On Tuesday, Following Stocks were among the “Top 50 Losers” of U.S. Stock Market: Tesco Corporation (NASDAQ:TESO), Tuesday Morning Corporation (NASDAQ:TUES), Halcón Resources Corporation (NYSE:HK), Civeo Corporation (NYSE:CVEO)
Tesco Corporation (NASDAQ:TESO), with shares declined -7.86%, closed at $10.31.
Tuesday Morning Corporation (NASDAQ:TUES), with shares dropped -7.85%, settled at $16.31.
Halcón Resources Corporation (NYSE:HK), with shares dipped -7.74%, and closed at $1.43.
Civeo Corporation (NYSE:CVEO), plummeted -7.33%, and closed at $2.53, hitting new 52-week low of $2.50.
Latest NEWS regarding these Stocks are depicted underneath:
Tesco Corporation (NASDAQ:TESO)
On Monday, Tesco Corporation (TESO), declared that it will file a Form 12b-25 Notification of Late Filing with the U.S. Securities and Exchange Commission with regard to its Annual Report on Form 10-K for the year ended December 31, 2014. The filing provides the Corporation with an additional 15 calendar days to file its Form 10-K. While the Corporation believes that it will file by the extended deadline, there can be no assurance that the Corporation will meet this extended filing deadline.
The Corporation was unable to file its Form 10-K by the March 16, 2015 deadline as a result of the identification of out-of-period adjustments and the consequential need for the Corporation to complete certain related analysis. The majority of these charges relate to foreign exchange calculations, indirect tax balances and tax reserves for certain preceding intercorporation transactions and balances.
Based on the analysis accomplished to date, the Corporation believes that the total net adjustments are immaterial to any given preceding year but the effect of making all adjustments in the current year is material. TESCO is also evaluating the effectiveness of its internal controls over financial reporting, as required under the provisions of Section 404 of the Sarbanes-Oxley Act of 2002. During the course of this evaluation, the Corporation may conclude it has identified material weaknesses in the effectiveness of certain internal controls over financial reporting.
In order to file its Annual Report on Form 10-K by March 31, the Corporation must complete its documentation and assessment of internal controls. In addition, the Corporation’s current auditor for 2014, Ernst & Young LLP, will need to complete its current year audit and the Corporation’s preceding auditor for the years 2011-2013, PricewaterhouseCoopers LLP, will need to complete its review process in order provide its consent to adjust the preceding year financial statements.
Tesco Corporation is a global leader in the design, manufacture and service of technology based solutions for the upstream energy industry. Tesco Corporation seeks to change the way people drill wells by delivering safer and more efficient solutions that add real value by reducing the costs of drilling for and producing oil and gas.
Tuesday Morning Corporation (NASDAQ:TUES)
First Call has issued Tuesday Morning Corporation (TUES), a Buy rating in their declaration. The rating agency has revealed the information in the equity research recommendation. On 11 March, the company said that, it has signed a lease to occupy 15,000 square feet of vacant space at the Paramus Place shopping center on Route 4.
Tuesday Morning Corporation operates as a retailer of upscale decorative home accessories, housewares, seasonal goods, and famous-maker gifts in the United States. Its merchandise primarily comprises of home décor, furniture, kitchen accessories, bed and bath, electrics, luggage, toys, crafts, and pets.
Halcón Resources Corporation (NYSE:HK)
Formerly on February 17, Halcón Resources Corporation (HK), stated its 2014 year-end proved reserves, declared preliminary fourth quarter/full-year 2014 production results and offered additional updates.
Proved Reserves:
The Corporation’s estimated proved reserves as of December 31, 2014 were about 189.1 million barrels of oil equivalent (MMBoe), representing about 60% reserve growth on a pro forma basis. Year-end 2014 estimated proved reserves were 82% oil, 9% natural gas liquids (NGLs) and 9% natural gas on an equivalent basis. Of total estimated proved reserves, 74% were in the Williston Basin, 22% were in the East Texas Eagle Ford (“El Halcon”) and 4% were in other areas. Year-end 2014 estimated proved reserves were about 93% Corporation-operated and 41% proved developed.
Halcon’s estimated proved reserves at December 31, 2014 were prepared by the independent reserve engineering firm Netherland, Sewell and Associates, Inc. in accordance with Securities and Exchange Commission guidelines using NYMEX prices of $94.99 per barrel (Bbl) for oil and $4.35 per million British Thermal Units (MMBtu) for natural gas, before adjustments for energy content, quality, midstream fees and basis differentials.
Preliminary Fourth Quarter and Full-Year 2014 Production Results:
The Corporation anticipates to report production for the three months and year ended December 31, 2014 of about 46,000 barrels of oil equivalent per day (Boe/d) and 42,000 Boe/d, respectively. On a pro forma basis, Halcon estimates production growth of about 37% and 65% for the fourth quarter and full-year 2014, respectively, as compared to the comparable periods of 2013. Fourth quarter production is estimated to be 81% oil, 9% NGLs and 10% natural gas. Full-year 2014 production is estimated to be 83% oil, 7% NGLs and 10% natural gas.
Impairment Estimate:
The Corporation estimates that it will record non-cash pre-tax impairment charges totaling $150 - $250 million in the fourth quarter of 2014.
Liquidity Update:
As of December 31, 2014, Halcon’s liquidity was about $553 million, which compriseed of cash on hand plus undrawn capacity on its senior secured revolving credit facility.
Halcon Resources Corporation is an independent energy corporation engaged in the attainment, production, exploration and development of onshore oil and natural gas properties in the United States.
Civeo Corporation (NYSE:CVEO)
On March 12, Civeo Corporation (CVEO), stated financial results for the fourth quarter and full year ended December 31, 2014. After this release on the very next day, the stock has fallen down almost 13.8% to $3.04, regardless of the fact that the business service corporation’s fourth quarter results which beat analysts’ estimates for earnings and proceed.
Bradley J. Dodson, President and Chief Executive Officer of Civeo, said, “Given the challenging market environment, we are happy to have generated results at the upper end of our guidance for the fourth quarter 2014. We expect conditions to remain difficult in 2015, and our focus is on capturing as much occupancy as possible. Administration is focused on further reducing our cost structure and maintaining a prudent approach to capital spending.”
Mr. Dodson continued, “We continue to make progress on the migration to Canada, and remain confident that re-domiciling will provide the most efficient structure for Civeo to allocate capital to debt reduction and growth investments. Timing of the migration remains on track for the second or third quarter of 2015.”
Civeo Corporation is a leading provider of workforce accommodations with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for housing hundreds or thousands of workers with its long-term and temporary accommodations and provides catering, facility administration, water systems and logistics services.
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