Chevron and 4 Dow Giants with Investment Catalysts this Week
Here’s your Cheat Sheet to the week in Dow 30 healthcare stock news:
Chevron Corporation (NYSE:CVX): Current price $116.20
Morocco Exploration signed petroleum agreements with the Office National Des Hydrocarbures Et Des Mines in that country for three offshore areas. Once awarded, Chevron will purchase seismic data and conduct studies in the deepwater areas known as Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep, which lie between 60 and 120 miles west and northwest of Agadir. The areas cover about 11,300 square miles with average water depths ranging between 330 feet to 14,700 feet. Chevron Morocco Exploration has a 75 percent working interest in the three areas, with the Office National Des Hydrocarbures Et Des Mines holding the remaining 25 percent.
JPMorgan Chase & Co. (NYSE:JPM): Current price $47.16
A division of JPMorgan Chase is shutting a Coppell facility which will impact 121 jobs. In a letter to the Texas Workforce Commission, the firm reported that its Independent Foreclosure Review unit will commence layoffs around March 10th at the Coppell office at 1111 North Point Drive in Dallas, adding that, “The terminations from the mortgage bank’s independent foreclosure review business will be permanent as the business has ceased to exist.”
The firm’s Co-Chief Control Officer Cindy Armine will replace Martha Gallo as the new global head of compliance, according to The Financial Times. Gallo has served as the bank’s compliance chief for more than two years, and will remain with the company.
Analyst Matt O’Connor at Deutsche Bank has upgraded JPMorgan to Buy from Hold and downgraded Goldman Sach Group (NYSE:GS) to Hold from Buy in a note to investors earlier Friday, saying that JPMorgan’s cost savings should surpass expectations by a wide margin, and it should benefit more than will its peers from consumer loan growth over the longer term. Further, JPMorgan’s shares have underperformed other large bank stocks since August 2012, said O’Connor, who raised his price target on the shares from $48 to $53.
Boeing Company (NYSE:BA): Current price $75.03
Both Japanese and American regulators have now all but ruled out overcharged batteries being the cause of recent fires on the Boeing 787 Dreamliner, which has now been grounded for a week. The FAA said that there are thus far no firm answers as to the cause, and no clear date given yet for returning the planes to flight, according to Reuters.
E.I. DuPont de Nemours & Company (NYSE:DD): Current price $48.33
In a statement, the company said that, “Reflecting the change in reporting for the cost of non-operating pension and other post-employment benefits and excluding significant items, 2012 operating earnings were $3.77 per share. On the same basis, the 2013 outlook for operating earnings is $3.85 to $4.05 per share, an increase of 2 to 7 percent over the prior year. First half 2013 operating earnings are expected to decline modestly on a year-over-year basis. Additionally, full-year 2013 sales are expected to be about $36 billion.” The 2013 consensus estimates are $3.84 and $35.99 billion, respectively.