On Tuesday, Following Stocks were among the “Top 50 Losers” of U.S. Stock Market: IAMGOLD Corp. (NYSE:IAG), Emerald Oil, Inc. (NYSEMKT:EOX), Warren Resources Inc. (NASDAQ:WRES), Vringo, Inc. (NASDAQ:VRNG)
IAMGOLD Corp. (NYSE:IAG), with shares declined -3.11%, closed at $1.87.
Emerald Oil, Inc. (NYSEMKT:EOX), with shares dropped -8.77%, settled at $0.90.
Warren Resources Inc. (NASDAQ:WRES), with shares dipped -8.63%, and closed at $0.90, hitting new 52-week low of $0.88.
Vringo, Inc. (NASDAQ:VRNG), plummeted -8.20%, and closed at $0.72.
Latest NEWS regarding these Stocks are depicted underneath:
IAMGOLD Corp. (NYSE:IAG)
IAMGOLD Corp. (IAG)’s stock declined Tuesday, in response to the news released by Reuters that gold prices retreat to trade in the red, one day ahead of the Federal Reserve policy meeting that could give clues as to the exact timing of the interest rates hikes.
Spot gold touched its lowest level since November 7 at $1,142.86 an ounce earlier the previous day. U.S. gold futures for April delivery was down 0.55% to $1,146.80 an ounce as of 2:12 p.m. ET the previous day, while the same stock has performed well formerly on March 12, i.e., last Thursday in response to the news that states that gold prices climbed that day. The stock on that day halted an eight day losing streak.
On that day, Gold futures for April delivery were trading up 0.14% to $1,152.20 an ounce. Spot gold prices reached a high of $1,166.30 that day. However, just one day before to this climb, last Tuesday i.e., on March 11, gold was dropped down to its lowest level since Dec. 1 at $1,147.10 an ounce marking eight straight days of losses, driven by the strong dollar.
IAMGOLD Corporation explores, develops, and operates gold mining properties. The corporation also explores for silver, niobium, and copper deposits. It holds interests in four operating gold mines, in addition to exploration and development projects located in Africa, South America, and Canada. The corporation was incorporated in 1990 and is headquartered in Toronto, Canada.
Emerald Oil, Inc. (NYSEMKT:EOX)
Wunderlich Securities analyst Jason A. Wangler restated a Sell rating and $0.50 price target on, Emerald Oil, Inc. (EOX), according to the report published on last Friday.
In the report, Wunderlich Securities noted, “Emerald Oil (EOX) stated a miss in 4Q14 as adjusted EPS of $0.03 were ahead of our $0.00 forecast but below the Street’s $0.05 as oil pricing and higher costs hurt the bottom line. Additionally, the corporation had quite a few moving parts given an impairment charge on its assets and some financial items from its debt redemption during the quarter. Overall there was not a great deal that can be considered new given the corporation had formerly released its production levels, year-end proven reserves and 2015 guidance just ahead of an equity raise earlier this year. One thing that was talk abouted in more detail was the corporation’s thinking about its returns presently and when it would look to accelerate during a recovery; but until then we look for production to start declining by 2H15.”
Emerald Oil, Inc. operates as an independent oil and natural gas exploration and production corporation in the United States. The corporation designs, drills, and operates oil and natural gas wells.
Warren Resources Inc. (NASDAQ:WRES)
Last Wednesday, Warren Resources Inc. (WRES), stated its fourth quarter and full-year 2014 financial and operating results.
Fourth Quarter of 2014 Results:
- For the fourth quarter of 2014 Warren stated net revenue of $1.3 million, or $0.02 per basic and diluted share, contrast to net revenue of $3.7 million, or $0.05 per basic and diluted share for the fourth quarter of 2013.
- The Corporation’s financial results in the fourth quarter of 2014 were influenceed by $3.2 million of unrealized non-cash gains on commodity derivatives resulting from mark-to-market accounting, $0.7 million of net severance expense, and $0.1 million of additional attainment expenses pertaining to the Marcellus attainment.
- Not including those items Warren had an adjusted net loss* for the fourth quarter of 2014 of $1.1 million, or a loss of $0.01 per diluted share, which compares to adjusted net revenue of $7.9 million, or $0.11 per share, in the fourth quarter of 2013.
- Warren’s cash flow from operations in the fourth quarter of 2014 was $25.6 million, contrast to $21.2 million in the fourth quarter of 2013. The Corporation’s discretionary cash flow* (not including the influence of changes in working capital) in the fourth quarter of 2014 was $17.9 million, contrast to $18.2 million in the fourth quarter of 2013. EBITDA* for the fourth quarter of 2014 was $25.5 million, contrast to EBITDA of $14.9 million for the fourth quarter of 2013.
After this release, on the very next day, the stock plunged as shareholders took profits following the stock’s surge after the independent energy corporation’s earnings beat on Wednesday.
Warren Resources, Inc., an independent energy corporation, engages in the exploration, development, and production of domestic onshore crude oil and gas reserves. Warren’s activities are primarily focused on oil in the Wilmington field in the Los Angeles Basin in California, and natural gas in the Marcellus Shale in Pennsylvania and Washakie Basin in Wyoming.
Vringo, Inc. (NASDAQ:VRNG)
On Monday, Vringo, Inc. (VRNG), a corporation engaged in the innovation, development and monetization of intellectual property, declared operating results for the year ended December 31, 2014, offered an update on its global enforcement actions and filed with the Securities and Exchange Commission its Annual Report on Form 10-K.
Operating Results for the Year Ended December 31, 2014:
- As of December 31, 2014, we had about $18.1 million in cash and court deposits. As of March 16, 2015, we had about $16.1 million in cash and court deposits.
- Our net loss from ongoing operations was about $109 million for the year ended December 31, 2014 (counting about $80.2 million of net non-cash expenses), mainly attributable to the following:
- Operating legal costs of $24.0 million, mainly in connection with ongoing litigations against ZTE Corporation, Google, Inc., ASUSTeK Computer, Inc., and certain of their associates and customers, and other planned enforcements of our intellectual property.
- General and administrative, and other expenses of $6.9 million.
- Non-cash expenses of $82.4 million mainly related to a goodwill impairment charge during the fourth quarter of about $65.7 million. Other non-cash expenses during 2014 comprised of $11.0 million related to equity-based compensation costs and $3.8 million of amortization related to our patents. Also comprised of is a one-time impairment charge of $1.4 million related to certain patents during the third quarter of 2014.
- Non-cash revenue of $2.2 million related to the valuation of warrants.
- During 2014, we recorded proceeds of about $1.4 million.
- On a per share basis, our total net loss (from both ongoing and suspended operations) was $1.23 per basic share for the year ended December 31, 2014, contrast to a net loss of $0.63 per basic share for the year ended December 31, 2013. Total diluted net loss per share was $1.24 for the year ended December 31, 2014, contrast to a diluted net loss of $0.63 per share for the year ended December 31, 2013.
Vringo, Inc. is engaged in the innovation, development and monetization of intellectual property and mobile technologies. Vringo`s intellectual property portfolio comprises of over 600 patents and patent applications covering telecom infrastructure, internet search, and mobile technologies. The patents and patent applications have been developed internally, and attained from third parties.
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