Related USO Technical Alert: Crude Oil Futures Higher The Market In 5 Minutes: Netflix & Chill OPEC Oil Production Just Plummeted (Seeking Alpha)
On Tuesday, Exxon Mobil Corporation (NYSE: XOM) announced an acquisition expected to yield about 3.4 billion barrels of oil in the Permian Basin. American soil — though desiccate of late — is seemingly rich in natural resources.
But this abundance defies predictions of U.S. oil depletion by 75 years.
Ritholtz Wealth Management recalled a 95-year-old assessment of American resources that foresaw a very different future.
stock finance: Rhino Resource Partners LP(RNO)
- [By Alexis Xydias]
Investors are regaining confidence, squeezing pessimists who say the economy remains sluggish outside of Germany and point to record-low trading volume as a lack of conviction in the Euro Stoxxs 61 percent rally of the past two years. Besides gains in stocks from Banco Bilbao Vizcaya Argentaria SA to Renault SA (RNO), yields on Spanish and Italian bonds have declined to a two-year low compared with German bunds and the euro has strengthened 4.6 percent to $1.35 in the past six months.
stock finance: Open Text Corporation(OTEX)
- [By WWW.MONEYSHOW.COM]
One split announcement came from OpenText Inc. (OTEX) — a stock we had already added to our portfolio back in July, 2014; it has since done very well.
stock finance: Coherus BioSciences, Inc.(CHRS)
- [By Lisa Levin] Gainers
Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) shares rose 18.4 percent to $68.65 in pre-market trading as the company reported upbeat results for its first quarter.
Jack in the Box Inc. (NASDAQ: JACK) shares rose 9.5 percent to $111.60 in the pre-market trading session after the company posted better-than-expected earnings for its second quarter. The company also disclosed that it has retained Morgan Stanley to evaluate potential alternatives for Qdoba.
Coherus Biosciences Inc (NASDAQ: CHRS) rose 9.8 percent to $24.20 in pre-market trading. Coherus BioSciences disclosed that it prevailed in ‘135 IPR decision.
Qiwi PLC (NASDAQ: QIWI) rose 8.1 percent to $21.49 in pre-market trading after reporting strong quarterly results.
Korea Electric Power Corporation (ADR) (NYSE: KEP) shares rose 7.9 percent to $20.00 in pre-market trading after dropping 4.33 percent on Tuesday
Target Corporation (NYSE: TGT) shares rose 7.5 percent to $58.60 in pre-market trading after the company reported stronger-than-expected results for its first quarter.
AngloGold Ashanti Limited (ADR) (NYSE: AU) rose 4.3 percent to $11.71 in pre-market trading after falling 0.09 percent on Tuesday.
Colgate-Palmolive Company (NYSE: CL) rose 4.1 percent to $74.53 in pre-market trading after the NY Post reported that the company might be up for sale for $100 per share.
Harmony Gold Mining Co. (ADR) (NYSE: HMY) rose 4 percent to $2.35 in pre-market trading after declining 1.74 percent on Tuesday.
Core Laboratories N.V. (NYSE: CLB) rose 3.6 percent to $109.00 in pre-market trading after gaining 0.39 percent on Tuesday.
Clovis Oncology Inc (NASDAQ: CLVS) rose 3.2 percent to $51.15 in pre-market trading. JP Morgan upgraded Clovis Oncology from Neutral to Overweight.
Find out what's going on in today's market and bring any questions you have to Benzinga's PreMarket Prep.
- [By Lisa Levin]
Coherus Biosciences Inc (NASDAQ: CHRS) shares shot up 23 percent to $13.70 after the company announced plans to raise up to $150 million in a private placement.
- [By Ben Levisohn]
Today,Coherus BioSciences (CHRS) lost a patent case with AbbVie (ABBV) that would have allowed for a generic version of Humira. Citigroup’s Andrew Baum and Peter Verdult have the details:
Agence France-Presse/Getty Images
The Patent Trial and Appeal Boardjust announced that CHRSs IPR on the 166 Humira formulation patent was not instituted. We remind investors that Amgens IPR on the same 157 and 158 formulation patents were also not instituted. Any at risk launch on a formulation that potentially infringes 166, 157 or 158 would seem unlikely and carries a high risk thatAbbVie would attain a preliminary injunction. It is not clear whether either company could attempt launch with a formulation that does not infringe the patent estate. We note that Sandoz has uniquely not filed any IPR on any biosimilars. Sandoz has not announced the FDA has accepted their filing for their biosimilar adalimumab…We anticipate that the perceived historic relationship of the immunogenicity of Humira as it relates to dose stretching will form a key debate in the ongoing PTAB case…
Following the decision of the PTAB not to institute CHRS IPR on the 166 Humira formulation patent, we continue to anticipate that first likely launch of biosimilar adalimumab (Humira) in the US will be delayed until 2020, in line with our published forecasts and biosimilar model. We anticipate the open IPR hearings for the 135 dosing patent on Humira (filed by Boehringer and Coherus) to begin in Feb 2017 with the ruling in May. We rateAbbVie a Buy. We continue to prefer BUY rated Bristol-Myers Squibb (BMY), Eli Lilly (LLY) among the US names.
Shares of AbbVie have climbed 5.6% to $59.18 at 3:05 p.m. today, while Coherus BioSciences has tumbled 11% to $25.18,Bristol-Myers Squibb has gained 3% to $52.56, andEli Lilly has risen 1.7% to $73.70.
stock finance: Canadian Pacific Railway Limited(CP)
- [By Rich Duprey]
Railroad operator CSX may not have risen as sharply as Alcoa over the past few months, but it has also been steadily rising. It got a big boost this month when the CEO of Canadian Pacific Railway (NYSE:CP) Hunter Harrison resigned his position and was said to be teaming up with activist investor Paul Hilal to take on CSX, causing the railroad’s stock to surge 23% on the news.
- [By Ben Levisohn]
A strange turn of events has sent shares of CSX (CSX)–and other railroads, including Union Pacific (UNP) and Canadian Pacific Railway (CP)–soaring today. It all started when Hunter Harrison announced that he would leave Canadian Pacific ahead of schedule to team up with activist investor for the turnaround of another railway company. That company is thought to be CSX.
stock finance: U.S. Auto Parts Network, Inc.(PRTS)
- [By Jim Robertson]
On Friday, our Under the Radar Moversnewsletter suggestedshorting small cap online aftermarket auto parts stock U.S. Auto Parts Network, Inc (NASDAQ: PRTS):
- [By Lisa Levin]
In trading on Monday, cyclical consumer goods & services shares rose by just 0.1 percent. Meanwhile, top losers in the sector included U.S. Auto Parts Network, Inc. (NASDAQ: PRTS), down 22 percent, and Sears Holdings Corp (NASDAQ: SHLD), down 13 percent.