Apache Cleans Up Egyptian Asset Sale and 2 Other Hot Stocks to Watch
Apache Corp. (NYSE:APA): Current price $84.82
Apache shares are up around 7.5 percent Friday in heavy volume, and with good reason. The corporation did quite well in the sale of some of its assets in Egypt, reporting that it had set up a joint venture with Sinopec, selling the Chinese firm a 33-percent stake in its assets for $3.1 billion. Analysts at Simmons & Co. said that the transaction implied a total Egypt asset value at $9.3 billion, handily beating estimates of roughly $7.7 billion.
Citigroup Inc. (NYSE:C): Current price $47.90
On Thursday, Citi announced the redemption of trust preferred securities worth $369 million. The securities that are to be fully redeemed include 6.1 percent enhanced TruPS issued by Citigroup Capital X. Citigroup said that these preferred securities will be redeemed at $25 plus .0042361 cents per redeemed TruPS, together with accrued and unpaid distributions until the redemption date. The redemption is set to take place on October 1.
OmniVision Technologies Inc. (NASDAQ:OVTI): Current price $15.55
OmniVision posted better-than-anticipated profit in its first quarter, but revenue missed expectations. Guidance was also weak for the third quarter due to increasing rivalry pressures and depressed smart phone sales. Shares are down over 15 percent in very heavy volume on Friday.