By Jon "DRJ" Najarian
Gulf of Mexico Discovery
A little while ago we spoke of the unusually heavy activity in the energy driller, and we didn't have to wait long to reward our investment. McMoRan Exploration (NYSE:MMR) announced a major discovery on its Davy Jones ultra-deep prospect, saying the find could make make it one of the largest discoveries on the Shelf of the Gulf of Mexico in decades. MMR closed at $9.19 Friday, but trades to $11.25 in the pre-market today. Also keep an eye on one of the partner's in the project, Energy XXI (EXXI), which is moving higher by over 30 percent on Heat Seeker.
Tuesday Morning Shines
The home-products company said second-quarter net sales ended Dec. 31, 2009, were $289.6 million, up 6.2 percent from $272.7 million from the year-ago period. Comparable-store sales for the last quarter increased by 5.1 percent. TUES closed at $3.03 Friday but trades at $3.77 in the pre-market this morning.
Barron's Positive On TWC
Time Warner Cable (TWC) was named as best selection for pure-play in cable operations sector, with CMCSA in second place. The cable sector is seen as strong anti-recession play with protected income streams from subscription and advertising fees. Barron's noted that Time Warner could hit $55 this year. TWC is up more than $1 from Friday's $41.51 close.
(Chart courtesy of tradeMONSTER)