On Friday, Encana Corporation (USA) (NYSE:ECA)’s shares declined -6.61% to $6.04, as Crude oil futures fell for a seventh straight session on Monday, their longest losing streak since mid-2014, as a forecast from the International Energy Agency (IEA) that the global supply glut was likely to deepen next year dragged on prices.
Brent crude fell below $38 a barrel for the first time since December 2008 on Friday after the IEA said demand growth was slowing while OPEC output remained high. U.S. crude, West Texas Intermediate (WTI), settled in the $35 territory for the first time since February 2009.
Front month WTI was down 10 cents at $35.52 a barrel by 0727 GMT, while Brent was down 10 cents to $37.83 a barrel.
Encana Corporation is engaged in the business of the exploration, development, production and marketing of natural gas, oil and natural gas liquids (NGLs). The Company operates through three business segments: Canadian Operations, which includes the exploration for, development of, and production of natural gas oil and NGLs and other related activities within Canada; USA Operations.
Williams-Sonoma, Inc. (NYSE:WSM)’s shares dropped -2.65% to $60.97.
World Mahjong Ltd. (WSM) declared effective November 30, 2015 that it has been approved for listing on the Canadian Securities Exchange (CSE) and commenced trading effective December 1, 2015 under the stock symbol “WSM”.
World Mahjong Ltd., is the owner and organizer of the World Series of Mahjong(C) (WSOM) tournament in Macau, in addition to organizer of tournaments in China, Hong Kong, Taiwan, Japan, Philippines, Australia and Canada. World Mahjong Ltd. also owns the WSOM Rules(C) and operates and licenses digital, mobile and online tournaments to major online and mobile Mahjong game operators in Asia. Finally, World Mahjong Ltd. creates digital and video content licensed to broadcasters around the world reaching over 150M households.
WSM has accomplished a private placement for the issue of 2,019,500 shares at a price of C$0.45 per share thereby raising C $908,775. World Mahjong Ltd. intends to use net proceeds from the offering to fund accelerated digital game and asset development, user/player acquisition, branded content creation and distribution, and on-going operations related to the operation of a global network of Mahjong tournaments throughout calendar 2016.
Williams-Sonoma Inc. operates as a multi-channel specialty retailer of home products. The company operates in two segments, E-commerce and Retail. It offers cooking, dining, and entertaining products, counting cookware, tools, electrics, cutlery, tabletop and bar, outdoor, furniture, and a library of cookbooks under the Williams-Sonoma brand; furniture, bedding, bathroom accessories, rugs, curtains, lighting, tabletop, outdoor, and decorative accessories under the Pottery Barn brand; and products designed for creating magical spaces where children could play, laugh, learn, and grow under the Pottery Barn Kids brand.
At the end of Friday’s trade, SPX Corporation (NYSE:SPXC)‘s shares surged 2.00% to $8.68.
SPX Corporation (SPXC) declared that its South African partner, DBT Technologies (Pty) Ltd, together with Alstom S&E Africa (Proprietary) Limited, a partner of General Electric, have signed an addendum to the agreement covering the terms of the companies’ commercial relationship regarding work on the Kusile power plant project under construction for the state-owned utility company, Eskom Holdings Limited (“Eskom”) in South Africa.
The addendum resolves most of the material outstanding issues between SPX and GE for the scope of work related to the Air Cooled Condensers (“ACCs”) for the Kusile project. A separate addendum settles material outstanding issues between SPX and its subcontractor, Tubular Construction Projects (Pty) Ltd. (“TCP”). The agreement with GE eliminates SPX’s construction responsibilities on the ACCs of the final three units at the site and adjusts the timeline to completion of the project. As a result of this addendum, TCP has become directly responsible for construction for units 4-6. SPX will continue to provide materials and engineered components, in addition to support for commissioning and technical compliance, for all six units and will remain responsible for completion of construction activities for units 1-3. The financial impact of the addendum was comprised of in the charge recorded in SPX’s Q3 2015 results.
Gene Lowe, President and CEO, said “As we near completion of the first three units of the Kusile project, the de-scoping of SPX from units 4-6 creates an opportunity for Eskom’s local partner, TCP, to transition into a more noteworthy role and is comprising with our strategy of structural risk reduction in our power generation business. With this agreement we have eliminated at least three years of construction responsibility, while also clarifying our commitment to the remaining scope of the work with our partners. While risks remain, we believe the actions we have been taking have significantly reduced our exposure to future uncertainties on this portion of the South African projects.”
SPX Corporation provides specialized engineered solutions worldwide. It engineers, designs, manufactures, installs, and services thermal heat transfer products, such as dry, evaporative, and hybrid cooling systems; rotating and stationary heat exchangers; and pollution control systems for the power generation, HVAC, and industrial markets, in addition to personal comfort heating products for the residential and commercial markets.