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Alon USA Energy (NYSE:ALJ) and Tesoro rally after the Chevron refinery fire. The shares closed at $11.99, up $0.44 or 3.81% on the day. They have traded in a 52-week range of $5.35 to $12.09.
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Bce (NYSE:BCE): Melanie Aitken, Commissioner of Competition, issued a statement reacting to concerns expressed via an open letter to TV viewers which was published by Cogeco Cable Inc., Eastlink, and Qubecor: “The Competition Bureau is currently reviewing the proposed acquisition of Astral by BCE Inc. Under the Competition Act, the Competition Bureau has a mandate to review mergers to determine whether they are likely to result in a substantial lessening or prevention of competition. The Bureau is aware that a number of serious concerns have been expressed by market participants related to the effect that increased concentration and vertical integration in the broadcasting industry are said to be having on consumers and other television programming providers. While the Bureau is required by law to conduct its work confidentially, I can confirm that we are actively reviewing these concerns. Should the Bureau determine that the proposed transaction is likely to substantially lessen or prevent competition, we would not hesitate to take appropriate action.” The shares closed at $43.33, up $0.61 or 1.43% on the day. They have traded in a 52-week range of $35.74 to $43.06.
Conn’s (NASDAQ:CONN) reports Q2 net sales totaling $171.65 million. The shares closed at $21.38, up $3.03 or 16.51% on the day. They have traded in a 52-week range of $4.97 to $19.83.
Chevron Corp. (NYSE:CVX): The U.S. Energy Information Administration predicts that the Brent crude oil spot price will average approximately $103 per barrel during the 2012′s second half, which is nearly $3.50 per barrel more than in last month’s Outlook. The forecast shows Brent crude oil spot price dropping it to an average of about $100 per barrel in 2013. The projected West Texas Intermediate crude oil spot price discount to Brent crude oil narrows from about $14 during Q3 of 2012 to $9 by late 2013, according to the EIA. With rising crude oil prices, EIA has raised the average regular gasoline retail price forecast for Q3 of 2012 to $3.49 per gallon from $3.39 per gallon in last month’s Outlook. EIA has lowered ethanol production forecast for 2012 from 900 thousand bbl/d, or 13.8B gallons, last month to 870 thousand bbl/d, or 13.3 billion gallons. EIA believes that the Henry Hub natural gas spot price, that averaged $4.00 per million British thermal units in 2011, will average $2.67 per MMBtu in 2012 and $3.34 per MMBtu in 2013. The shares closed at $111.95, up $0.64 or 0.57% on the day. They have traded in a 52-week range of $86.68 to $112.28.
Exterran Holdings (NYSE:EXH) announced that its Venezuelan subsidiary has finished the sale of assets nationalized in 2009 to PDVSA Gas, S.A. for total consideration of about $442 million. Exterran already received an initial payment of nearly $177 million in cash at closing ($50 million of which is to be used for the repayment insurance proceeds previously collected beneath the policy Exterran maintained for the risk of expropriation), and is due to receive the remaining principal amount of approximately $265M in periodic cash payments through Q3 of 2016. The net proceeds from the sale of these assets, with the combination of the net proceeds of about $112 million from the March 2012 sale of Exterran’s Venezuelan joint venture assets that were also nationalized in 2009, total in excess of $500M. As previously reported with respect to the March 2012 joint venture asset sale, Exterran received $37.6M at the closing, $4.7 million in June 2012 as an installment payment, and should receive the remaining $70 million in periodic cash payments through Q1 of 2016. The shares closed at $18.21, up $2.7 or 17.41% on the day. They have traded in a 52-week range of $8.07 to $15.73.
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