On Tuesday, Shares of SandRidge Energy, Inc. (NYSE:SD), gained 2.42% to $1.27, as Oil prices rose to the highest level of the year Tuesday on a weaker dollar and expectations of a fifth straight weekly decline in U.S. crude supplies.
Crude oil for July delivery settled $1.06 higher at $61.26 per barrel while July natural gas futures rose 5 cents to finish at $2.70 per 1 million BTU.
SandRidge Energy, Inc., an oil and natural gas company, explores for and produces oil and natural gas properties primarily in the Mid-Continent region of the United States. The company operates through three segments: Exploration and Production, Drilling and Oil Field Services, and Midstream Services.
Shares of Ericsson (NASDAQ:ERIC), inclined 0.76% to $11.34, during its last trading session.
Ericsson, declared that it has signed a seven-year playout services contract with the BBC, one of the world`s leading public service broadcasters.
Playout services comprise the technology and operations that allow broadcasters to deliver programs to audiences through network, linear television channels.
The contract was awarded following a long and competitive tender process and comprises playout and media administration services for the BBC`s portfolio of TV channels in the UK (BBC One, BBC Two, BBC Four, CBeebies and CBBC) and its interactive Red Button service. The contract also comprises playout and media administration for the BBC`s commercially funded international news channel, BBC World News, which is accessible in more than 200 countries worldwide.
Ericsson provides communications technology and services worldwide. The company’s Networks segment delivers products and solutions for mobile access, Internet protocol (IP) and transmission networks, core networks, and cloud.
At the end of Tuesday’s trade, Shares of Chevron Corporation (NYSE:CVX), lost -0.05% to $102.58.
Chevron Corporation, has deployed robots on the seafloor near its Big Foot deepwater oil project, aiming to find just how much damage it must contend with after six giant tendons sank and indefinitely delayed the start of production at the platform, according to Reuters.
The company, the No. 2 U.S. oil producer, said late Monday it would move the Big Foot platform away from the site after tendons, which look like a long series of interlocking metal pipes and tether platforms to seabeds, failed to float.
The setback means Chevron will not meet its aim of bringing Big Foot production online by the end of the year. The site, 225 miles south of New Orleans in the U.S. Gulf of Mexico, is predictable to produce 75,000 barrels of oil per day once it opens.
The company plans to update its timeline for bringing Big Foot online during its July earnings conference call, Van Ast said, Reuters Reports.
Chevron Corporation, through its auxiliaries, engages in the petroleum, chemicals, and power and energy operations worldwide. The company operates in two segments, Upstream and Downstream.
Finally, Valley National Bancorp (NYSE:VLY), ended its last trade with 1.24% surge, and closed at $9.83.
The Boards of Directors of Valley National Bancorp, and CNLBancshares, Inc. declared that the companies have reached a merger agreement whereby the common shareholders of CNLBancshares will receive 0.75 of a share of Valley common stock for each CNLBancshares share they own, subject to adjustment in the event Valley’s average stock price falls below $8.80 or rises above $10.13 preceding to closing. The transaction is valued at an estimated $207 million, based on Valley’s closing stock price on May 22, 2015 (and comprises the stock consideration of $16.2 million that will be paid to CNLBancshares stock option holders). We anticipate this transaction will be accretive to Valley’s earnings within 12 months from closing.
CNLBancshares, and its wholly-owned partner, CNLBank, headquartered in Orlando, Florida, has about $1.4 billion in assets, $833 million in loans and $1.1 billion in deposits and maintains a branch network of 16 offices. The acquisition supports the continued execution of Valley’s Florida growth strategy, expanding the franchise into two new markets and strengthening two of Valley’s legacy Florida markets.
Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, insurance, and wealth administration financial services products. The company operates through Commercial Lending, Consumer Lending, and Investment Administration segments.
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