six energy companies to be investigated for misselling - BBC
VLO
Valero Energy in talks to sell Paulsboro refinery to PBF Energy -- Reuters
PDE
Pride International reached agreement with BP Exploration & Production to amend the contract for the Deep Ocean Ascension
VLO
Valero Energy in talks to sell Paulsboro refinery to PBF Energy -- Reuters ($16.20)
Reuters reporting, citing sources. Headlines only. StreetAccount notes that the company has been considering options, including a sale, for this refinery since late 2009 and that PBF Energy purcahsed Valero's Delaware City refinery in April.
ASTI
Ascent Solar Technologies chairman Mohan Misra to retire, effective 31-Dec ($2.08)
Misra has decided that due to his commitments to family and for other personal reasons. Replacing Misra as Chairman will be current Director, Amit Kumar.
Jefferies
VTG
Vantage Drilling initiated buy at Jefferies Target is $2.20.
Citi
PPL
downgraded to hold from buy at Citi
Target is $28.50. Firm cites higher rail costs, lower basis differentials and lower forward commodity prices as concerns.
Global Hunter Securities
Seahawk Drilling (HAWK) initiated buy with $11 target
Hercules Offshore (HERO) initiated buy with $3.60 target
Rowan Companies (RDC) initiated buy with $35 target
Vantage Drilling (VTG) initiated buy with $2.50 target
Ensco PLC (ESV) initiated neutral with $48 target
04:10 TDW Pareto Securities' Oil and Offshore
04:40 PDE Pareto Securities' Oil and Offshore Conference
04:40 TK Pareto Securities' Oil and Offshore Conference
pre-mkt CSIQ earnings (confirmed)call at: 08:00, 02-Sep-10 617.597.5363 pw:10260478,
pre-mkt LAYN earnings (confirmed)call at: 11:00, 02-Sep-10 800.230.1096,
Although we saw strong gains yesterday order flows were still pretty light ahead of the Labor Day Weekend. We saw flow in the oil drillers, both buyers and sellers. Also we saw some selling in shipping names.
FTK, GMR, CKH, ALEX, MHR, XOM, NOA, PVA, DVR, SPN
Disclaimer: Prepared by staff of Cantor Fitzgerald & Co. ("Cantor") and is for information purposes only. It is not intended to form the basis of any investment decision, should not be considered a recommendation by Cantor or any other person and does not constitute an offer or solicitation with respect to the purchase or sale of any investment nor is it a confirmation of terms. Any calculations and valuations presented herein are intended as a basis for discussion. Sources of information are believed to be reliable but Cantor makes no representation and gives no warranty that the information contained herein is accurate or complete. Any opinions or estimates given may change. Cantor undertakes no obligation to provide recipients with any additional information or any update to or correction of the information contained herein. This material is intended solely for institutional investors and investors who Cantor reasonably believes are institutional investors. Cantor, its officers, employees, affiliates and partners shall not be liable to any person in any way whatsoever for any losses, costs or claims howsoever arising from any inaccuracies or omissions in the information contained herein or any reliance on that information. Cantor may have positions in financial instruments mentioned, may have acquired such positions at prices no longer available, and may have interests different or adverse to your interests. No liability is accepted by Cantor for any loss that may arise from any use of the information contained herein or derived here from. This product may not be reproduced or redistributed outside the recipient's organization. Sources: Cantor Fitzgerald & Co., Reuters, Bloomberg, CNBC, Dow Jones, Marketwatch, Trade-Alert, and the Wall Street Journal. ***All eco data from Bloomberg and DJ
