Trading at new highs: AAPL, BHI, CAT, CLR, EOG, HAL, HES, HK, JOY, NFX, NOV, SLB, SRE, UNP, WIN, WMB.
Earnings after market close: TPLM. I can't remember if I linked this Zack's article on TPLM. Zack's is bullish on TPLM. [Update, 4:15 p.m. central time: I don't see the earnings report/press release yet, but it must be a good report, or investors think it will be a good report. At 4:01 EDT, shares were up almost 1%, and then at 5:06 EDT, up almost another 2%. So, we'll see. Later: results here. At 6:03 EDT, up almost 2.5%.]
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Income inequality: I mentioned this the other day. It could be my imagination but it appears there are an increasing number of articles and/or books on "income inequality." It would be expected that this topic would be an important topic for President Obama, but ironically, it should have been an important topic when he was first running for president, not in the six year of his two-term presidency. I assume this was an issue under other administrations but I do not recall this much attention. When one reads the net worth of Joe Biden, Henry Reid, and Nancy Pelosi and chart out their net worth over the last 10 years it is a very interesting picture, especially when considering the source of their new-found wealth. Regardless, whatever, here's yet another story on income inequality being reported by Yahoo!Finance.
- EOG Resources' crude oil production surged 42% in Q1, and if business stays on course, as expected, the E&P company could enjoy a 32% jump in earnings this year, according to a weekend profile in Barron's.
- EOG's enterprise value is 6.9x this year's estimated EBITDA, roughly in line with the EV/EBITDA multiples accorded competitors Chesapeake Energy and Devon Energy, but the story says it deserves a loftier multiple than the group, given its significant drilling inventory, superior production growth, lower debt ratio, and 15.6% return on equity vs. an average of 9.5% among peers.
- EOG raised its 2014 goal for growth in crude oil production to 29% from a prior 27%, and for total energy production to 12% from an earlier 11.5%, but its estimates often prove conservative, sparking expectations for more upward revisions as the year unfolds.