4:20 pm : Notwithstanding validation that the Fed will have to keep raising rates to bring inflation rates down to what the Fed deems as acceptable, following a worrisome reading on core-CPI, the indices closed near their best levels of the day as a market due for a technical bounce attracted modest bargain hunting interest. The Dow, a day removed from turning negative on the year, turned in the day's best performance among the majors, gaining 110 points and ending up 1.0%. The Russell 2000 also climbed back into the green for 2006 while Nasdaq snapped an eight-day losing streak and
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Bush sees progress but not "zero violence" in Iraq President George W. Bush holds a news conference after returning from Iraq in the Rose Garden of the White House in Washington, June 14, 2006. (Jim Young/Reuters)
2:07 pm PT GMX Resources Releases Additional Information on Deep Cotton Valley Potential Operational Expectations (GMXR) 28.04 +2.49 : Based on log analysis completed by�independent service providers, co has estimated the incremental net reserves from the lower CV layers recently encountered per well to be 0.4 to 1.3 Bcfe. This is based on estimated gas in place per section of 108-160 Bcfe and estimated gas recoveries of 8-16%. Co has 25 net sections. Co estimates the incremental cost to complete in the lower sections to be a range of $500,000 to $1,000,000 depending on the degree of fracture stimulation used, which results in a cost per mmcfe ranging from $1.25 to $0.77, of additional reserves added to its existing well. Co does not anticipate that the strategy to complete in the lower levels will result in a material change to its current estimate of wells to be drilled in 2006, but this estimate remains dependent on rig availabilities. Completion times for the wells with lower CV levels will likely take longer, resulting in time from spud to completion and production of 60 to 90 days, including the Taylor sand that we normally complete in the production string.
2:00 pm PT Semtech Announces Delay in Filing Its First Quarter Form 10-Q (SMTC) 14.89 -0.01 : Co announced that the filing of its Form 10-Q for the fiscal quarter ended April 30, 2006 will be delayed past the extended June 14, 2006 due date. As previously reported, co has been engaged in an internal review of its stock option practices in light of an informal SEC inquiry. Co continues to cooperate fully with the SEC inquiry and will file its Form 10-Q as soon as practicable after completion of its internal review.� As a result of the delay in filing the Company's Form 10-Q, co expects to receive a notification from Nasdaq that it is not in compliance with the filing requirements for continued listing on Nasdaq and that its common stock may be subject to delisting from the Nasdaq National Market.�
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