On Wednesday, in the course of current trade, Shares of Southwestern Energy Co. (NYSE:SWN), dropped -1.28%, and is now trading at $24.25, despite oil rallied for a second straight day on Wednesday as U.S. government data confirmed a big weekly drawdown in domestic crude stockpiles, although profit-taking by players who had bet on the draw pulled the market back from its highs.
The U.S. Energy Information Administration (EIA) said crude oil inventories fell by 6.8 million barrels last week, four times more than the 1.7 million barrels forecast by analysts in a Reuters poll. Industry group American Petroleum Institute had raised market expectations late on Tuesday when it estimated a draw of 6.7 million barrels.
Southwestern Energy Company, an independent energy company, engages in the exploration, development, and production of natural gas and oil in the United States. The company operates in two segments, Exploration, Development and Production; and Midstream Services.
Finally, 500.com Limited (NYSE:WBAI), gained 0.12% Wednesday.
500.com Limited, declared that it has reached a definitive purchase agreement with Tsinghua Unigroup International Co., Ltd., a partner of Tsinghua Unigroup Co., Ltd, for the issuance and sale of newly issued ordinary shares of the Company.
Following the purchase agreement, Tsinghua Unigroup International Co., Ltd. will purchase 63,500,500 newly issued Class A ordinary shares of the Company for a total purchase price of about US$123.8 million in cash. The per share purchase price of US$1.95 (corresponding to US$19.5 per American Depository Receipts) represents a 1.4% discount of the average closing trading price of the Company’s ordinary shares for the 30 trading days ended June 8, 2015, or a 17.9% discount of the closing trading price of the Company’s ordinary shares on June 8, 2015, the day preceding to the date of the purchase agreement.
Unigroup International has agreed to subject all the shares it or its associate will acquire in the transaction to a contractual lock-up restriction for six month after the closing. The closing is predictable to take place on or before June 30, 2015, upon satisfaction of customary closing conditions.
500.com Limited provides online sports lottery services in the Peoples Republic of China. It operates as an aggregator and processor of lottery purchase orders from its registered user accounts. The company offers a suite of online lottery services, information, user tools, and virtual community venues.
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