Pride International Sees Call Selling

Investors looking to buy call options in Pride International(PDE Quote) have a plentiful supply thanks to at least one call seller boosting later-dated option volume a couple weeks before the company’s earnings. Investors who are short these calls are expecting the stock to hit a ceiling around $36.25 and close below that level by July options expiration. This call sale could also have been initiated by someone who owns shares of the stock. They could be selling these calls to collect some income on a bet that the shares will not go higher than the $36.25 level. PDE shares reached a 52-week high in October of roughly $34, and the stock has sold off roughly 25% since then. The call-selling action we saw today is a moderately bearish play on the oil and gas drilling company because the stock could climb 22% throughout the next six months and the call option sale would remain profitable. PDE is scheduled to announce earnings on Feb. [Read the full article]

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Noble Corporation (NYSE: NE) today reported that the Company’s Board has set the record and payment dates for a payment to shareholders in the form of a capital reduction.  On May 28, 2009, the shareholders of the Company approved a return of capital to shareholders through a reduction in par value in an aggregate amount equal to 0.25 Swiss francs (CHF) per share, which dividend in the form of par value reduction is to be paid in four installments.  This installment payment is the third of these installments and will be in the amount of 0.05 CHF per share. The ex-dividend date for the payment is expected to be February 16, 2010, with a record date of February 18, 2010 and a payment date of February 26, 2010, subject to a required filing with the Swiss Commercial Register.  The payment will be paid in U.S. [Read the full article]

BPZ Resources, Inc., d/b/a BPZ Energy, (NYSE:BPZ – News) announced today the closing of its previously reported offering of $140 million principal amount of 6.5% convertible senior notes due March 1, 2015 (the “Notes”). The Company also granted to the initial purchaser of the Notes a 30-day option to purchase an additional $21 million aggregate principal amount of the Notes.  The Notes were sold in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.  In addition, until March 15, 2010, the International Finance Corporation (IFC) has the right to participate in the Offering, which if exercised would increase the size of the Offering. [Read the full article]

Noble Corporation (NYSE: NE) today announced that the Company’s Board of Directors has scheduled the 2010 annual general meeting of shareholders (AGM) to be held on April 30, 2010 at 3:00 p.m., Central European Daylight Savings Time (8:00 a.m., U.S. Central Daylight Savings Time) at the at the Parkhotel Zug, Industriestrasse 14, Zug, Switzerland. 

The Company also announced today that the Company’s Board of Directors has approved, subject to shareholder authorization, the regular payment of a return of capital through a reduction of the par value of the Company’s shares in an amount equal to Swiss francs 0.52 CHF per share in four equal installments scheduled for August 2010, November 2010, February 2011 and May 2011.  The payments will be made in U.S. dollars based on the CHF/USD exchange rate available approximately two business days prior to the payment date. [Read the full article]

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