Once Asia’s biggest commodities trader, Noble Group Ltd. is struggling to survive. The Hong Kong-based company faces huge debt repayments in the coming months and is betting on a restructuring plan to stay alive. It’s a complicated — and controversial — process that would leave some bond investors with next to nothing. And it comes at a time when Singapore-listed Noble is hemorrhaging cash, meaning success for the restructuring plan would be far from the last of the trader’s challenges.
1. What went wrong at Noble?
In a classic rags-to-riches tale, British high school dropout Richard Elman built Noble into a commodities force based on his conviction that demand would explode in China and India. Elman, now 77, wanted to create a global behemoth and in 2009-2010 embarked on a $2 billion spending spree. But the debt burden ballooned and began to look less tenable as commodity prices softened, Chinese growth slowed and profitability waned. The tipping point was the publication in February 2015 by an unknown analyst group called Iceberg Research of scathing critiques of Noble’s accounting. Investors took fright and short sellers including Muddy Waters LLP took aim.
Hot China Stocks For 2019: Denbury Resources Inc.(DNR)
Advisors’ Opinion:
- [By Ethan Ryder]
California Public Employees Retirement System cut its stake in shares of Denbury Resources Inc. (NYSE:DNR) by 16.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,862,084 shares of the oil and natural gas company’s stock after selling 568,311 shares during the period. California Public Employees Retirement System’s holdings in Denbury Resources were worth $7,842,000 as of its most recent SEC filing.
- [By Stephan Byrd]
Denbury Resources (NYSE:DNR) has been assigned an average rating of “Hold” from the twelve brokerages that are currently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $2.07.
- [By VantagePoint]
Denbury Resources Inc. (NYSE: DNR) follows the same idea but to the upside. That market had a bullish crossover in early-April. Traders knew, with confidence, that they could begin going long in the market when the predictive indicators in VantagePoint showed that crossover to the upside. Since that crossover of the blue line 24 trading days ago, the market was up over 36 percent or $1.01 per share.
Hot China Stocks For 2019: Home Depot, Inc. (HD)
Advisors’ Opinion:
- [By Lisa Levin]
Check out these big penny stock gainers and losers
Losers
Restoration Robotics Inc (NASDAQ: HAIR) fell 19.8 percent to $3.45 in pre-market trading after reporting a first-quarter earnings miss.
Image Sensing Systems, Inc. (NASDAQ: ISNS) fell 19.2 percent to $3.80 in pre-market trading after reporting earnings were down year over year. First quarter earnings came in flat, down from 4 cents per share in the same quarter of last year. Sales came in at $3.01 million.
Vipshop Holdings Limited (NYSE: VIPS) fell 15.9 percent to $12.70 in pre-market trading after the company reported weaker-than-expected earnings for its first quarter on Monday.
Aptose Biosciences Inc. (NASDAQ: APTO) shares fell 11 percent to $2.98 in pre-market trading after climbing 2.45 percent on Monday.
Sibanye Gold Limited (NYSE: SBGL) shares fell 8 percent to $2.91 in pre-market trading after surging 6.40 percent on Monday.
Switch Inc (NYSE: SWCH) shares fell 7.2 percent to $14.36 in pre-market trading following a first-quarter earnings miss.
Agilent Technologies, Inc. (NYSE: A) fell 7.1 percent to $64.31 in pre-market trading following mixed Q2 results.
Tandem Diabetes Care, Inc. (NASDAQ: TNDM) fell 5.8 percent to $10.50 in pre-market trading after rising 25.22 percent on Monday.
Carbon Black, Inc. (NASDAQ: CBLK) shares fell 5.1 percent to $22.46 in pre-market trading.
Home Depot Inc (NYSE: HD) fell 2.4 percent to $186.65 in pre-market trading. Home Depot reported better-than-expected earnings for its first quarter, while sales missed estimates - [By Demitrios Kalogeropoulos]
Lowe’s reports its earnings on Wednesday and, given the recent stellar performance from Home Depot (NYSE: HD), its results should show healthy growth powered by a robust home improvement market. However, Lowe’s isn’t benefiting from the industry gains to nearly the same degree as Home Depot.
- [By Paul Ausick]
The Home Depot Inc. (NYSE: HD) traded up 1.24% at $195.99. The stock’s 52-week range is $144.25 to $207.61. Volume was about 25% below the daily average of around 4.8 million. The company had no specific news.
- [By Lisa Levin]
Some of the stocks that may grab investor focus today are:
Wall Street expects Home Depot Inc (NYSE: HD) to report quarterly earnings at $2.06 per share on revenue of $25.22 billion before the opening bell. Home Depot shares fell 0.04 percent to $191.00 in after-hours trading.
Switch Inc (NYSE: SWCH) reported weaker-than-expected earnings for its first quarter on Monday. Switch shares dropped 7.18 percent to $14.36 in the after-hours trading session.
Analysts are expecting Boot Barn Holdings, Inc. (NYSE: BOOT) to have earned $0.16 per share on revenue of $163.65 million in the latest quarter. Boot Barn will release earnings after the markets close. Boot Barn shares gained 1.4 percent to $21.80 in after-hours trading.
Famous Dave’s of America, Inc. (NASDAQ: DAVE) reported upbeat earnings for its first quarter on Monday. Famous Dave’s of America shares gained 7.69 percent to $8.40 in the after-hours trading session.
Before the markets open, Eagle Materials Inc (NYSE: EXP) is estimated to report quarterly earnings at $1.08 per share on revenue of $306.04 million. Eagle Materials shares fell 0.09 percent to $105.72 in after-hours trading.
Find out what's going on in today's market and bring any questions you have to Benzinga's PreMarket Prep.
Hot China Stocks For 2019: Olympic Steel Inc.(ZEUS)
Advisors’ Opinion:
- [By Stephan Byrd]
Headlines about Olympic Steel (NASDAQ:ZEUS) have been trending somewhat positive on Tuesday, Accern reports. Accern identifies negative and positive press coverage by monitoring more than twenty million news and blog sources in real-time. Accern ranks coverage of public companies on a scale of negative one to positive one, with scores closest to one being the most favorable. Olympic Steel earned a news sentiment score of 0.13 on Accern’s scale. Accern also gave news coverage about the basic materials company an impact score of 47.5465348320487 out of 100, meaning that recent press coverage is somewhat unlikely to have an impact on the company’s share price in the near future.
