Rig Counts Rise Again!

Baker Hughes reports U.S. rig count up 8 to 958 rigs

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Baker Hughes (BHGE) reports that the U.S. Rig Count is up 8 rigs from last week to 958, with oil rigs up 2 to 766 and gas rigs up 6 to 192.

The U.S. Rig Count is up 495 rigs from last year’s count of 463, with oil rigs up 392, gas rigs up 106, and miscellaneous rigs down 3 to 0.

The U.S. Offshore Rig Count is up 1 rig from last week to 24 and up 5 rigs year over year.

The Canadian Rig Count is up 14 rigs from last week to 220, with oil rigs up 11 to 129 and gas rigs up 3 to 91.

The Canadian Rig Count is up 101 rigs from last year’s count of 119, with oil rigs up 69, gas rigs up 33, and miscellaneous rigs down 1 to 0.

WTI crude edged a few cents lower after the report, and though remains less than 20 cents below its earlier trend high of $49.80.

#WTI  =  West Texas Intermediate

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FDA Issues Tobacco Regulations

FDA ‘providing targeted relief’ on some tobacco regulation timelines

FDA announces new 'comprehensive plan' for tobacco, nicotine regulation. See Stockwinners.com Market Radar

The U.S. Food and Drug Administration announced a new comprehensive plan for tobacco and nicotine regulation that will serve as a multi-year roadmap to better protect kids and significantly reduce tobacco-related disease and death.

As part of the plan, the agency is also providing targeted relief on some timelines described in the May 2016 final rule that extended the FDA’s authority to additional tobacco products.

The agency intends to extend timelines to submit tobacco product review applications for newly regulated tobacco products that were on the market as of Aug. 8, 2016. This action will afford the agency time to explore clear and meaningful measures to make tobacco products less toxic, appealing and addictive.

The agency plans to issue this guidance describing a new enforcement policy shortly.

The approach places nicotine, and the issue of addiction, at the center of the agency’s tobacco regulation efforts.

Under expected revised timelines, applications for newly-regulated combustible products, such as cigars, pipe tobacco and hookah tobacco, would be submitted by Aug. 8, 2021, and applications for non-combustible products such as ENDS or e-cigarettes would be submitted by Aug. 8, 2022.

Additionally, the FDA expects that manufacturers would continue to market products while the agency reviews product applications.

WHAT’S NEW

The FDA announced a new comprehensive plan for tobacco and nicotine regulation that will serve as a multi-year roadmap to “better protect kids and significantly reduce tobacco-related disease and death.”

The approach shifts focus to nicotine and the issue of addiction as the center of the agency’s tobacco regulation efforts. The aim, according to the agency, is to ensure that the FDA has the proper scientific and regulatory foundation to efficiently and effectively implement the Family Smoking Prevention and Tobacco Control Act.

Commenting on the matter, FDA commissioner Scott Gottlieb said, “Unless we change course, 5.6M young people alive today will die prematurely later in life from tobacco use. Envisioning a world where cigarettes would no longer create or sustain addiction, and where adults who still need or want nicotine could get it from alternative and less harmful sources, needs to be the cornerstone of our efforts – and we believe it’s vital that we pursue this common ground.”

TOBACCO STOCKS FALL

Publicly traded companies in the tobacco products space include Altria Group (MO), British American Tobacco (BTI), Philip Morris (PM) and Reynolds American (RAI). Altria Group is down 5% on the news.

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Nokia Gets $2 Billion from Apple

Apple Pays $2 billion to Nokia for Patent Infringement

Nokia Gets $2 Billion from Apple. See Stockwinners.com Market Radar

Apple (AAPL) paid Nokia (NOK) $2B in cash as part of a deal to settle a patent disputes in which Nokia claimed Apple was infringing on 32 technology patents, 9to5Mac reports, citing a Nokia conference call.

In the call, Nokia said, “We got a substantial upfront cash payment of EUR$1.7B from Apple, strengthening further our cash position.

As said earlier, our plans is to provide more details on the intended use of cash in conjunction with our Q3 earnings.

Third, instead of a simple patent licensing agreement, we have agreed on a more extensive business collaboration with Apple, providing potential for a meaningful uplift in our IP Routing, Optical Networks and Digital Health business units over time.

Hence, the value of the agreement will be reflected partly as patent licensing net sales in Nokia Technologies, and partly as net sales in other Nokia business groups.”

Nokia first filed the lawsuit claiming Apple was infringing on its technology patents last December, which Apple initially responded to with a lawsuit of its own.

At the center of the dispute were 32 patents involving the iPhone 3GS and later (as well as other Apple products) which Apple claimed Nokia intentionally left out of a 2011 licensing agreement.  Back in May, Apple and Nokia announced that the two companies had reached a resolution to the dispute and would work together by expanding their relationship.

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When It Rains, It Pours

Insurers are dropping Valeant’s top products

Insurers are dropping Valeant's top products. See Stockwinners.com Market Radar

The beleaguered pharmaceutical firm sees its products being denied coverage by major health insurers.

United Healthcare’s (UNH) formulary is no longer covering Valeant Pharmaceuticals’ (VRX) number three branded drug Solodyn and will also now exclude Retin-A brand, its number four branded drug, Wells Fargo analyst David #Maris tells investors in a research note.

The analyst estimates the two drugs represented approximately $214M of Valeant’s sales in 2016. Maris also points out that #Glumetza, Valeant’s number eight branded drug, and Relistor were removed in July from CVS/Caremark’s (CVS) formulary.

These two drugs had approximately $119M in 2016 revenues. Maris notes his counterpart Peter Costa estimates that United Healthcare covers approximately 17% of the U.S. and CVS covers approximately 33%.

Express Scripts (ESRX) is releasing its 2018 national formulary next week, Costa adds.

Maris keeps an Underperform rating on shares of Valeant with a $9 price target. The stock closed on Thursday at $17.13.

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GE’s Immelt May Become Uber CEO

GE’s Immelt has held ‘active’ discussions with Uber search committee

GE's Immelt May Become Uber CEO. See Stockwinners.com for more details

Uber is considering General Electric (GE) CEO Jeff Immelt among “a handful” of candidates for its CEO, The Wall Street Journal reports, citing a person familiar with the matter.

According to the person, Uber’s search committee has held “active” discussions with Immelt, who is stepping down as GE’s CEO at the end of the month, though he will remain chairman through the end of the year.

Uber hopes to wrap up the CEO search process by Labor Day, according to the report.

HP Enterprise (HPE) CEO Meg Whitman, who was rumored to be in contention for Uber CEO, says she is “fully committed” to HPE and she will not take the job at Uber.

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