Rig counts rise

Baker Hughes reports U.S. rig count up 9 to 907 rigs

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Baker Hughes (BHGE) reports that the U.S. rig count is up 9 rigs from last week to 907, with oil rigs up 9 to 738, gas rigs unchanged at 169, and miscellaneous rigs unchanged.

The U.S. Rig Count is up 339 rigs from last year’s count of 568, with oil rigs up 286, gas rigs up 54, and miscellaneous rigs down 1 to 1.

The U.S. Offshore Rig Count is unchanged from last week at 18 and down 3 rigs year-over-year.

The Canada Rig Count is up 11 rigs from last week to 203, with oil rigs up 8 to 108 and gas rigs up 4 to 95, and miscellaneous rigs down 1 to 0.

The Canada Rig Count is up 27 rigs from last year’s count of 176, with oil rigs up 19 and gas rigs up 8.

Crude oil last traded at $56.74 per barrel, down 43 cents.


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Omeros soars on its Berger’s disease drug

Omeros jumps after detailing FDA meeting on IgA nephropathy program

Omeros jumps after detailing FDA meeting on IgA nephropathy program. See Stockwinners.com for details

Shares of Omeros (OMER) are up 40% after the company last night reported financial results for the third quarter and announced recent highlights and developments.

Omeros said that it met with the FDA in follow-up to the FDA’s granting breakthrough designation for OMS721 in IgA nephropathy to discuss Phase 3 trial design.

“The Agency’s meeting minutes make clear that approval can be obtained with a single successful Phase 3 trial with reduction in proteinuria as the primary efficacy endpoint. Depending on the size of the effect on proteinuria, either full approval or accelerated approval is possible.

If full approval is granted based on reduction in proteinuria, estimated glomerular filtration rate will be followed as part of the safety assessment. Any effect of OMS721 on eGFR is likely to result in additional label claims for the product. If, based on the effect on proteinuria, accelerated rather than full approval is granted, marketing of OMS721 would be allowed during which time confirmatory data on long-term effects of OMS721 on eGFR would be collected. These eGFR data, if satisfactory, would then form the basis for full approval,” the company stated.

Gregory Demopulos, chairman and chief executive officer of Omeros, added, “We have also made substantial progress across our OMS721 programs – in addition to our Phase 3 aHUS program, we have a clear roadmap for the Phase 3 IgA nephropathy trial, including FDA confirmation of proteinuria as the primary efficacy endpoint, and compelling data to support our advancing to a Phase 3 program in stem cell transplant-associated TMA.”

Proteinuria is the presence of excess proteins in the urine. In healthy people, urine contains very little protein; an excess is suggestive of illness.

IgA nephropathy, also known as Berger’s disease, is a kidney disease that occurs when IgA deposits build up in the kidneys, causing inflammation that damages kidney tissues. IgA is an antibody—a protein made by the immune system to protect the body from foreign substances such as bacteria or viruses.

In Friday’s trading, Omeros shares are up $4.35, or 31%, to $18.44.


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Short Squeeze in JC Penney

Retailer reports Q3 revenue $2.81B, consensus $2.74B

JC Penney's woes continue. See Stockwinners.com for details

J.C. Penney  (JCP) reported its first increase in same-store sales in more than a year and losses were not as bad as expected, sending shares higher.

The company had a loss of $128 million for the third quarter, or 41 cents per share. Losses, adjusted for one-time gains and costs, came to 33 cents per share, which is a dime better than Wall Street had expected.

Revenue, at $2.81 billion, also topped expectations of $2,74 billion.

J.C. Penney backs FY17 adjusted EPS 2c-8c, consensus 43c – Backs FY17 SSS down 1% to flat. Backs FY17 cost of goods sold to be up 100 to 120 basis points versus 2016. Backs Free cash flow view $200M-$300M.

Chairman and CEO Marvin Ellison said on the company’s Q3 earnings conference call that J.C. Penney took “the bold but necessary step” to liquidate apparel inventory in an effort to accelerate a wider transformation of the women’s department. Following this reset, Ellison said the retailer saw improved performance in the women’s division, “confirming these actions were necessary to drive growth in this high-volume apparel division.” Ellison noted that women’s apparel delivered a positive comp for the month of October “even when you remove the benefits of the accelerated clearance sales.” “At this stage of our turnaround, we are committed to making decisions that benefit the long-term financial health of the company,” Ellison said. Appliance sales more than doubled versus Q3 of last year, he added.

SHORT  RATIO

The short ratio, short interest ratio (SIR) or float short for a public company is the ratio of tradable shares being shorted to shares in the market, or the float. It is an indirect metric of investor sentiment. When short interest is high, above 40%, it implies company investors hope shares will decline in value.

SHORT  INTEREST

A situation in which a heavily shorted stock or commodity moves sharply higher, forcing more short sellers to close out their short positions and adding to the upward pressure on the stock. A short squeeze implies that short sellers are being squeezed out of their short positions, usually at a loss.

According to the latest data, a total of 148,287,000  JCP shares have been shorted, giving the stock a short ratio of 7.5 days. That is 50.73% of total shares.

PRICE  ACTION

JCP closed at $2.75. It last traded at $3.18. The issue has a 52-weeks trading range of $2.35 – $10.74.


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