(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) The S&P 500 opened slightly lower on Friday, weighed by energy shares as U.S. crude fell nearly 6 percent after OPEC decided against cutting output. The Dow Jones industrial average was up 0.31 percent at 17,883.4, the S&P 500 was up 0.02 percent at 2,073.33 and the Nasdaq Composite was up 0.13 percent to 4,793.49.
** EXXON MOBIL CORP, $91.02, -3.66 pct
** CHEVRON CORP, $109.44, -4.93 pct
** HESS CORP, $73.86, -8.62 pct
** TALISMAN ENERGY INC, $4.55, -21.42 pct
** PENN WEST PETROLEUM LTD, $3.68, -15.79 pct
** SEADRILL LTD, $14.5, -9.32 pct
** HALLIBURTON CO, $42.4, -10.44 pct
** SCHLUMBERGER NV, $84.33, -9.14 pct
** BAKER HUGHES INC, $57.32, -8.41 pct
OPEC maintained production at 30mln/bpd and Brent crude fell to a fresh four-year low under $72 a barrel on Friday after OPEC decided not to cut output, a move investors said would leave the oil markets heavily over supplied.
European oil & gas slide lops off $32.5 bln in sector’s market-cap
** UNITED CONTINENTAL HOLDINGS, $60.41, +6.73 pct
** AMERICAN AIRLINES GROUP, $49.33, +9.70 pct
** DELTA AIR LINES INC, $46.9, +6.01 pct
** JETBLUE AIRWAYS CORP, $14.7499, +8.46 pct
** SOUTHWEST AIRLINES CO, $42.38, +7.89 pct
U.S. airline stocks gained after the Organization of the Petroleum Exporting Countries (OPEC) decided not to cut output, sending oil prices down.
** CARNIVAL CORP, $44.07, +4.63 pct
** ROYAL CARIBBEAN CRUISES LTD, $73.8, +5.07 pct
Cruise operators stocks also gained after OPEC cut its output. Fuel costs accounted for a fifth of Carnival’s cruise operating costs, while fuel costs as a percentage of Royal Caribbean’s revenue was 11.6 percent last year.
** KNIGHTSBRIDGE SHIPPING LTD, $5.72, -9.64 pct
** NAVIOS MARITIME HOLDINGS INC, $4.86, -4.71 pct
** DRYSHIPS INC, $1.325, -7.99 pct
Shares of dry bulk shippers fell due to lower rates for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal. The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, was also down.
** VRINGO INC, $1.01, +15.80 pct
The patent company said a UK court ruled in its favor in a patent infringement case against ZTE Corp’s UK subsidiary ZTE(UK) Ltd. Vringo said that the court found ZTE infringing Vringo’s UK patent related to 3G and 4G networking equipment.
** STATOIL ASA, $18.91, -13.38 pct
The energy company’s Oslo-listed stock suffered one of its biggest ever one-day percentage falls as analysts predicted that it would have to cut its quarterly dividend. “The current oil price gives a negative cash flow of 7 crowns per share. Then they can’t pay a dividend of 7 crowns,” said ABG Sundal Collier analyst John Olaisen, who cut his rating on the stock to “sell” and price target to 110 crowns.
** PETROBRAS SA, $9.59, -9.53 pct
JPMorgan Securities strategists led by Adrian Mowat said on Friday that the impact of a drop in oil prices on Brazil could have mixed implications. In a client note, Mowat and his team said “the trickiest” impact to gauge would be in Brazil, where lower oil prices could bring about short-term positive consequences for the state-run oil company.
** J.C. PENNEY CO INC, $8.005, +3.29 pct
** TARGET CORP, $73.99, +2.54 pct
Brian Sozzi, chief executive of Belus Capital Advisers, said that the department store operators were “among the winners for sales on Thursday,” according to Benzinga. “J.C. Penney came out of the gate strong,” Sozzi said, according to Benzinga.
** STARBUCKS CORP, $81.39, +2.12 pct
Piper Jaffray raised the price target of the world’s biggest coffee chain operator to $100 from $90. “We see potential catalysts including strong global trends at retail coffeehouses, growing market share in the high-margin channel development business, and the opportunity for increased cash being returned to shareholders via dividends and share repurchases,” analysts wrote in a note.
** TEKMIRA PHARMACEUTICALS CORP, $15.72, -2.54 pct
The Canadian drugmaker filed for an offering of shares worth up to $150 million. Tekmira had 22.3 million shares outstanding as of Oct. 30, according to Thomson Reuters data. (Compiled by Anya George Tharakan in Bangalore; Editing by Sriraj Kalluvila)