On Tuesday, Rex Energy Corporation (NASDAQ:REXX)’s shares inclined 8.00% to $2.43.
Rex Energy Corporation (REXX) declared that it has designated Robert W. Ovitz as Chief Operating Officer of the company. Mr. Ovitz, who most served as the Senior Vice President, Operations for the company, assumes the COO role from Patrick M. McKinney, who has served as COO since May 2010 and both President and COO since October 2011. Mr. McKinney will leave the company in August to pursue an opportunity in the investment banking industry. +
Effective right away, Ovitz will assume responsibility for company-wide operations, with direct oversight of Appalachian and Illinois operations, reservoir engineering, and exploration and geology. He will be responsible for the alignment, precedingitization and administration of operational capital to execute the company’s exploration, drilling and production strategies, and for ensuring operational excellence across the company.
Rex Energy Corporation operates as an independent oil, natural gas liquid, and natural gas company in the Appalachian and Illinois basins in the United States. The company focuses on the Marcellus Shale, Utica Shale, and Burkett Shale drilling and exploration activities in the Appalachian Basin, in addition to on developmental oil drilling and the implementation of improved oil recovery on its properties in the Illinois Basins.
Kimco Realty Corp (NYSE:KIM)’s shares gained 0.33% to $24.41.
Kimco Realty Corp. (KIM) stated that the company’s transaction activity for the second quarter of 2015 totaled more than $500 million. Highlights comprise the acquisition of the remaining 24.7% equity interest in the 14-property Kimco Income Fund II portfolio based on a gross value of $341.1 million and the disposition of 16 shopping centers for a gross sales price of $144.0 million. In addition the company sold 6.4 million shares of SUPERVALU INC. (SVU) common stock for $58.6 million.
ACQUISITIONS
In the second quarter, Kimco attained the full ownership interest in 14 high-quality shopping centers and several improved parcels adjacent to existing Tier 1 shopping centers totaling about 2.0 million square feet for a gross purchase price of about $367.4 million. Details of these transactions are as follows:
- Kimco Income Fund (KIF) II Portfolio: The company accomplished the acquisition of the 14-property KIF II portfolio from three existing joint venture partners based on a gross value of $341.1 million. Kimco, which formerly held a 75.3% ownership interest in this merged joint venture, paid about $30.5 million for the remaining 24.7% equity interest. The KIF II portfolio is a geographically-diversified, primarily grocery-anchored portfolio totaling 1.9 million square feet across nine states counting four sites located in California. The properties feature a well-known lineup of national retailers counting Kroger, Giant Food, Ross Stores, Bed Bath & Beyond, Best Buy, DSW and Burlington Stores, Inc.
With this acquisition, Kimco continues to execute on the company’s strategy of simplifying its business by reducing its number of joint ventures. Since 2010, the company has reduced the number of institutional joint venture partners by about 50%.
Kimco Realty Corporation is an independent real estate investment trust. The firm invests in the real estate markets across North America. It is primarily engaged in acquisitions, development, and administration of neighborhood and community shopping centers. The firm also provides property administration services regarding the administration, leasing, operation, and maintenance of real estate properties. Kimco Realty Corporation was formed in 1966 and is based in New Hyde Park, New York with additional office all across North America.
At the end of Tuesday’s trade, Novavax, Inc. (NASDAQ:NVAX)‘s shares surged 4.95% to $12.19.
Novavax, Inc. (NVAX) a clinical-stage vaccine company focused on the discovery, development and commercialization of recombinant nanoparticle vaccines and adjuvants, recently declared the appointment of Gail K. Boudreaux to its Board of Directors.
Ms. Boudreaux most recently served as the Executive Vice President of UnitedHealth Group from May 2008 until February 2015 and was the Chief Executive Officer of UnitedHealthcare from January 2011 to November 2014. Her extensive experience comprises more than 30 years of service across a broad spectrum of health care operations. Ms. Boudreaux is presently a director of Zimmer Holdings, Inc. and Xcel Energy Inc. and a trustee of Dartmouth College. Ms. Boudreaux holds a Master of Business Administration degree in finance and health care administration from the Columbia Business School and a bachelor’s degree in psychology from Dartmouth College. She has been honored as one of Fortune’s 50 Most Powerful Women in American Business for the last six years and was recognized by Modern Healthcare as one of the Top 25 Women in Healthcare.
Novavax, Inc., a clinical-stage vaccine company, focuses on discovering, developing, and commercializing recombinant nanoparticle vaccines and adjuvants. The company produces its vaccines using its proprietary recombinant nanoparticle vaccine technology. Its product pipeline comprises respiratory syncytial virus (RSV) vaccine candidates for elderly and maternal immunization that are in Phase II clinical trials, in addition to pediatric respiratory syncytial virus candidate, which is in Phase I clinical trial; seasonal quadrivalent influenza and pandemic H7N9 vaccines, which are in Phase I clinical trials; vaccine candidate against Ebola Virus that is Phase I clinical trial, in addition to combination respiratory vaccine candidate, which is pre-clinical trial; and seasonal influenza vaccine candidate that is Phase III clinical trial, in addition to rabies G protein vaccine candidate, which is in Phase 1/2 clinical trial.
Fulton Financial Corp (NASDAQ:FULT), ended its Tuesdays trading session with 1.03% gain, and closed at $12.76.
Fulton Financial Corporation ( FULT) Reports Second Quarter Earnings of $0.21 per Share.
- Diluted earnings per share was 21 cents, a 4.5 percent decrease from the first quarter of 2015 and unchanged from the second quarter of 2014.
- Net interest income reduced $661,000, or 0.5 percent, contrast to the first quarter of 2015 and reduced $5.0 million, or 3.9%, contrast to the second quarter of 2014. The net interest margin reduced 7 basis points contrast to the first quarter of 2015, to 3.20 percent. The net interest margin for the second quarter of 2014 was 3.41 percent.
- Average loans raised $97.1 million, or 0.7 percent, contrast to the first quarter of 2015 and $396.9 million, or 3.1 percent, contrast to the second quarter of 2014. Average deposits raised $107.1 million, or 0.8 percent, contrast to the first quarter of 2015 and $878.6 million, or 7.0 percent, contrast to the second quarter of 2014.
- The provision for credit losses was $2.2 million, contrast to a $3.7 million negative provision in the first quarter of 2015 and a $3.5 million provision in the second quarter of 2014.
- Non-interest income, not taking into account investment securities gains, raised $3.5 million, or 8.6 percent, in comparison to the first quarter of 2015, and raised $314,000, or 0.7 percent, in comparison to the second quarter of 2014.
Fulton Financial Corporation operates as a multi-bank financial holding company that provides a range of banking and financial services to businesses and consumers. It offers personal banking services that comprise various checking account and savings deposit products, certificates of deposit, and individual retirement accounts.
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