News / Stocks
Mid Day Market News for Monday October 10, 2011: AER Energy Resources, Inc., Superior Energy Services, Inc., Complete Production Services, Inc., Target Corporation, Pharmasset, Inc.
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AER Energy Resources, Inc. (OTC: AERN) announced 10/7/11, that they have successfully signed an agreement with Eric Johnson and Riverton Energy for the formation of a Joint Venture to purchase oil and gas leases in South-Central Louisiana with the intent to drill to 12,500 feet to test the Nodasaria Frio Sand (9,400 feet), the Cockfield Sand (10,700 feet) and the Sparta Sand (12,300 feet), all of which are major producers of oil and natural gas in surrounding fields at Fordoche, Livonia and Opelousas. To view the full press release for AER Energy Resources, Inc. (OTC: AERN), CLICK HERE or visit OFinancialinc.com
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Superior Energy Services, Inc. (NYSE: SPN) and Complete Production Services, Inc. (NYSE: CPX) today 10/10/11, announced that their Boards of Directors have unanimously approved a definitive merger agreement combining the two companies into the premier diversified mid-cap oilfield services company. Under terms of the agreement, Complete stockholders will receive 0.945 common shares of Superior and cash of $7.00 in exchange for each share of Complete common stock held at closing. This represents a premium of 29% to Complete's average price over the last two months. Upon closing, and reflecting the issuance of new Superior shares, Superior and Complete stockholders are expected to own approximately 52% and 48%, respectively, of Superior's outstanding shares.
Target Corporation (NYSE: TGT), the operator of general merchandise and food discount stores in the United States, today 10/10/11, posted healthy sales results for the five-week period ended October 1, 2011. The rise in comparable store sales was above management’s expectation, and reflected an increase in average transaction size. The company witnessed an increase in beauty products, groceries and attires sales. Target registered an increase of 5.3% in comparable store sales for September 2011 compared with 4.1% and 1.3% growth witnessed in the previous month and the prior-year period, respectively. Year-to-date, comparable store sales spiked 3.4% versus a 2.1% increase in the prior-year period.
Pharmasset, Inc. (NASDAQ: VRUS) announced today 10/10/11, the addition of two treatment arms to the ELECTRON trial of PSI-7977, a nucleotide analog polymerase inhibitor, for the treatment of chronic hepatitis C (HCV). The rapid and consistent antiviral effects and high barrier to resistance demonstrated with PSI-7977 to date provided the rationale for additional exploratory regimens in this setting. The protocol amendment adds one arm exploring 12 weeks of PSI-7977 monotherapy in treatment naive patients with HCV genotype 1 (GT1), and one arm of PSI-7977 and ribavirin (RBV) in treatment-experienced patients with HCV genotype 2 (GT2) or genotype 3 (GT3). In addition, the previously announced arm in HCV GT1 patients with a prior "null" response to an interferon (IFN) containing regimen, which was planned to assess PSI-7977/IFN/RBV, has been modified to an IFN-free 12-week regimen of PSI-7977/RBV.
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