On Thursday, Shares of Micron Technology, Inc. (NASDAQ:MU), lost -2.69% to $17.70.
Micron Technology’s price target was reduced to $33 from $36 at Jefferies, which maintained its “buy” rating.
The firm also cut its 2016 earnings estimate to “$3.00 from $3.65 per share, as compared to Wall Street estimates of $2.65 per share, driven primarily by a flow through of lower DRAM ASPs in the NovQ 2015.”
The firm noted that Micron underperformed the industry due to Micron’s own 20nm DRAM challenges.
Micron Technology, Inc., together with its auxiliaries, provides semiconductor solutions worldwide. The company manufactures and markets dynamic random access memory (DRAM), NAND flash, and NOR flash memory products; and packaging solutions and semiconductor systems.
Shares of CONSOL Energy Inc. (NYSE:CNX), declined -8.80% to $12.95, during its last trading session, hitting its lowest level, on concerns that China may become a net exporter of coal.
Coal prices are predictable to average $2.28 per one million British thermal units (Btu) this year, down from $2.36 per one million Btu in 2014, according to the U.S. Energy Information Administration.
China’s devaluation of its currency to support exports may not create a global producer, but it will lower prices within the country and abroad, Reuters reports.
CONSOL Energy Inc., together with its auxiliaries, operates as an integrated energy company in the United States and internationally. The company operates through two divisions, Exploration and Production (E&P), and Coal. The E&P division produces pipeline quality natural gas primarily to gas wholesalers.
Finally, Hercules Offshore, Inc. (NASDAQ:HERO), ended its last trade with -4.07% loss, and closed at $0.08.
Hercules Offshore declared that it has filed a pre-packaged plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code to continue its financial restructuring of the Company. The Company anticipates that, among other things, it will receive court authority to pay employee wages and benefits without interruption and continue to pay trade creditors and suppliers in the ordinary course of business. The Chapter 11 reorganization is predictable to conclude in about 45-60 days.
As declared on July 13, the pre-packaged plan provides a substantial deleveraging transaction following which more than $1.2 billion of the Company’s outstanding senior notes would be converted to 96.9% of new common equity, and $450 million in new debt financing would be offered by those holders of the senior notes who wish to take part on a pro rata basis (with the full amount backstopped by certain members of the steering group of noteholders), which would fully fund the remaining construction cost of the Hercules Highlander and provide additional liquidity to fund the Company’s operations.
The filing follows the completion of the solicitation process of the Company’s senior noteholders. The solicitation process resulted in overwhelming approval of the pre-packaged plan presented by the Company. More than 300 senior noteholders with aggregate holdings in excess of $1.2 billion of senior notes have voted to accept the Plan while only two holders with about $320,000 of the senior notes voted against the Plan.
Hercules Offshore, Inc., together with its auxiliaries, provides shallow-water drilling and marine services to the oil and natural gas exploration and production industry worldwide. The company operates through Domestic Offshore, International Offshore, and International Liftboats segments.
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