Since 1961, 3M’s (MMM) Japanese unit has been a joint venture with Sumitomo Eletric Industries, known, obviously enough, as Sumimoto 3M. Now 3M is buying the 25% of the company that it doesn’t already own for $885 million.
Agence France-Presse/Getty ImagesBernstein’s Steven Winoker offers his opinion:
We view this as a positive move from the company as it continues to deploy capital and which will simplify its presence in Japan. While Japan may be growth challenged, the business is profitable and strong for 3M. We view 3M as a high-quality defensive diversified industrial company with attractive businesses. It is also more defensive given the high level of global ��onsumables��in its mix. This is generally a challenge to rapid growth but helps to buffer the downside. The company has strong pricing power, distribution, innovation and productivity. To the upside, 3M is a high ROIC cash generator and is using its balance sheet more aggressively to drive EPS growth.
5 Best Gas Utility Stocks To Watch Right Now: Cobalt International Energy Inc (CIE)
Cobalt International Energy, Inc., incorporated on August 27, 2009, independent, oil-focused exploration and production company with a salt prospect inventory in the deepwater of the United States Gulf of Mexico and offshore Angola and Gabon in West Africa. The Company operates its business in two geographic segments: the U.S. Gulf of Mexico and West Africa. The Company�� oil-focused exploration efforts target subsalt Miocene and Inboard Lower Tertiary horizons in the deepwater U.S. Gulf of Mexico. As of December 31, 2012, it drilled as operator four exploratory wells in the deepwater U.S. Gulf of Mexico (North Platte #1, Ligurian #1 and #2, and Criollo #1) and participated as a non-operator in three exploratory wells (Heidelberg #1, Shenandoah #1 and Firefox #1) and three appraisal wells (Heidelberg #2, Heidelberg #3, and Shenandoah #2R). The Company�� oil-focused exploration efforts target pre-salt horizons on Blocks 9, 20 and 21 offshore Angola and the Diaba Block offshore Gabon.
U.S. Gulf of Mexico Segment
The Company�� oil-focused exploration efforts target subsalt Miocene and Inboard Lower Tertiary horizons in the deepwater U.S. Gulf of Mexico. It also has licensed approximately 78,000 line miles (125,530 kilometers) of 2-D pre-stack depth-migrated seismic data in the deepwater U.S. Gulf of Mexico. As of December 31, 2012, it owned working interests in 246 blocks within the deepwater U.S. Gulf of Mexico, representing approximately 1.4 million gross (0.7 million net) undeveloped acres. Most of its U.S. Gulf of Mexico blocks have a 10-year primary term.
The Ardennes #1 exploratory well will target a 3-way structure located in both Miocene and Inboard Lower Tertiary horizons located in Green Canyon blocks 895, 896 and 939, where it named operator and owns a 42% working interest. The Aegean #1 exploratory well will target a 3-way structure in Inboard Lower Tertiary horizons located in Keathley Canyon blocks 162, 163 and 207, where it named operator and ow! n a 37.5% working interest. It has 24% working interest in the Racer prospect and its partners include BHP Billiton Petroleum (Americas) Inc. (60%) and Total (16%). South Platte is a 3-way prospect targeting Inboard Lower Tertiary horizons located in Garden Banks blocks 1003 and 1004 and Keathley Canyon blocks 35 and 36, and owns 60% working interest. Its Baffin Bay is a 4-way prospect targeting Inboard Lower Tertiary horizons located in Garden Banks blocks 956 and 957, and owns 60% working interest.
The Company has one drilling rig, the Ensco 8503, that is performing drilling operations on its operated prospect portfolio in the deepwater U.S. Gulf of Mexico. It has one drilling rig, the Ensco 8503, that is performing drilling operations on its operated prospect portfolio in the deepwater U.S. Gulf of Mexico. On December 5, 2012, it announced an oil discovery at its North Platte prospect on Garden Banks block 959 in the deepwater U.S. Gulf of Mexico. The North Platte #1 exploratory well is located in approximately 4,400 feet of water and was drilled to a total depth of approximately 34,500 feet. It is a operator of North Platte and own a 60% working interest. Its Heidelberg #1 exploratory well is located in approximately 5,200 feet of water in Green Canyon block 859 within the Tahiti Basin Miocene trend. The Company�� Shenandoah #1 is located in approximately 5,750 feet of water in Walker Ridge block 52, was drilled to approximately 30,000 feet. On February 26, 2013, it announced that the Shenandoah #2R appraisal well had been drilled to a total depth of 31,400 feet in approximately 5,800 feet of water and 1.3 miles southwest of the Shenandoah #1 exploratory well.
West Africa Segment
As of December 31, 2012, the Company had drilled as operator one exploratory well on Block 21 offshore Angola (Cameia #1) and one appraisal well on Block 21 offshore Angola (Cameia #2). As of December 31, 2012, its working interests in Blocks 9, 20 and 21 offshore Angola and the Diab! a Block o! ffshore Gabon consisted of an aggregate 5,652,687 gross (1,840,581 net) undeveloped acres. It has a pre-salt prospect inventory offshore West Africa. This inventory includes dozens of prospects in various states of maturation on Blocks 9, 20 and 21 offshore Angola and the Diaba Block offshore Gabon. The Mavinga #1 exploratory well will target pre-salt horizons in Block 21 offshore Angola, where it named operator with a 40% working interest. The Lontra #1 exploratory well will target pre-salt horizons in Block 20, and owns 40% working interest. The Bicuar #1 exploratory well will target pre-salt horizons in Block 21 offshore Angola, and owns 40% working interest. The Idared #1 exploratory well will target pre-salt horizons in Block 20 offshore Angola. The Baleia #1 exploratory well will target pre-salt horizons in Block 20 offshore Angola, and owns 40% working interest. The Loengo #1 exploratory well will target pre-salt horizons in Block 9 offshore Angola. Its Diaman #1 exploratory well owns 21.25% working interest. Its Diamon South #1 exploratory well will test pre-salt horizons on the Diaba block offshore Gabon, where Total Gabon is the named operator and we own a 21.25% working interest. The Company has two drilling rigs under contract to support its pre-salt exploratory drilling campaign offshore Angola: the Diamond Ocean Confidence and the Petroserv SSV Catarina. It has the right to use the Ocean Confidence to complete the DST on the lower reservoir penetrated by the Cameia #2 appraisal well and drill two additional wells, which will include its Mavinga #1 exploratory well and one additional well.
Advisors' Opinion:- [By Jonas Elmerraji]
Cobalt International Energy (CIE), on the other hand, hasn't had such a good run in 2014. Shares of this oil exploration company are down 38% since the start of the year, sold off along with the rest of the energy sector as commodity prices have cratered. But long-suffering shareholders could be in store for a reprieve in CIE this fall. Here's how to trade it:
CIE is forming a double bottom pattern, a bullish reversal setup that looks just like it sounds. The buy signal comes on a push through the peak that separates the two bottoms in CIE, up at the $12 level. In other words, if CIE can close above $12, then buying it becomes a high-probability trade again.
Top 5 Defensive Companies To Invest In Right Now: Elan Corporation PLC (ELN)
Elan Corporation, plc (Elan), incorporated in December 1969, is a neuroscience-based biotechnology company. The Company is focused on discovering and developing advanced therapies in neurodegenerative and autoimmune diseases. Elan�� business focuses on neurodegenerative diseases, such as Alzheimer�� disease and Parkinson�� disease; autoimmune diseases, including MS and Crohn�� disease and neo-epitope based targets for treatments across a range of therapeutic indications. Tysabri is a treatment for MS and Crohn�� disease that the Company markets and distributes with Biogen Idec. On September 16, 2011, Elan sold its EDT business to Alkermes, Inc. In November 2011, Elan launched a collaboration with the University of Cambridge, England, the Cambridge-Elan Centre for Research Innovation and Drug Discovery (Cambridge-Elan Centre). On December 21, 2012, the Company completed the demerger of Prothena Corporation plc. In April 2013, it closed the TYSABRI (natalizumab) Collaboration Transaction with Biogen Idec.
Tysabri
Tysabri, which is an alpha-4 integrin inhibitor, is a therapy for MS, a neurological disorder involving central nervous system dysfunction among adults. Tysabri is approved in more than 65 countries. Tysabri is approved in the United States as a monotherapy for relapsing forms of MS, for patients who have had an inadequate response to, or are unable to tolerate, an alternative MS therapy. In the European Union, it is approved for relapsing-remitting MS (RRMS) in adult patients who have failed to respond to beta interferon or have rapidly evolving, severe RRMS. As of December 31, 2011, there were approximately 64,400 patients on Tysabri therapy worldwide.
In June 2011, the European Commission (EC) approved the inclusion of the anti-JCV antibody status as an additional factor in stratifying patients at risk for developing PML in the Summary of Product Characteristics��(SmPC) for Tysabri in the European Union. The Company has developed a two-step ! enzyme-linked immunosorbent assay (ELISA), STRATIFY JCV, with Biogen Idec. The assay detects anti-JCV antibodies in the blood of patients, and is commercially available in Europe. In January 2012, the FDA cleared the assay for commercial use in the United States. As of December 31, 2011, over 80,000 tests had been administered using the assay. Tysabri is marketed and distributed by Elan and Biogen Idec. The Company�� research group, Neotope, is focused on creating monoclonal antibodies based on neo-epitope targets for the treatment of a range of therapeutic indications.
Beta Amyloid Immunotherapies (AIP)
Beta amyloid immunotherapy includes the treatment of Alzheimer�� disease by inducing or enhancing the body�� immune response in order to clear toxic species of beta amyloid from the brain. The AIP includes bapineuzumab (intravenous and subcutaneous delivery) and ACC-001, as well as other compounds. Bapineuzumab is an experimental humanized monoclonal antibody delivered intravenously that is being studied as a treatment for mild to moderate Alzheimer�� disease. It is designed to provide antibodies to beta amyloid directly to the patient (passive immunotherapy).
ELND005, an A� Aggregation Inhibitor
The small molecule ELND005 (Scyllo-inositol) is a beta amyloid anti-aggregation agent. Preclinical data suggest that ELND005 may act through the mechanism of preventing and reversing the fibrilisation of beta amyloid (the aggregation of beta amyloid into clumps of insoluble oligomers). ELND005 may have additional applications in psychiatric indications, such as bipolar disorder. In November 2011, the Company entered into a manufacturing agreement for the supply of the active pharmaceutical ingredient for ELND005 with Lonza Group AG.
Neotope Biosciences Limited
Neotope Biosciences Limited (Neotope) is the Company�� wholly owned subsidiary that focuses on the discovery and development of antibodies to neo-epitope related targ! ets for t! he treatment of a range of indications. It includes amyloidosis, diabetes, cancer and macular degeneration. Neotope�� portfolio of targets includes alpha-synuclein for the potential treatment of synucleinopathies, such as Lewy body dementia and Parkinson�� disease, tau for Alzheimer�� disease and other tauopathies. It also has a program for type 2-diabetes.
Onclave Therapeutics Limited
Elan�� wholly owned subsidiary Onclave Therapeutics Limited (Onclave) was formed to develop assets originating from Elan that have application in oncology related diseases. Onclave�� program, NEOD001, which originated from Neotope, is being investigated for the treatment of AL amyloidosis, which is a fatal disease involving abnormal accumulation of amyloid in organs and tissue. During the year ended December 31, 2011, Onclave filed for orphan drug designation of NEOD001. Onclave�� pipeline includes additional compounds with relevance in diverse cancer indications.
The Company competes with Biogen Idec, Bayer Schering Pharma AG, Bayer Schering Pharma, Merck Serono, Pfizer, Teva Neurosciences, Inc., Sanofi-Aventis and Novartis AG.
Advisors' Opinion:- [By Sarah Jones]
Elan Corp. (ELN) fell 3.4 percent to 9.80 euros. Shareholders risk losing $2 billion by listening to the company�� board and rejecting Royalty Pharma�� takeover bid at a ballot next week.
- [By John Maxfield]
Of the dozens of trades alleged in the various documents, the one that best demonstrates this is SAC's bet on the pharmaceutical giant Elan (NYSE: ELN ) in anticipation of the latter's Phase II trial results for a drug to treat Alzheimer's disease. I've mapped out the trade in the chart below.
Top 5 Defensive Companies To Invest In Right Now: Chemung Financial Corp (CHMG)
Chemung Financial Corporation, incorporated on January 2, 1985, is a financial holding company. The Company was organized for the purpose of acquiring Chemung Canal Trust Company (the Bank). The Company provides a range of financial services, such as insurance products, mutual funds, and brokerage services. The subsidiaries of the Company include Chemung Canal trust Company and CFS Group, Inc. CFS Group, Inc. offers a range of financial services including mutual funds, full and discount brokerage services, annuity and other insurance products and tax preparation services. Chemung Canal Trust Company is a full-service community bank with full trust powers. The Company manages its operations through two primary business segments: core banking and wealth management group services. The core banking segment provides revenues by attracting deposits from the general public and using such funds to originate consumer, commercial, commercial real estate, and residential mortgage loans, primarily in the Company�� local markets and to invest in securities. The wealth management group services segment provides revenues by providing trust and investment advisory services to clients.
The Bank is a New York chartered commercial bank, which engages in full-service commercial and consumer banking and trust business. The Bank's services include accepting time, demand and savings deposits, including negotiable order of withdrawal (NOW) accounts, savings accounts, insured money market accounts, investment certificates, fixed-rate certificates of deposit and club accounts. The Bank's services also include making secured and unsecured commercial and consumer loans, financing commercial transactions (either directly or participating with regional industrial development and community lending corporations), and making commercial, residential and home equity mortgage loans, revolving credit loans with overdraft checking protection and small business loans. Additional services include renting safe deposit faciliti! es and the provision of networked automated teller facilities and an Internet banking product featuring bill payment services. Wealth management services provided by the Bank include services as executor and trustee under wills and agreements, and guardian, custodian, trustee and agent for pension, profit-sharing and other employee benefit trusts, as well as various investment, pension, estate planning and employee benefit administrative services.
Lending Activities
At December 31, 2011, 22.5% of the Corporation�� loans consist of commercial real estate loans to borrowers in the real estate, rental or leasing sector. The major portion of this sector comprises borrowers that rent, lease or otherwise allow the use of their own assets by others. The Bank�� loan portfolio includes commercial, financial and agricultural loans, commercial mortgages, residential mortgages, indirect consumer loans, and consumer loans. As of December 31, 2011, the total loan portfolio of the Bank was at $796,915,000.
Investment Activities
The Bank�� investment portfolio consists of obligations of the United States Government and the United States Government sponsored entities; mortgage-backed securities, residential; obligations of states and political subdivisions; corporate bonds and notes; SBA (small business administration ) loan pools; trust preferred securities, and corporate stocks. As of December 31, 2011, the investment portfolio of the Bank was at $289,182,000.
Sources of Funds
The Bank�� source of funds includes non-interest-bearing demand deposits, interest-bearing demand deposits, savings and insured money market deposits, and time deposits. As at December 31, 2011, the total deposits of the Bank was at $965,183,000.
Advisors' Opinion:- [By Doug Hughes]
Steve Halpern: Okay, today we��e going to walk through two specific investment ideas that you find attractive in the banking sector. The first is Chemung Financial (CHMG), a New York-based operation that happens to be one of the oldest banks in the country. Could you tell us a little more about that?
Top 5 Defensive Companies To Invest In Right Now: Transportadora de Gas del Sur SA (TGS)
Transportadora de Gas del Sur S.A. (TGS) is engaged in the transportation of natural gas and production and commercialization of natural gas liquids (NGL). TGS�� pipeline system connects major gas fields in southern and western Argentina with gas distributors and industries in those areas and in the greater Buenos Aires area. The Company also renders midstream services, which consist of gas treatment, removal of impurities from the natural gas stream, gas compression, wellhead gas gathering and pipeline construction, operation, and maintenance services. The Company operates in three segments: natural gas transportation services through its pipeline system; NGL production and commercialization, and other services, which include midstream and telecommunication services.
During the year ended December 31, 2009, the Company�� gas transportation represented approximately 42% of total net revenues. During 2009, its NGL production and commercialization segment accounted for 50% of the total revenues of the Company. During 2009, its other services segment accounted for 8% of total revenues of the Company. Its other services segment consists of midstream and telecommunications services. Through midstream services, TGS provides integral solutions related to natural gas from wellhead up to the transportation systems. The services consists of gas gathering, compression and treatment, as well as construction, operation and maintenance of pipelines, which are generally rendered to natural gas and oil producers at wellhead. The customers��portfolio also includes distribution companies, industrial users, power plants and refineries.
During 2009, the Company provided a range of technical services to different customers. The services consisted of connections to the transportation system, engineering inspections, project management and professional technical counseling. Telecommunication services are provided through Telcosur S.A. (Telcosur), who renders services both as an independent c! arrier of carriers and to corporate clients within its area. Telcosur has a digital land radio connection system.
Advisors' Opinion:- [By Dividend]
Transportadora de Gas Del Sur S.A. (TGS) has a market capitalization of $308.26 million. The company employs 829 people, generates revenue of $466.44 million and has a net income of $43.33 million. Transportadora de Gas Del Sur�� earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $170.33 million. The EBITDA margin is 36.52 percent (the operating margin is 27.41 percent and the net profit margin 9.29 percent).
- [By Corinne Gretler]
TGS (TGS) slumped 7.4 percent to 176.90 kroner as Norway�� largest surveyor of underwater oil-and-gas fields lowered its forecast for full-year revenue to $920 million to $1 billion because of lower-than-expected demand from industry. It had projected sales of $970 million to $1.05 billion.
- [By Sofia Horta e Costa]
Telecom Italia SpA (TIT) lost 1.8 percent as Standard & Poor�� said it may downgrade the phone company�� debt to non-investment grade. TGS Nopec Geophysical Co. (TGS) tumbled the most in two years after reducing its revenue forecast. Celesio AG jumped to a three-year high on a report that McKesson Corp. may buy the German drug distributor.
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