On Monday, Shares of International Business Machines Corp. (NYSE:IBM), lost -0.41% to $159.10.
IBM, declared an investment of $60 million over three years to develop the next generation of technical talent in Africa. As part of the initiative, IBM is expanding the Africa Technical Academy and the company’s Africa University Programme to over 20 African countries. IT professionals across the continent are set to benefit with advanced skills in analytics, cloud and big data technologies which are crucial to the next phase of Africa’s economic and social development.
In Kenya – home to IBM’s Africa Research lab and a state-of-the-art Innovation Center – IBM is partnering with the Kenya Education Network (KENET) to deliver advanced hands-on certification courses to faculty and students of 50 Kenyan universities over KENET’s broadband network. The certification courses will develop and enhance job market readiness among university students by providing the technical expertise that both employers and entrepreneurs require in order to succeed in a fast paced growth market like Kenya.
International Business Machines Corporation provides information technology (IT) products and services worldwide. The company’s Global Technology Services segment provides IT infrastructure and business process services, such as outsourcing, processing, integrated technology, cloud, and technology support.
Shares of Cameron International Corporation (NYSE:CAM), declined -0.34% to $49.42, during its last trading session.
Cameron, stated fully diluted earnings per share, not taking into account suspended operations and other costs, of $0.83 for the second quarter of 2015, contrast to $0.95 for the same period of 2014.
Other costs in the second quarter of 2015 amounted to $37 million, or $0.12 per share, as detailed in an accompanying table.
On a GAAP basis, the Company’s fully diluted earnings per share for the second quarter and first six months of 2015 were $0.73 and $0.98, respectively, as contrast to $1.08 and $1.57 for the same periods of 2014.
Cameron International Corporation provides flow equipment products, systems, and services worldwide. The company’s Subsea segment offers integrated solutions, products, systems, and services to the subsea oil and gas market, counting integrated subsea production systems involving wellheads, subsea trees, manifolds and flowline connectors, and subsea processing systems.
At the end of Monday’s trade, Shares of SYSCO Corporation (NYSE:SYY), lost -0.61% to $35.78.
Sysco Corporation, will host a live conference call and webcast to talk about its fourth quarter and fiscal 2015 financial results at 10 a.m. (Eastern), Monday, August 10. All interested parties are invited to listen online at investors.sysco.com.
Preceding to the conference call and webcast, the company will also issue a news release and post a slide presentation online at investors.sysco.com.
Sysco Corporation, through its auxiliaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates in Broadline and SYGMA segments.
Finally, EXCO Resources Inc (NYSE:XCO), ended its last trade with -6.67% loss, and closed at $0.560.
EXCO Resources, declared operating and financial results for the second quarter 2015.
2015 Second Quarter Highlights
- Drilled 9 gross (4.4 net) and turned-to-sales 22 gross (5.7 net) operated horizontal wells in the second quarter 2015, compriseent with the capital budget.
- Produced 361 Mmcfe per day, or 33 Bcfe, for the second quarter 2015, which exceeded the midpoint of guidance. Production raised 22 Mmcfe per day from the first quarter 2015.
- Adjusted EBITDA, a non-GAAP measure, was $69 million for the second quarter 2015, 19% above adjusted EBITDA for the first quarter 2015, primarily due to higher production as well as lower operating and general and administrative costs.
- Cost saving initiatives resulted in general and administrative costs and gathering and transportation costs that were 7% and 6%, respectively, below the low-end of guidance, in addition to operating costs within guidance. Reduced drilling and completion costs through negotiations with key vendors.
- Improved completion design in East Texas Shelby area yielded strong results as evidenced by a 15% enhance in estimated ultimate recoveries (“EUR”) for undeveloped Haynesville shale locations to 1.5 Bcf per 1,000 lateral feet. The Company believes further upside is achievable based on certain of its proved developed producing wells in this area with EURs of 1.75 Bcf per 1,000 lateral feet.
- Adjusted net income (loss), a non-GAAP measure, was a net loss of $12 million , or $0.05 per diluted share, and GAAP net income (loss) was a net loss of $454 million, or $1.67 per diluted share, for the second quarter 2015. The GAAP net loss was primarily due to the $394 million impairment of the Companys oil and natural gas properties following the ceiling test in accordance with full cost accounting.
- Pro forma liquidity was $368 million as of the end of the second quarter 2015, after giving effect to the amendment to the Company’s credit agreement that is anticipated to close this week. EXCO is evaluating transactions that would enhance its liquidity and provide additional financial flexibility.
EXCO Resources, Inc., an independent oil and natural gas company, engages in the acquisition, exploration, exploitation, development, and production of onshore oil and natural gas properties with a focus on shale resource plays in the United States.
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