it appears the price rebound has begun. Congrats to those who bought in under $15.
Kind of hard for gold to rise with Yellen stepping on its head.
COMEX Gold 1213.00 9.7000 ▼ -0.7933% 1225.80 / 1212.70 2016-05-27 13:38:54
Read more: http://www.nasdaq.com/markets/commodities.aspx#ixzz49shFHpyB
That's a nice drop in debt. Hard to tell if the sell off is more the result of earnings or the drop in oil price from over $50 at the open to $49.50 currently. Still wouldn't want to be short over the long weekend. .
SSW says it will be using some of the money to pay off some preferred shares. Form 424B5 filed 5/24
USE OF PROCEEDS
We estimate that we will receive net proceeds from this offering of approximately $70.2 million (or $80.8 million if the underwriters exercise their option to purchase additional Class A common shares in full), after deducting underwriting discounts and estimated offering expenses for this offering. We will receive additional net proceeds of $15 million from the sale of additional shares of Class A common shares in the concurrent sale, based on the same price per share as in the offering. We intend to use approximately $85 million of the net proceeds from this offering and the concurrent sale to redeem a portion of our outstanding Series C preferred shares, with the balance to be used for general corporate purposes.
How does a stop limit cover you if the price change happens during extended hours? If your stop limit is $3.24, and the stock opens at $3 or less, you don't sell.
Production in the Canadian oil sands is still offline. Has, and will continue to, add to the decrease in oil inventories for at least another few weeks.
NYMEX WTI Crude Oil 49.31 +0.6900 +1.4192% 2016-05-24 23:29:55
Stockpile data for oil via API's weekly survey
Crude -5.137 mln barrels
Cushing -0.189mln barrels
Gasoline +3.606mln barrels
Distillate -2.922 mln bbls
Well, here's your chance.
SSW down today 3.34% to $16.20, probably on an insider news leak.
SSW down in AH's 7.35% to $15.01 on announcement of 5M share offering.
- the dilution represents a 6% dilution (with over-allotment), so anything under $15.40 might be considered an over reaction. And that's starting from $16.20, and assuming there wasn't an inside leak regarding the offering that drove the price down today, before the announcement.
Ha. I would have expected a higher share price than $3.12, with oil at $48/bbl. So don't listen to me. Barring a surprise dilution or R/S announcement, I'm not expecting $2.50, or $2.20.
- Exxon fee for cancelled rig contract. Could be a short term positive depending on when they record the fee, but overall it is a negative.
- sale of shares of Malaysia's Sapurakencana Petroleum. Raising cash again.
- Recent debt for equity swap. $55M in debt cancelled in exchange for SDRL shares at almost double the current price.
- RIG and ORIG earnings weren't as bad as expected.
- Could be interesting. Exxon fee for cancelled rig contract, sale of shares of Malaysia's Sapurakencana Petroleum, debt for equity swap.
If we get a little run before earnings, I may flip the trading shares I recently bought. Otherwise, I'll probably just hold them all, and add if it drops significantly.
why would I comment about BBY? This is the SDRL board. That's the point I was (unsuccessfully) trying to make previously. Who cares.
- fear of stronger dollar hits gold. Spike down today happened right when the minutes were released.
FOMC policy makers were talking up a June rate hike at the April meeting, just like they talked up an April hike at their March meeting. Minutes say there was a strong bias among the 17 participants for a June hike if the conditions warranted. The majority felt the second quarter would prove much better than what they considered to be temporary slowing in the first quarter. A few were ready in April to hike rates immediately. Doves cited continued downside risks to the economy and also downside risks to the inflation outlook. Today's minutes sound hawkish and will likely awaken new talk, at least for a time, of a June rate hike.
Settlement is expected to occur on May 20, 2016, upon which the Company will have a total of 500,944,280 shares of its common stock issued and outstanding.
- 8,184,340 divided by 500,944,280 is a 1.6% dilution. Ha. I'd hardly call that diluting the hell out of something.
Hamilton, Bermuda, May 18, 2016 - Seadrill Limited ("Seadrill" or the "Company") announces today that it has entered into a privately negotiated exchange agreement with certain holders of its outstanding 5-5/8% Senior Notes due 2017 (the "2017 Notes"), pursuant to which the Company has agreed to issue a total of 8,184,340 new shares of its common stock, par value $2.00 per share, in exchange for $55.0 million principal amount of the 2017 Notes.
- $55M divided by 8,184,340 shares is indeed $6.72/share. Wow.