Tuesday, July 21, 2009
Six Investment Topics for the Week Ahead
... of at least US$9.70 per share, up from its previous looking of US$9.20, helping its shares rise as much as 3% in after-hours trading last Thursday. ...
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Plains Exploration & Production Company (NYSE: PXP) is trading more than 5,700 calls today, around 3X the norm, but the state is in the September $35 calls, where more than 4,065 have traded against no prior Open Interest, and shares are only at $28.74.Â A large block of 2,000 bought at the offer is responsible for much of the action.Â PXP’s fundamentals are not rattling strong, as shares have a lot of debt and trade 29X forward earnings, but ahead of August 6th earnings the state is substantially bullish due to an primeval morning note.Â The note mentioned that a California budget proposal would clear drilling soured the Santa Barbara coast, with Plains Exploration the company set to learn soured existing platforms.Â Environmentalists are opposed to the first offshore oil lease in California in 40 years, but an agreement would generate $2 billion over its lifetime, including $100 million this year.Â With a mart container of $3.36 billion, an agreement would be sure to send shares higher, and is likely the reasoning behind the bullish call activity in far out of the money strikes.
Joe Kunkle, founder of OptionsHawk.com
CIT Group confirms $3 billion in rescue funding
Middle East North Africa Financial Network
The shares rose more than 7% to $1.34 in after hours trading. CIT Group, a bank retentive company, is a major lender to small- and medium-sized businesses, ...
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