Cooper Tire to be Acquired by Apollo Tyres and 4 Hot Stocks Demanding Attention
Range Resources Corporation (NYSE:RRC): Production volumes beat guidance for Q3 production with an average of 790 Mmcfe net per day, which is a 47 percent increase over the previous year’s quarter and 10 percent more than Q2 2012. The record production was driven by the ongoing success of Range Resources’ drilling program in the Marcellus and horizontal Mississippian oil plays. Production was 79 percent natural gas, 15 percent natural gas liquids, and 6 percent crude oil. There was a 36 percent increase in oil production, 30 percent in NGL production, and 52 percent in natural gas production. Preliminary Q3 average net production volumes were: 623.3 Mmcf per day of natural gas, 20,040 barrels per day of NGLs and 7,748 barrels per day of crude oil.
First Solar, Inc. (NASDAQ:FSLR): Yesterday, Australia’s first large-scale photovoltaic solar project officially began. Verve Energy, GE (NYSE: GE) unit GE Energy Financial Services and First Solar, Inc. opened the 10-megawatt Greenough River Solar Farm by Geraldton, Western Australia. Joined by WA Energy Minister Peter Collier, landholders, community members and contractors, the the kick-off was successful, and it comes after over a year of planning, design, construction, and testing.
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BP plc (NYSE:BP): The oil industry is in the process of suing to overturn a U.S. rule requiring companies to report their payments to foreign governments for the development of oil and gas, according to the Wall Street Journal. Papers filed in federal court in Washington, D.C. show the American Petroleum Institute, the U.S. Chamber of Commerce, and two other business groups claiming that the SEC exceeded its authority in adopting the rule mandated by the 2010 Dodd-Frank financial law, and it ignored the companies’ suggestions for limiting the rule’s cost.
Cooper Tire & Rubber Co. (NYSE:CTB) is in the process of being acquired by Indian tire manufacturer Apollo Tyres for a price of about $600 million to $800 million, sources say, reports the Economic Times.
United Technologies Corp. (NYSE:UTX): Pratt & Whitney (NYSE:UTX) has begun to build an engine for Airbus SAS’s A320neo, and it said that orders for the new geared turbo-fan powerplant has the ability to double as airlines attempt to develop a more fuel-efficient aircraft, according to Bloomberg.