U.S. stock index futures continued to trade in negative territory Thursday, a day after the S&P 500 logged its worst one-day selloff in 2013, following a disappointing jobless claims report and as consumer price index remained unchanged in January.
HOUSTON-- Linn Energy LLC posted a $430 million loss for the third quarter on Thursday because of losses from commodity derivatives intended to reduce fluctuations in cash flow. The company said that without the hedging losses, it would have earned $89.8 million, or 45 cents per share.
NEW YORK-- Shares of LinnCo LLC, a subsidiary of oil and natural gas developer Linn Energy LLC, rose nearly 4 percent in its first day of trading on the Nasdaq. The Houston company raised about $1.1 billion in its initial public stock offering, selling 30.3 million shares for $36.50 each. Trading under the "LNCO" symbol, shares added $1.30 to $37.80 in afternoon trading.
Oct 12- Shares of LinnCo LLC, a company set up to buy a stake in U.S. oil and gas producer Linn Energy LLC, rose as much as 3 percent on their debut, a day after the company priced its offering at $36.50 per share.
Oct 12- Linn Co LLC:.
Oct 11- LinnCo LLC, an affiliate of oil and gas company Linn Energy LLC, priced its initial public offering at $36.50 each, raising about $1.10 billion, an underwriter said. LinnCo said it will use the proceeds to buy as many units from Linn Energy as the number of shares it sold in the IPO. Linn Energy, in turn, intends to use the proceeds to repay debt.
*LinnCo LLC prices IPO of 30.25 million common shares at $36.50 per.
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*Says Barclays, Citigroup, RBC Capital Markets, Wells Fargo Securities.
A deep and prolonged slump in natural gas prices has thrown much of the industry’s largest produces into a state of panic and turmoil. As prices have fallen, so have stock prices — with shares of natural gas giants like Chesapeake Energy spacer, Devon Energy spacer, and Encana spacer have fallen twenty-plus percent over the last year.
Chesapeake Energy, the second-largest natural-gas driller in the U.S. and an active user of derivatives for hedging against the ebbs and flows of its core business, recently removed its most of its 2012 derivatives positions, leaving the company naked to big dips in natural-gas futures prices just as they are hitting a ten-year low.
Cramer makes the call on viewers' favorite stocks.
Cramer makes the call on viewers' favorite stocks.
Cramer makes the call on viewers' favorite stocks.
Cramer makes the call on viewers' favorite stocks.
Cramer makes the call on viewers' favorite stocks.
Cramer makes the call on viewers' favorite stocks.