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Sunday 31 January 2016
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Pre-Market News Analysis on: Atwood Oceanics, (NYSE:ATW), Tesla Motors (NASDAQ:TSLA), Walter Energy, (NYSE:WLT), Abercrombie & Fitch (NYSE:ANF)

On Tuesday, Atwood Oceanics, Inc. (NYSE:ATW)’s shares inclined 0.50% to $30.10.

Atwood Oceanics, Inc. (ATW) declared that Mark W. Smith has been designated as the Company`s Senior Vice President and Chief Financial Officer. Mr. Smith will report directly to Rob Saltiel, President and Chief Executive Officer, and will have responsibility for the company`s global financial operations. The appointment has been approved by Atwood`s Board of Directors and was effective June 3, 2015.

On May 27, 2015, Mr. Smith was designated as Chief Financial Officer on an interim basis. Prior to this, he served as Vice President, Chief Accounting Officer and Controller since May 2014 and in other finance and administrative roles since joining the Company in February 2009. Counting his service to the Company, Mr. Smith has over 20 years` experience in the financial, consulting and energy industries.

Atwood Oceanics, Inc., an offshore drilling contractor, engages in the drilling and completion of exploratory and developmental oil and gas wells worldwide. As of November 10, 2014, it owned a fleet of 13 mobile offshore drilling units, in addition to 3 ultra-deepwater drill ships under construction. The company was founded in 1968 and is headquartered in Houston, Texas.

Tesla Motors Inc (NASDAQ:TSLA)’s shares dropped -0.11% to $256.00.

Tesla Motors Inc (TSLA)’s Model S sedan already ditched gasoline. Now two shareholders from Texas want the electric-car maker to stop using animal products as well.

At the company’s annual meeting on Tuesday, Mark and Elizabeth Peters, shareholders from Hurst, Texas, urged Tesla to eliminate the use of animal-sourced materials for interior components, such as leather seats. One of their proposals would reduce the use of such products and eliminate them entirely by 2019. Another proposal asked Tesla to explore becoming the first “cruelty-free” premium car brand.

Tesla’s board of directors recommended a vote against the two proposals, saying that exploring alternatives to leather might “impede or delay” the company by distracting it from higher-priority tasks. The result of the shareholders’ vote should be accessible within four business days, the company said.

Tesla Motors, Inc. designs, develops, manufactures, and sells electric vehicles, electric vehicle powertrain components, and stationary energy storage systems in the United States, China, Norway, and internationally. It also provides development services to develop electric vehicle powertrain components and systems for other automotive manufacturers.

At the end of Tuesday’s trade, Walter Energy, Inc. (NYSE:WLT)‘s shares surged 3.30% to $0.310.

Walter Energy, Inc. (WLT) the coal producer whose market value has dropped by more than 99 percent in the past four years, plunged on news it could file for bankruptcy as soon as this month.

The shares tumbled by about a third to close at 30 cents in New York. It was the biggest decline since the stock started trading in 1995. The Birmingham, Alabama-based company’s market value slid to $24.2 million from $8.2 billion in July 2011.

Walter’s value soared four years ago following its debt-fueled acquisition of Western Coal Corp. for about $3 billion. Since then, the benchmark price of metallurgical coal has fallen by two thirds after Chinese demand cooled and Australia added new supplies. Patriot Coal Corp. filed for bankruptcy last month.

Walter is predictable to send a revised plan to first-lien lenders that comprises a request for a debtor-in-possession loan that would allow the company to operate while in bankruptcy, Bloomberg News stated Friday, citing two people with knowledge of the talk about.

Walter Energy, Inc. produces and exports metallurgical coal for the steel industry. It operates through two segments, U.S. Operations, and Canadian and U.K. Operations. The company also extracts, processes, markets, and/or possesses mineral reserves of thermal coal and anthracite coal, in addition to produces metallurgical coke and coal bed methane gas.

Abercrombie & Fitch Co. (NYSE:ANF), ended its Tuesday’s trading session with -0.40% loss, and closed at $22.20.

Abercrombie & Fitch Co. (ANF) is a specialty retailer that operates stores in North America, Europe, Asia and the Middle East and direct-to-consumer operations in North America, Europe and Asia that service its brands throughout the world. The Company sells casual sportswear apparel, counting knit tops and woven shirts, graphic t-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear; personal care products; and accessories for men, women and kids under the Abercrombie & Fitch, abercrombie kids and Hollister brands.

The Company’s fiscal year ends on the Saturday closest to January 31. Fiscal years are designated in the merged financial statements and notes by the calendar year in which the fiscal year commences. All references herein to “Fiscal 2015″ represent the 52-week fiscal year that will end on January 30, 2016, and to “Fiscal 2014″ represent the 52-week fiscal year that ended January 31, 2015.

During the first quarter of Fiscal 2015, net sales reduced 14% to $709.4 million from $822.4 million for the first quarter of Fiscal 2014. The gross profit rate for the first quarter of Fiscal 2015 was 58.0% contrast to 62.2% for the first quarter of Fiscal 2014. Operating loss was $90.2 million for the first quarter of Fiscal 2015 contrast to an operating loss of $31.5 million for the first quarter of Fiscal 2014. The Company had a net loss of $63.2 million and a net loss per diluted share of $0.91 for the first quarter of Fiscal 2015 contrast to a net loss of $23.7 million and a net loss per diluted share of $0.32 for the first quarter of Fiscal 2014.

Abercrombie & Fitch Co., through its auxiliaries, operates as a specialty retailer of apparel for men, women, and kids. The company operates through three segments: U.S. Stores, International Stores, and Direct-to-Consumer. It sells various products, such as casual sportswear apparel comprising knit and woven shirts, graphic T-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear; personal care products; and accessories for men, women, and kids under the Abercrombie & Fitch, abercrombie kids, and Hollister brand names.

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