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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (5373)	7/18/2019 11:17:39 AM
From: richardred	Respond to of 7243

Bought back into CNK today. I'll see what happens this coming winter.

To: richardred who wrote (5373)	4/18/2020 5:43:43 AM
From: Labrador	Respond to of 7243

RIP The New York Stock Exchange informed Houston-based Callon Petroleum Co. (NYSE: CPE) that its shares have fallen outside the acceptable bounds for a listed company. Callon's 30-day moving average stock price has fallen below $1 per share, the minimum price allowed under NYSE listing standards, according to an April 16 press release. That means Callon has six months to address the issue or risk having its shares delisted from the exchange. Year to date, Callon's stock has shed about 90 percent of its value, landing at 44 cents per share at close on April 16, according to Yahoo Finance. Callon said it has already responded to the NYSE with its plan - the company intends to get shareholder approval for a reverse stock split at its upcoming annual meeting. A reverse stock split would merge the company's shares according to a ratio determined by the board, thereby reducing the number of shares without changing the overall interest they represent as a whole. Generally, that means the value of each individual share rises correspondingly. Callon has already made a deep cut to its full-year spending plans, reducing them from $975 million to between $700 million and $725 million on March 17. Now it has taken further steps to reduce spending, Callon said in the April 16 press release. While Callon hasn't released the full details of its latest plans, they do include reducing its field presence to one completions crew and three drilling rigs, the company said. The oil and gas industry has been facing enormous supply and demand pressures in recent weeks. An increase in production among OPEC countries has been expected to produce a glut of available product, while social distancing measures taken in response to the COVID-19 pandemic are slicing deep into demand for transportation fuels. In December, Callon completed its acquisition of Houston-based Carrizo Oil & Gas Inc. The deal was valued at $3.2 billion when it was announced in July.