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business newsMorning Roundup: Markets Yawn Amid Scant Data
By
Nick Gwiazda Oct 11, 2010 11:10 am
Stocks opened positive this morning, as investors had no substantial earnings or Fed news to trade off.
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Chesapeake Energy (CHK) jumped this morning after China National Offshore (CNOOC) agreed to buy a third of Chesapeake’s Eagle Ford Shale [oil and natural gas leaseholds] in South Texas for $1 billion. China national also agreed to pay up to 75% of Chesapeake’s development costs for the leaseholds.
Talisman Energy (TLM) and Statoil (STO) also formed a joint venture to buy 97,000 shares of the Eagle Ford Shale, for a total of $1.325 billion. The property currently produces about 5,500 barrels of oil per day, with six wells now producing energy and up to twenty expected to be in use by year end. Talisman estimates that the property has the potential to yield 800 million barrels of oil.
AstraZeneca (AZN) and Pozen (POZN) announced today that their Vimovo pain reliever was widely approved across 23 countries in the EU. Vimovo is broadly used for treating arthritis and ankylosing spondylitis, and exposes users to less of the risks associated with similar medications.
Shares of LDK Solar (LDK) rose as it significantly raised its revenue estimate for its current quarter. LDK now expects revenues of $610 million to $640 million, from a previous prediction of $570 million to $600 million.
Google (GOOG) is also making leaps and bounds in the automobile arena, with a new robot car it is road-testing that will be able to stop, start and steer by itself. Google looks to create the new car in hopes of freeing up drivers’ time, reducing carbon emissions, and of course causing fewer accidents.Goldman Sachs also caused a rise in Nokia (NOK) after it raised its price target for the mobile phone maker from 7.8 Euros per share to 8.6. However, Goldman only sees a short-term run up in the stock as a result of a wave of new products Nokia will offer; the sell-in of such products is yet to be seen.
Speaking of mobile phones, a new summary of the up-and-coming 4G networks is now available. This summary explains the nine things you need to know about 4G networks, as Sprint (S), Verizon (VZ) and Metro PCS (PCS) have already started to implement them. Enjoy!
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