During Thursday’s trade, Shares of Kinder Morgan Inc (NYSE:KMI), gain 1.13% to $17.00.
Oil prices edged lower Thursday after data from the Organization of the Petroleum Countries’ report showed that the group increased its crude production in November, but also forecast further declines in non-OPEC output, according to Market Watch
But the cartel cut its 2016 estimates for non-OPEC output by 250,000 barrels a day to average 57.14 million barrels a day, noting that U.S. shale-oil production has been falling since April. OPEC said that process should speed up, notably due to the sharp fall in oil prices.
“While non-OPEC members may slow producing as a result of lower prices, the oil cartel continues an aggressive production pace in a market-share Battle Royal,” said John Macaluso, an analyst at Tyche Capital Advisors.
Oil prices had traded as high as $37.54 Thursday after the U.S. Energy Information Administration Wednesday said crude stockpiles fell by a more-than-expected 3.6 million barrels last week, but prices had turned lower before the OPEC report. Market Watch Report
Kinder Morgan, Inc. (KMI) is an energy infrastructure and energy company in North America. The Company operates through six segments: Natural Gas Pipelines, CO2, Terminals, Products Pipelines, Kinder Morgan Canada and Other. The Natural Gas Pipelines segment comprises interstate and intrastate pipelines and its liquefied natural gas (LNG) terminals. The CO2 business segment produces, transports, and markets CO2.
Shares of Bank of America Corp (NYSE:BAC), inclined 0.64% to $17.21, during its current trading session.
The Federal Reserve on Thursday gave Bank of America Corp. a passing grade on its resubmitted stress test but stopped short of granting the firm a gold star, according to WSJ
While saying the firm needed to “continue to make steady, demonstrable progress” in its capital planning, the Fed gave Bank of America the nod to keep paying its dividend and buying back shares under its $4 billion repurchase plan. Those moves are important to investors, who have been frustrated by the bank’s relatively low dividends and share price.
The Fed’s rebuke in March, when it said it had concerns about the way the bank modeled for losses and revenue, was a black eye for the bank. It meant that Bank of America has had more stress-test miscues than any of its peers, and raised questions about the firm’s ability to discern what regulators want.
The Fed said Thursday that the bank “has made progress” in fixing its capital-planning deficiencies. But it also said the bank “must continue to make steady, demonstrable progress” before the next stress-test submissions in April. The Fed didn’t issue the same exhortation to J.P. Morgan Chase & Co. and Goldman Sachs Group Inc. when they went through a similar resubmission process in 2013. WSJ Report
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, corporations and Governments with a range of banking, investing, asset administration and other financial and risk administration products and services. Through its banking and various nonbank auxiliaries, it provides a range of banking and nonbank financial services and products.
Finally, Shares of Ciena Corporation (NYSE:CIEN), lost -16.67%, and is now trading at $20.08.
Ciena® Corporation (CIEN), the network specialist, declared unaudited financial results for its fiscal fourth quarter and year ended October 31, 2015.
For the fiscal fourth quarter 2015, Ciena stated revenue of $692.0 million as contrast to $591.0 million for the fiscal fourth quarter 2014. For fiscal year 2015, Ciena stated revenue of $2.4 billion, as contrast to $2.3 billion for fiscal year 2014.
On the basis of generally accepted accounting principles (GAAP), Ciena’s net loss for the fiscal fourth quarter 2015 was $(13.8) million, or $(0.10) per diluted common share, which compares to a GAAP net loss of $(30.7) million, or $(0.29) per diluted common share, for the fiscal fourth quarter 2014. For fiscal year 2015, Ciena had a GAAP net income of $11.7 million, or $0.10 per diluted common share, which compares to a GAAP net loss of $(40.6) million or $(0.38) per diluted common share for fiscal year 2014.
Ciena’s adjusted (non-GAAP) net income for the fiscal fourth quarter 2015 was $67.3 million, or $0.42 per diluted common share, which compares to an adjusted (non-GAAP) net loss of $(8.2) million, or $(0.08) per diluted common share, for the fiscal fourth quarter 2014. For fiscal year 2015, Ciena’s adjusted (non-GAAP) net income was $179.0 million, or $1.31 per diluted common share, as contrast to an adjusted (non-GAAP) net income of $65.8 million, or $0.59 per diluted common share for fiscal year 2014.
Ciena Corporation (NYSE:CIEN) is a provider of communications networking equipment, software and services that support the transport, switching, aggregation and administration of voice, video and data traffic. The Company operates in four segments: converged packet optical, packet networking, optical transport, and software and services. Its service provider customers comprise regional, national and international, wire line and wireless carriers. Its cable operator customers comprise cable and multiservice operators in the United States and internationally.