News Buzz: BP plc, Exxon Mobil Corporation, Ciena Corporation


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NASDAQ:CIEN / NYSE:XOM
03/07/2013 [ACCESSWIRE]

NEW YORK, March 07, 2013 - vb-news.net, one of the leaders in providing investment alerts on U.S. stocks are announcing Investment Highlights on BP plc, Exxon Mobil Corporation, Ciena Corporation.

A survivor of the BP plc (ADR)(NYSE:BP) rig Deepwater Horizon's tragedy testified in court on Wednesday and said that a subordinate killed in the blast was one of the workers who apparently missed signs that BP's Macondo well was on the verge of blowing out. 

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BP is on trial to fix responsibility for the blowout of the rig which resulted in 11 deaths and a massive spill in the Gulf of Mexico.

Randy Ezell said his colleague Jason Anderson had been a "top-notch" toolpusher who would have done everything in his power to prevent the blowout. But Anderson and others on the rig apparently misinterpreted the results of a crucial safety test, he said.

Anderson was one of 11 workers who died on the rig. Ezell said Anderson told him less than an hour before the explosion that there were no signs of trouble. 

Exxon Mobil Corporation(NYSE:XOM)  expects its oil production to fall in 2013, driving up prices of gas at retail outlets.

Shares in the company fell after Chief Executive Rex Tillerson made this declaration, though he added that growth would also return as it would be ramping up new projects, especially extraction from petroleum-rich shale fields in the U.S.

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Exxon, Chevron, Royal Dutch Shell, ConocoPhillips, BP and other oil majors have been spending more to find and access oil in more remote regions around the globe.

"An unprecedented level of investment is needed to develop new energy technologies to expand supply of traditional fuels and advance new energy sources," Tillerson said.

Exxon expects to spend $41 billion on R&D this year and more than $190 billion over the next five years.

Network specialist Ciena Corporation(NASDAQ:CIEN) has presented its earnings report for the first quarter.

The GAAP net loss was $47.32 million or $0.47 a share, a tad lower from the negative earnings of $47.7 million, or $0.49 a share in the year-ago period.

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On a non-GAAP basis, the company’s adjusted net income was $12.3 million, or $0.12 per share. Analyst consensus was at $0.14 for the quarter.

Ciena earned revenue of $453.1 million, comparable with $416.7 million in the same period last year. Analysts had expected $449.14 million.

For the fiscal second quarter 2013, Ciena sees revenue in the range of $465 million to $495 million, and adjusted gross margin in the low 40s percent range. Analysts are modeling revenue of $482.13 million.

Shares of CIEN soared 15% to $17.22. 

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