Ford (F) plans to shift some Fiesta production to Thailand to free up capacity in North America for other models. It's a move that makes sense to automobile analysts with the Fiesta selling well in Asia and Ford planning big things for new models in North America.
Chevron's (CVX) president of Latin American operations says Argentina - not China - has the world's second largest shale oil deposits after the U.S. Most of the world's shale gas has been developed from geological layers requiring horizontal drilling, but "everything is in a stack" at Argentina's Vaca Muerta formation, meaning CVX and YPF may be able to access the oil using vertical drilling techniques, CVX's Ali Moshiri says
Preferreds in Fannie Mae and Freddie Mac have almost tripled over the last few months. Just tells me managers are taking much riskier bets and froth in market is increasing.
Rosetta Resources (ROSE +3.5%) is upgraded to Outperform with a $63-$67 price target, up from $52-$56, at Wells Fargo, which likes the direction the company is headed. Concerns about inventory and long-term production growth visibility have been effectively removed thanks to the Permian acquisition, and with financing of the transaction addressed, the firm finds shares attractively priced.
More on Philly Fed: The big miss is another in a line of weak data points this morning. The decline was led by a steep drop in shipments to -8.5 from +9.1. Also notable is a big jump in inventories to +4.1 from -22.2. Employment worsened to -8.7 from -6.7. The percentage of firms reporting employment decreases was 22% vs. those reporting increases at 14% - a number sure to cross the desk of the FOMC doves this morning.
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