On Friday, Shares of Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR), lost -5.98% to $4.56, hitting its lowest level, as lower oil prices and high debt may lead to further spending cuts at the Brazilian oil company.
In June, Petrobras laid out a plan to cut spending by 40% over the next five years, but further cuts may be needed as oil prices, debt and a weak Brazilian economy affect the current plan, sources told Reuters.
“The June plan is already obsolete, its outlook for oil prices, debt costs and the currency are no longer realistic. The plan will have to be changed,” a source told Reuters.
Petróleo Brasileiro S.A. Petrobras operates as an integrated energy company in Brazil and internationally. Its Exploration and Production segment engages in the exploration, development, and production of crude oil, natural gas liquids, and natural gas; and sale of crude oil and oil products produced at natural gas processing plants in domestic and foreign markets.
Shares of Applied Materials, Inc. (NASDAQ:AMAT), declined -0.39% to $15.50, during its last trading session.
Applied Materials, declared that its Board of Directors has approved a quarterly cash dividend of $0.10 per share payable on the company`s common stock. The dividend is payable on December 10, 2015 to stockholders of record as of November 19, 2015.
Applied Materials, Inc. provides manufacturing equipment, services, and software to the semiconductor, flat panel display, solar photovoltaic (PV), and related industries worldwide.
Finally, AK Steel Holding Corporation (NYSE:AKS), ended its last trade with 0.36% gain, and closed at $2.77.
AK Steel Holding Corporation said that the U.S. International Trade Commission (ITC) has made a preliminary determination that cold-rolled steel produced in seven foreign countries is causing or threatening to cause injury to AK Steel and the domestic steel industry. The preliminary injury determination means that cases against cold-rolled steel producers in these seven countries will proceed. The ITC also determined that imports of cold-rolled steel from the Netherlands are not causing or threatening to cause injury to the domestic industry because the quantity of imports from the Netherlands was “negligible,” such that the imports comprised less than three percent of total imports of cold-rolled steel during the 12 months preceding the filing of the petition.
“We applaud the ITC’s preliminary ruling against dumped and subsidized imports of cold-rolled steel,” said James L. Wainscott, Chairman, President and CEO of AK Steel. “We expect all of our global steel competitors to play by the rules of fair trade, and this ruling is an important step in the fight to stop the injury to the domestic steel industry caused by unfairly-traded imports of cold-rolled steel.”
AK Steel and certain other domestic steel producers filed petitions with the ITC and the United States Department of Commerce (Commerce Department) on July 28, 2015, charging that unfairly traded imports of cold-rolled steel from Brazil, China, India, Japan, the Netherlands, Russia, South Korea and the United Kingdom were causing material injury to the domestic industry. Anti-dumping cases were filed against all eight countries. Counter-vailing duty cases were filed against Brazil, China, India, Russia, and South Korea. The cases now move to the Commerce Department for determinations as to whether foreign producers are violating U.S. anti-dumping law by selling their products at less than fair value in the United States and violating U.S. counter-vailing duty law by selling merchandise that benefits from unfair government subsidies.
AK Steel Holding Corporation, through its partner, AK Steel Corporation, produces flat-rolled carbon, stainless and electrical steel, and tubular products in the United States and internationally. It produces flat-rolled value-added carbon steels, counting coated, cold-rolled, and hot-rolled carbon steel products; and specialty stainless and electrical steels in sheet and strip forms.
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