Share News: Tullow Oil Sees Profits Fall by 92%
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A daily look at the leading shares in the UK, US and the rest of the world sponsored by paddypowertrader. For today’s view see Shares Markets.
Share Trading - 10 March 2010
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UK Share Trading News
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- UK Banks - Jonathan Pierce, from Credit Suisse, believes UK banks will have to reduce the size of their balance sheets by as much as £530bn over the next three to four years to meet new regulations. (Telegraph)
- GlaxoSmithKline – Co. has strengthened its ties with Anglo-German biotech company Cellzome by signing a second drug discovery deal worth up to EUR 508 m. (RTRS)
- Barclays – Co. is interested in purchasing a US retail bank to obtain more deposits and expand Barclays Capital. Co. says it is not in discussions with any US cos. and no deal is imminent, according to people close to the matter. (WSJ)
- Standard Life – Co.’s FY EEV operating pre-tax GBP 919m vs. Exp. GBP 662m, and full year dividend up 4.0% to GBP 0.1224. (BBG)
- Tullow Oil – Co.’s 2009 profit falls 92% to GBP 18.5m, and 2009 sales drop 16% to GBP 582m. Co. says its final dividend is GBP 0.04, and expects to sign Ugandan agreement in coming weeks. (BBG)
- Tullet Prebon – Co. was rumoured yesterday to be facing a takeover approach worth GBP 4 per share. (The Independent)
- Companies going Ex-Dividend: Admiral (GBP 0.2980), British American Tobacco (GBP 0.7160), Schroders (GBP 0.2900), Serco (GBP 0.0440), Shire (GBP 0.0591), Standard Chartered (USD 0.4480), TUI Travel (GBP 0.0770)
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US Share Trading News
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Equities traded higher for the best part of Tuesday’s session despite a lack of any notable economic data. The NASDAQ 100 once again outperformed with Apple (+1.8%) shares leading the gainers in the index.
Elsewhere the Telecommunication’s sector was the best performing in the S&P 500, with Sprint Nextel (+6.47%) finishing the day with good gains.
In the closing stages, equities came under some selling pressure but still managed to finish with gains.
At the close; the S&P 500 closed up 0.17% at 1140.45, the DJIA closed up 0.11% at 10564.38 and the NASDAQ 100 closed up 0.55% at 1901.38.
- Chevron – Co. CEO says has no plans to quit oil refining business, and doesn’t need acquisitions to grow output. (BBG)
- ConocoPhillips – Co.’s CEO says plans to grow the co. organically, not by acquisitions. (RTRS)
- GE – Co. sees 2010 earnings unchanged from 2009 and sees 2011 and beyond solid earnings growth. (BBG)
- Caterpillar – Co. CEO says sales expected to rise 10-25% this year. (Sources)
- Goldman Sachs – Co., JP Morgan and other banks have received more than USD 1 bn in fees selling debt through the US Build America Bonds program. (WSJ)
- Citigroup – Fox Business News reporter Charlie Gasparino reports a rumour that the U.S. government is in the process of discussing plans to sell its massive stake in co., sometime within the next three months. In other news, Apollo Management LP agreed to buy Co. real estate investment unit, according to a person with knowledge of the deal. (Fox Business/BBG)
- Northrop Grumman – Co. confirms 2010 profit forecast of USD 5.70-5.95 vs. Exp. USD 5.83, affirms 2010 sales outlook of USD 34-34.6bn vs. Exp. USD 34.6bn. (BBG)
For more on spread betting on US shares see:
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European Share Trading News
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- Pharmaceuticals / Insurers – German Health Minister Roessler plans new legislation by the end of this year to force pharmaceutical companies and health insurers into talks aimed at cutting drug prices (Bild Zeitung)
- E.ON – Co.’s 2009 adjusted net income EUR 5.33bn vs. Exp. EUR 5.81bn, and 2009 revenue EUR 81.82bn vs. Exp. EUR 84.3bn. Co. says 2010 adjusted net to match year earlier level, and plans to stick to 50%-60% dividend payout ratio. (BBG)
- Munich Re – Co. reiterates FY profit target of over EUR 2bn, and plans for EUR 5.75 per share dividend for 2009. Co. says it will carefully consider further share buybacks. (BBG)
- Sanofi-Aventis – Co. is likely to have to sell some assets to satisfy regulators over its planned veterinary medicine combination with Merck & Co. (BBG)
- ENI – Co. is not looking to make a transformational acquisition any time soon, according to its chief executive. (Sources)
- Unicredit – Co. is likely to pay a cash dividend for 2009. (Il Sole 24 Ore)
Data provided by RANsquawk.
The above comments do not constitute investment advice.
Paddypowertrader, RANsquawk and Clean Financial do not accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.
All reasonable efforts have been made to present accurate information.
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Article edited by paddypowertrader which is a trading name of London Capital Group Ltd which is authorised and regulated by the Financial Services Authority (FSA), FSA Register number 182110.
'Share News: Tullow Oil Sees Profits Fall by 92%' edited by paddypowertrader, updated 10-Mar-10
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