Trader’s Watchlist: Exxon Mobil Corporation (NYSE:XOM), Range Resources Corp. (NYSE:RRC), RF Micro Devices, Inc. (NASDAQ:RFMD)
Dallas, Texas, 09/19/2014 (ustrademedia) – Exxon Mobil Corporation (NYSE:XOM) stopped drilling on an offshore oil well in Russia’s remote Arctic, reported Bloomberg, citing people familiar with the project. The work halted as the U.S. and European Union ‘barred’ companies from helping Russia. The U.S. sanctions allowed American companies to stop the ‘restricted’ drilling and testing services until September 26, 2014. Exxon’s North Atlantic Drilling unit is under the gun to complete or temporarily seal the well before the deadline, noted brokerage firm Prime Executions’ Chief Energy Strategist, Chris Kettenmann, who maintains ‘sell’ rating for the stock. He noted that this is one of the most ‘watched’ wells in the industry.
Range Resources Corp. (NYSE:RRC) reaches settlement with Pennsylvania regulators, who imposed their largest fine ever, asking the company to pay $4.15 million and shutdown five artificial ponds. In addition, the company may require upgrading the liners and ‘leaking detection systems’ at two ponds in line with Pennsylvania’s Department of Environmental Protection as it plans to bring into effect the ‘next-generation’ standards. The Department said that the company releases various contaminants, which however have not affected drinking water to date. The company will require to immediately close four of the ponds and a fifth one by April 1, 2015.
RF Micro Devices, Inc. (NASDAQ:RFMD) and TriQuint Semiconductor (NASDAQ:TQNT) announced that both the companies will combine as a holding company QorvoTM, Inc., under their merger of equals. Upon closing of the merger, the companies will trade using a new stock symbol for Qorvo. RF Micro President and Chief Executive Officer, Bob Bruggeworth expressed that Qorvo as a new leader in RF solutions will offer the innovation, agility and precision customers require for success in mobile, defense and infrastructure markets. Qorvo will translate R&D advances into large-scale production by combining engineering creativity and high-volume manufacturing capabilities of both the companies.