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Market Update

Rising Oil Prices Lift Apache, Chesapeake Results


Author: Mukesh Buch
ticker.com
Last Update: 11:56 AM EST February 22 2018

11:50 AM New York City, New York Apache net swung to profit on higher oil prices. ACI Worldwide net plummeted. Chesapeake Energy plans to reduce capital investments by 12%. Orbital ATK revenues jumped. Valmont Industries net swung to a loss.

Tollbooth Index increased 91.14 or 0.6% to 14,392.66.

Earnings Review

Apache Corporation (APA) plunged 5.8% or $2.20 to $35 after the oil and gas producer reported revenues in the fourth-quarter ending in December jumped 6.7% from a year ago to $1.6 billion.

Net in the quarter swung to profit $456 million or $1.20 per diluted share from $182 million or 48 in the same quarter last year.

The oil producer said production in Permian Basin soared 10% and the company estimated production growth in 2018 between 7% and 13% and 9% oil growth in the Permian.

ACI Worldwide Inc (ACIW) advanced 3.2% or 73 cents to $23.39 after the electronic payment developer stated total revenues in the fourth-quarter ending in December dropped 4.7% from a year ago to $326.4 million.

Net income in the quarter plummeted 50.2% to $33.2 million or 28 cents per diluted share from $66.7 million or 56 cents in the same quarter last year.

Chesapeake Energy Corporation (CHK) surged 19% or 50 cents to $3.13 after the oil and gas producer said total revenues in the fourth-quarter ending in December soared 24.7% from a year ago to $2.5 billion.

Net in the quarter swung to profit $309 million or 33 cents per diluted share from $740 million or 83 in the same quarter last year.

Chesapeake said it forecasted fiscal 2018 production growth despite plans to reduce capital investments by 12%.

Orbital ATK Inc (OA) rose 7 cents to $131.87 after the aerospace and defense products provider reported revenues in the fourth-quarter ending in December rose 6.3% from a year ago to $1.4 billion.

Net income in the quarter declined 4.7% to $61.2 million or $1.06 per diluted share from $64.2 million or $1.11 in the same quarter last year.

SAGE Therapeutics Inc (SAGE) dropped 2.8% or $4.65 to $159.05 after the drug maker said net loss in the fourth-quarter ending in December widened to $69.4 million or $1.75 per diluted share from $55.9 million or $1.50 in the same quarter last year.

Valmont Industries, Inc (VMI) slumped 3.5% or $5.45 to $151.10 after the fabricated metal products producer reported revenues in the fourth-quarter ending in December jumped 6% from a year ago to $714.9 million.

Net in the quarter swung to a loss of $3.6 million or 16 cents per diluted share from profit of $70.1 million or $3.10 in the same quarter last year.

Valmont estimated fiscal 2018 revenue growth of about 7% and diluted earnings per of about $7.70.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc