Related USO Crude Futures Sharply Higher Crude Oil Spikes Over $36/Barrel Following API Data, Ahead Of EIA Inventories Weekly Oil Inventory Report – 'Down Goes The Excess' (Seeking Alpha)
A strong API Report reporting over a 4 million barrel drawdown in Oil inventories, and a report out of Kuwait saying that an output freeze deal by major oil producers would proceed without Iran will be bullish for the oil market.
We expect the short covering to begin tonight, tomorrow and for the next 8 days before the Doha Meeting.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.
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Originally posted here…
Best Information Technology Companies To Own In Right Now: Energy XXI Ltd.(EXXI)
Energy XXI Ltd engages in the acquisition, exploration, development, and operation of oil and natural gas properties onshore in Louisiana and Texas, and on the Gulf of Mexico. As of June 30, 2015, the company had net proved reserves of 183.5 million barrels of oil equivalent. It operated or had an interest in 567 gross producing wells on 388,199 net developed acres, including interests in 52 producing fields. The company was founded in 2005 and is based in Houston, Texas.
- [By Lisa Levin]
Shares of Energy XXI Ltd (NASDAQ: EXXI) were down 72 percent to $0.181 after the company announced that it and some of its subsidiaries have entered into a Restructuring Support Agreement (RSA) with holders of more than 63 percent of its secured second lien 11.0 percent notes. Energy XXI added that in order to implement the terms of the RSA, it has commenced cases under Chapter 11 of the Bankruptcy Code.
Best Information Technology Companies To Own In Right Now: Accenture plc.(ACN)
Accenture plc provides management consulting, technology, and outsourcing services worldwide. Its Communications, Media & Technology segment provides professional services that help clients accelerate and deliver digital transformation, and enhance business results through industry-specific solutions; and serves clients in communications, electronics, high technology, media, and entertainment industries. The companys Financial Services segment offers services that help clients enhance cost efficiency, grow their customer base, manage risk, and transform their operations; and serves clients in banking, capital markets, and insurance industries. Its Health & Public Service segment provides research-based insights and offerings, including digital solutions to help clients deliver better social, economic, and health outcomes; and serves healthcare payers and providers, as well as government departments and agencies, public servi ce organizations, educational institutions, and non-profit organizations. Its Products segment helps clients enhance their performance in distribution, sales, and marketing; in research and development, and manufacturing; and in business functions, such as finance, human resources, procurement, and supply chain. This segment serves clients in consumer goods, retail, and travel services industries; automotive manufacturers and suppliers, freight and logistics companies, industrial and electrical equipment, consumer durable and heavy equipment companies, and construction and infrastructure management companies; and pharmaceutical, medical technology, and biotechnology companies. Its Resources segment enables clients to develop and implement new business strategies, improve operations, manage complex change initiatives, and integrate digital technologies; and serves clients in chemicals, energy, forest products, metals and mining, and utilities and related industries. Accenture plc was founded in 1989 and is based in Dublin, Ireland.
- [By Ben Levisohn]
Technology and Industrials are our favorite ways to buy cyclical MO. Specifically, we see the Technology Select Sector SPDR ETF (XLK) as an attractive pre-breakout idea and a likely candidate to lead the S&Ps secular advance over the coming years. Buy ideas at the stock level include: Accenture (ACN), Broadcom (AVGO), Microsoft , Texas Instruments (TXN),Visa (V),Yahoo! (YHOO). We also recommend buying the Industrial Select Sector SPDR ETF (XLI) which is reversing its year-long downtrend and in position for new highs over the coming months, in our view. Buy ideas at the stock level include: Honeywell International, Ingersoll-Rand (IR), Illinois Tool Works (ITW), 3M, Southwest Airlines (LUV), Xylem (XYL). Underlined stocks are fundamentally-rated Outperform at Oppenheimer.
- [By Reuters]
Wendy Maeda/The Boston Globe via Getty Images NEW YORK — Walgreen is moving 120,000 employees to a private health insurance exchange from coverage provided directly from carriers, the company will announce Wednesday. The pharmacy chain will join 17 other large employers on the Aon Hewitt Corporate Health Exchange as part of a growing movement to offer employees fixed dollar amounts to purchase their own plans on such exchanges. The end-cost to employees depends on the plan chosen, but they typically get more options than under traditional arrangements. Private exchanges mimic the coverage mandated as part of the Affordable Care Act. Enrollment in the public exchanges starts Oct. 1. “What happens to employer contributions over time? Will they put in as much as they put in the past? These are unanswered questions but potential negatives,” says Paul Fronstin, a senior research associate with the Employee Benefit Research Institute. The benefit to Walgreen and other employers is unknown at this point, as their cost-savings aren’t clear. Of the 180,000 Walgreen (WAG) employees eligible for health care insurance, 120,000 opted for coverage for themselves and 40,000 family members. Another 60,000 employees, many of them working part-time, weren’t eligible for health insurance. Aon Hewitt (AON) says other participants in its program include retailer Sears Holding (SHLD) and Darden Restaurants (DRI). These new additions raise enrollment to 330,000 from 100,000 last year, and Aon Hewitt estimates enrollment will jump to 600,000 next year, a fivefold increase from 2012. By 2017, nearly 20 percent of employees nationwide could get their health insurance through a private exchange, according to Accenture Research (ACN). A recent report by the National Business Group on Health said that 30 percent of large employers are considering moving active employees to exchanges by 2015. Other major providers of private exchanges include Mercer, a division of Marsh & Mc
- [By Andr茅s Cardenal]
Accenture (NYSE: ACN ) is being hurt by the same factors affecting IBM, lackluster corporate spending has produced disappointing sales growth at this global leader in consulting and technology services. However, just like IBM, Accenture has a remarkably profitable business model which generates plenty of cash flows for shareholders, operating margin increased to more than 14% of sales in the last quarter.
Best Performing Companies To Buy Right Now: Mallinckrodt plc(MNK)
Mallinckrodt public limited company develops, manufactures, markets, and distributes specialty pharmaceutical and biopharmaceutical products, and nuclear imaging agents in the United States, Europe, the Middle East, Africa, and internationally. The companys Specialty Brands segment markets branded pharmaceutical and biopharmaceutical products for autoimmune and rare diseases; immunotherapy and neonatal respiratory critical care therapies; and central nervous system drugs. This segment offers Acthar, an injectable biopharmaceutical drug for various indications, such as neurology, rheumatology, nephrology, and pulmonology; Ofirmev, an intravenous formulation of acetaminophen for pain management; Inomax for inhalation; Therakos, an immunotherapy treatment platform; and Exalgo, a form of hydromorphone. Its Specialty Generics segment provides specialty generic pharmaceuticals and active pharmaceutical ingredients (APIs) consistin g of hydrocodone and hydrocodone-containing tablets; oxycodone and oxycodone-containing tablets; methylphenidate HCl extended-release tablets; and other controlled substances, including acetaminophen products. The companys Nuclear Imaging segment offers Ultra-Technekow DTE, a Tc-99m radioisotope generator; and Octreoscan, a molecular imaging agent for the localization of primary and metastatic neuroendocrine tumors. Mallinckrodt public limited company markets its products to physicians, pharmacists, pharmacy buyers, hospital procurement departments, ambulatory surgical centers, specialty pharmacies, radiologists, and radiology technicians through wholesale drug and specialty pharmaceutical distributors, retail pharmacy chains, hospital networks, ambulatory surgical centers, and governmental agencies. It also sells and distributes APIs directly or through distributors to other pharmaceutical companies; and markets and distributes nuclear imaging products to radio-pharmacies and hospitals. The company is based in Chesterfield, the Un! ited Kingdom.
- [By Ben Levisohn]
Endos ’16 guidance re-basing, which comes afterPerrigo (MP) provided a similar rebasing (4/25), may provide read-through for companies with high exposure to (1) significant 2014-15 US generic price hikes; (2) disproportionately high 2015 generic gross margins another indicator of price and tough Y/Y comparable. While we expect the broader spec pharma group to trade down on theEndo (MP) print, we see the most direct read-through toAkorn (MP),Perrigo (MP) and TEVA (OP), moderate read-through to Allergan (AGN) (OP) and Mallinckrodt (MNK) (OP) and limited read-through to Mylan (MYL) (OP) and Sandoz who have already reported. Our sector view is that generic price deflation will be most acute in pockets of the market, mainly opioids and one-off niche alternative dosage products while the bigger diversified players seem relatively insulated and 1Q results for Sandoz andMylan provide some support that view.
- [By Ben Levisohn]
Specialty pharmaceuticals Shire (SHPG) and Mallinckrodt (MNK) soared today following their better-than-expected earnings, while Morgan Stanley worried about Valeant Pharmaceutical International’s (VRX) ability to sell its unwanted assets.
Best Information Technology Companies To Own In Right Now: PacWest Bancorp(PACW)
PacWest Bancorp, incorporated on March 24, 2008, is a bank holding company for Pacific Western Bank (the Bank). The Company is focused on relationship-based business banking to small, middle-market and venture-backed businesses. The Bank offers a range of loan and deposit products and services through approximately 80 branches located throughout the state of California. The Company provides commercial banking services, and deposit and treasury management services to small and middle-market businesses. It offers products and services under the brand names of Pacific Western, as well as its business groups, CapitalSource Inc. and Square 1 Bank. CapitalSource focuses on providing cash flow, asset-based, equipment and real estate loans and treasury management services to middle market businesses. Square 1 Bank focuses on providing a range of financial products to service entrepreneurial businesses and their venture capital and private equity investors. Square 1 Asset Managemen t, Inc., a subsidiary of the Bank, provides investment advisory and asset management services.
The Company conducts a range of commercial lending activities that includes real estate mortgage, real estate construction and land loans, and commercial and industrial (C&I) loans and leases. Its commercial real estate loans are secured by a range of property types. Its C&I loan offerings are diverse and include various asset-secured loans, equipment-secured loans and leases, cash flow loans (leveraged loans) to finance business acquisitions and recapitalizations, and venture loans to support the operations of entrepreneurial companies during the various phases of their start-up operations. Its C&I loans include cash flow loans, asset-based loans, equipment-secured loans and leases, and venture capital loans. Its real estate lending activities focuses on loans to professional developers and real estate investors for the acquisition, ref inancing and construction of commercial real estate. Its con! sumer loans include personal loans, auto loans, home equity lines of credit, revolving lines of credit, other loans made by banks to individual borrowers, and purchased participation interests in student loans originated and serviced by a third-party lender. The Company’s total loans are approximately $14.48 billion.
The Company’s investment securities are classified as securities available-for-sale. The Company’s investment portfolio consists of obligations of states and political subdivisions (municipal securities), the United States Government agency obligations, and government-sponsored enterprise (GSE) obligations. The Company owns approximately $3.6 billion of investment securities available-for-sale.
Sources of Funds
The Company’s main source of funds to support its revenue-generating assets and to provide a source of low-cost funds and deposit-related fee income are deposits. The Company offers deposit products to businesses and other customers with a range of rates and terms, including demand, money market and time deposits. It also provides international banking services, multi-state deposit services, asset management services, as well as product offerings through other correspondent banks. The Company’s total deposits consist of approximately $10.6 billion in core deposits, approximately $4.2 billion in time deposits and over $0.9 billion in brokered non-maturity deposits. The Company borrows funds on a long-term, short-term or overnight basis from the Federal Home Loan Banks (FHLB), the Federal Reserve Bank of San Francisco (FRBSF) or other financial institutions.
- [By Ben Levisohn]
The twenty stocks in Worth’s basket are: Ameriprise Financial (AMP) Bank of America, Banner (BANR), Citigroup, Citizens Financial Group (CFG), East West Bancorp (EWBC), First NBC Bank Holding (FNBC), HFF (HF), KeyCorp(KEY), Legacy Texas Financial Group (LTXB), Lincoln National (LNC), Morgan Stanley, Old National Bancorp (ONB), PacWest Bancorp (PACW), PNC Financial Services Group (PNC), Principal Financial Group (PFG), Stifel Financial (SF), SVB Financial Group (SIVB), TCF Financial (TCB), and Wells Fargo.
Best Information Technology Companies To Own In Right Now: Norwegian Cruise Line Holdings Ltd.(NCLH)
Norwegian Cruise Line Holdings Ltd. operates as a cruise line company that offers various itineraries. It offers cruises ranging from 1 day to 180 days itineraries to approximately 510 destinations worldwide. The company offers its products through independent travel agents, wholesalers, and tour operators. It operates 22 ships under the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands with approximately 45,000 Berths. The company was founded in 1966 and is headquartered in Miami, Florida.
- [By Ben Levisohn]
Shares of Carnival have dropped 4.2% to $43.74 at 2:39 p.m. today, while Royal Caribbean Cruise (RCL) has tumbled 5.6% to $66.15, and Norwegian Cruise Line Holdings (NCLH) is off 4.3% at $38.63.
- [By Monica Gerson]
Norwegian Cruise Line Holdings Ltd (NASDAQ: NCLH) is expected to report its quarterly earnings at $0.37 per share on revenue of $1.10 billion.
Jazz Pharmaceuticals plc (NASDAQ: JAZZ) is projected to post its quarterly earnings at $2.31 per share on revenue of $338.86 million.