Alcoa Receives Free Carbon Permit and 3 Dow Movers to Note
Alcoa, Inc. (NYSE:AA) and Queensland Nitrates receive free carbon permits from the government of Australia through a $8.9 billion program to aid businesses that face worldwide competition and are the first firms to do so, according to Bloomberg.
The Boeing Company’s (NYSE:BA) allegedly illegal subsidies from the United States government have prompted the European Commission to ask the World Trade Organization for the right to impose annual trade sanctions worth $12 billion on the U.S. in retaliation, says Reuters. For its part, the United States has said that it met a compliance deadline that expired last Sunday which the European Union turned down.
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Bank of America Corporation’s (NYSE:BAC) Merrill Lynch unit lost $10 million that was connected to stock options, according to the Wall Street Journal, which added that the reignited debate over an options-trading strategy has provoked controversy. The loss came from the bank’s failure to properly execute a so-called dividend trade, which showcases the risks involved. Some option watchers and exchanges contend that the dividend trades swell market volume but do not provide much benefit to the industry.
Chevron Corporation (NYSE:CVX): Seneca Resources, which is a wholly-owned exploration and production subsidiary of National Fuel Gas Co. (NYSE:NFG), has provided an update on recent well results within the Marcellus Shale. Further, Seneca reported a pending farm-in arrangement on properties that are located near its existing crude oil assets in California, along with its initial entry into the Mississippian Lime crude oil site in Kansas. In the Marcellus Shale, Seneca has brought on three additional wells on its property in Lycoming County, Pennsylvania, with peak 24-hour output rates of 13.4, 14.9 and 11.3 MMcf per day. In the Utica Shale, Seneca has recently completed two horizontal bores. At the present time, both Utica wells are shut-in for a period of 60 days and it is anticipated that they will commence production in November. In California, the company has made an agreement in principle with Chevron for a portion of the latter’s assets in the East Coalinga Field, from which Seneca would gain operatorship of the field early next year while Chevron would retain a royalty on incremental development and full interest in the existing output. Additionally, Seneca has recently set up a new position within the Mississippian Lime crude oil play with about 9,300 net acres in Pratt County, Kansas.
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