On Monday, Shares of Exxon Mobil Corporation (NYSE:XOM), lost -4.73% to $68.72, hitting its lowest level, as oil prices tumbled more than 5 percent on Monday as markets worried about a China-led global economic slowdown that would drastically hit oil consumption at a time of plentiful supply, according to CNBC.
U.S. light crude closed down $2.21, or 5.5 percent, at $38.24 a barrel, which was the lowest since February 2009. Steep losses last week capped the contract’s longest weekly losing streak since 1986. CNBC Reports
Brent crude was trading down $2.70, or about 6 percent, at $42.80 a barrel, after hitting a session low of $42.51, its weakest since March 11, 2009. CNBC added.
Exxon Mobil Corporation explores for and produces crude oil and natural gas in the United States, Canada/South America, Europe, Africa, Asia, and Australia/Oceania. It also manufactures and markets commodity petrochemicals, counting olefins, aromatics, polyethylene and polypropylene plastics, and specialty products; and transports and sells crude oil, natural gas, and petroleum products.
Shares of Kinross Gold Corporation (NYSE:KGC), declined -12.56% to $1.81, during its last trading session.
Kinross Gold Corporation was downgraded by research analysts at RBC Capital from a “sector perform” rating to an “underperform” rating in a research note issued to investors on Monday, MarketBeat reports. They presently have a $2.25 price target on the mining company’s stock, down from their previous price target of $3.25. RBC Capital’s price objective suggests a potential upside of 8.70% from the company’s previous close.
Kinross Gold Corporation, together with its auxiliaries, engages in the acquisition, exploration, and development of gold bearing properties. It is involved in mining and processing gold and silver ores. The company’s gold production and exploration activities are carried out principally in Canada, the United States, the Russian Federation, Brazil, Chile, Ghana, and Mauritania.
Finally, Renren Inc. (NYSE:RENN), ended its last trade with -9.57% loss, and closed at $3.12.
Renren declared its unaudited financial results for the second quarter ended June 30, 2015.
Second Quarter 2015 Results
Total net revenues for the second quarter of 2015 were US$15.1 million, representing a 34.0% decrease from the corresponding period in 2014.
Renren net revenues were US$10.3 million, representing a 21.1% decrease from the corresponding period of 2014. Within Renren net revenues, online advertising revenues were US$3.9 million for the second quarter of 2015, a 60.1% decrease from the corresponding period of 2014. The decrease was due to increasing competition and the ongoing migration of our traffic to mobile. Internet Value-Added Services (IVAS) revenues were US$6.4 million, representing a 90.8% enhance from the corresponding period in 2014, primarily due to the enhance in revenue from the social video platform “Woxiu”. Monthly unique log-in users raised from about 44 million in June 2014 to about 45 million in June 2015.
Games net revenues were US$4.8 million for the second quarter of 2015, a 51.1% decrease from the corresponding period of 2014. The decrease was due to the formerly launched games having reached their mature stages.
Cost of revenues was US$9.9 million, a 15.4% decrease from the corresponding period of 2014.
Operating expenses were US$29.5 million, a 20.0% decrease from the corresponding period of 2014.
Selling and marketing expenses were US$9.2 million, a 9.3% decrease from the corresponding period of 2014. The decrease was primarily due to the decrease in advertising and promotions for online games and Renren branding campaigns.
Research and development expenses were US$8.8 million, a 31.8% decrease from the corresponding period in 2014. The decrease was primarily due to headcount reduction and the resulting decrease in personnel related expense.
General and administrative expenses were US$11.5 million, a 14.1% decrease from the corresponding period in 2014. The decrease was primarily due to the decrease in bad debt expenses.
Share-based compensation expenses, all of which were comprised of in operating expenses, were US$6.2 million, contrast to US$5.3 million in the corresponding period in 2014.
Renren Inc. operates a social networking Internet platform in the People’s Republic of China. The company provides online advertising services; Internet value-added services (IVAS), counting online talent show, VIP memberships, other IVAS, etc.; and online gaming services.
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