Royal Dutch Shell’s (NYSE:RDSA) vital oil spill test this week marks the end of years of hassling with U.S. regulators, and now sets Shell poised to drill in Arctic seas off Alaska. The coming drilling will be possibly the most watched project on earth, but the Chukchi and Beaufort seas by themselves could contain between 25 billion and 27 barrels of oil, which is at a minimum 80 percent as much as the entire proved reserves of the United States.
Praxair Canada, a subsidiary of Praxair (NYSE:PX) purchases Canadian Cylinder & Gases, which is an independent distributor of industrial and specialty gases and welding equipment seated in Prince George, British Columbia. The transaction’s financials were unreported.
O2Micro (NASDAQ:OIIM) shares plummeted after hours Friday, on word that the analog and security chipmaker warned that it expects second quarter revenue of between $27.9 million and $28.5 million, which falls below a prior guidance range of $30.3 million to $31.8 million against a consensus of $31 million. The firm blames the warning on “broad-based weakness in demand”, which might spell trouble to the industry amidst some evidence that the recovery could stall.
Sprint (NYSE:S) now sees its $17.5 million settlement over expensive early-termination fees for service contracts vacated by an appeals court which says that it doesn’t provide adequate protections for non-suing subscribers. Just last week, Sprint agreed to shell out $19 million for resolution of a class-action suit linked to picture messaging charges.
Tronox (TROX), expects a quarter-to-quarter fall in its fiscal second quarter earnings, pointing to increasing ore costs which will not be fully offset by modestly higher average selling prices against a flat sales volume. TROX, a producer of titanium-bearing mineral sands and pigments, also announces that it will buy back as much as 17 percent of its shares, and also unveils a five-for-one stock split, and issues a dividend.