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Monday, April 7
Firms from energy sector hit 52-week highs(10:42 am ET)
NEW YORK (MarketWatch) -- Several companies from the energy sector hit 52-week highs on Monday. Massey Energy (MEE: news, chart, profile) rose 6% to $50.17. Patriot Coal (PCX: news, chart, profile) rose 6% to $59.75. Alpha Natural Resources (ANR: news, chart, profile) rose 5% to $50.14. Southwestern Energy Co. (SWN: news, chart, profile) rose 4% to $37.95. Weatherford International (WFT: news, chart, profile) advanced 4% to $78.53. Continental Resources (CLR: news, chart, profile) rose 4% to $34.40. Bois D'Arc Energy (BDE: news, chart, profile) rose 3.5% to $24.70. Exco Resources (XCO: news, chart, profile) rose 3.4% to $56.65. Cabot Oil & Gas Corp. (COG: news, chart, profile) rose 3.3% to $56.65. First Solar Inc. (FSLR: news, chart, profile) touched an all-time high of $291.49, before falling back to $282.24 in recet action. Its previous 52-week high was $283.90 on April 4.
Hartford shares cut to neutral by UBS analyst Kligerman(10:05 am ET)
SAN FRANCISCO (MarketWatch) -- Hartford Financial Services shares (HIG: news, chart, profile) were cut to neutral from buy by UBS analyst Andrew Kligerman on Monday. He also introduced a short-term sell rating on the stock because the insurer will likely miss expectations for operating-earnings per share this year. Credit impairments, derivative positions, and "hedging breakages" may lower net-earnings per share further, Kligerman wrote in a note to investors. He also expects unrealized mark-to-market losses on commercial mortgage-backed securities and subprime residential mortgage-backed securities holdings. Hartford shares slipped 1.8% to $76.50 during morning trading on Monday.
Energy stocks up in early action (9:36 am ET)
NEW YORK (MarketWatch) -- Shares of energy companies rose with the broad market on Monday as the price of crude rose. The Amex Oil Index (XOI: news, chart, profile) rose 0.6%. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.8% to 630. Sector leaders Exxon Mobil (XOM: news, chart, profile) and Chevron (CVX: news, chart, profile) rose 0.2% and 0.3% respectively. Crude gained $2.03 to trade at $108.26.
ScanSource sees quarterly sales of $509 million-$515 million(8:24 am ET)
NEW YORK (MarketWatch) -- ScanSource Inc. (SCSC: news, chart, profile) said Monday that it expects sales of $509 million to $515 million in the quarter ended March 31, vs. $492.7 million in the year-earlier period. On average, analysts polled by FactSet Research were expecting quarterly sales of about $563 million. The Greenville, S.C., distributor of automatic-identification and data-capture products cited weakness in its Catalyst Telecom unit and its international POS and bar-code business. Shares of ScanSource closed Friday at $34.49.
U.S. retail gasoline prices rise to $3.34 a gallon(8:04 am ET)
NEW YORK (MarketWatch) -- The average U.S. retail gasoline prices edged up to $3.34 a gallon on Monday, up a penny from the day before and well ahead of the month-ago price of $3.20 a gallon, according to the AAA Daily Fuel Gauge Report. Gasoline has been hitting fresh records on the heels of spiking crude oil costs and a dip in refinery utilization.
Tetra Technologies sticks to 2008 profit view(7:44 am ET)
NEW YORK (MarketWatch) -- Tetra Technologies Inc. (TTI: news, chart, profile) on Monday said it continues to expect 2008 earnings of $1.30 to $1.55 a share. Analysts surveyed by FactSet Research forecast earnings of $1.45 a share, on average. The company said earnings performance by quarter could be impacted by poor weather conditions in the Gulf of Mexico in the first quarter, but it'll still hit its year-end target. The Woodlands, Texas oil and gas services business said it'll get an earnings boost in its Maritech unit from production performance, new discoveries, pricing, and the benefits of its Cimarex purchase.
Michael Page gross profit up 33%(2:24 am ET)
LONDON (MarketWatch) -- Recruitment firm Michael Page (UK:MPI: news, chart, profile) said Monday that its first-quarter gross profit rose 33% to 140.3 million pounds ($280.2 million), driven by rapid growth in Europe, the Middle East and Africa. The group said it has seen further weakness in the banking sector and other disciplines that service banking clients. "Whilst we continue to experience strong activity levels and demand for talent, in certain areas there are signs of more cautionary behaviour," the group said.
Yahoo plans simpler integrated ad-purchase-and-sale platform(1:23 am ET)
TEL AVIV (MarketWatch) -- Yahoo Inc., (YHOO: news, chart, profile) the Sunnyvale, Calif., Internet-services giant, said on Monday that it would launch AMP, a platform that will ease users' ability to buy and sell ads online. AMP, based on one integrated user interface, "will allow advertisers to precisely yet easily target audiences while enabling publishers to better monetize their content," the company said in a statement. Yahoo will launch the system, which had been known as Project Apex, in phases beginning in the third quarter. First to use it will be the more than 600 member newspapers in Yahoo's newspaper consortium.
Friday, April 4
Energy stocks add to gains for week(9:33 am ET)
NEW YORK (MarketWatch) -- Energy stocks added to gains for the week in early action on Friday as the sector looked toward a rise in crude futures. Crude oil for May delivery gained $1.16 at $104.99 a barrel on the New York Mercantile Exchange, recovering Thursday's losses. The Amex Oil Index (XOI: news, chart, profile) rose 0.2% to 1,387, well ahead of its week-ago close of 1,334. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.8% to 620, compared to its close of 599.46.
BHP Billiton disputing $290 million tax assessment(2:25 am ET)
LONDON (MarketWatch) -- Mining group BHP Billiton (UK:BLT: news, chart, profile) (BHP: news, chart, profile) said Friday that it is in dispute with the Australian Tax Office over an assessment of the tax relief it claimed from 2001 through 2003. BHP Billiton said the dispute involves tax and interest of $289.6 million and added the tax authority is still considering whether to apply any penalty. The company said the dispute is over payments it made related to a plant completion guarantee it granted to third-party financiers in 1997 and added it intends "to vigorously defend the assessment."