Boston, MA 01/31/2014 (wallstreetpr) – Exxon Mobil Corporation (NYSE:XOM) plunged its biggest in two months after disappointing investors with downbeat Q4 results. The stock lost 1.3 percent to touch intraday low of $93.06. XOM reported earning net income of $8.35 billion, translating to $1.91 per share. That compared weakly with $9.95 billion or $2.20 per share that it realized in the corresponding quarter a year earlier. Analysts were also disappointed as they hoped the company would register $1.92 EPS. Revenue for the quarter was down 3.3 percent to slightly over $110 billion. Exxon Mobil Corporation (NYSE:XOM) blamed its woes on sluggish oil prices that has gripped fuel industry in general and hampered production. The company also battled with rising expenses in the quarter.
North American Palladium Ltd (USA) (NYSEMKT:PAL) disappointed the market with announcement that it was planning convertible notes offering to raise capital. The company expected to generate between $30 and $50 million in proceeds from the public offering of the notes. PAL is in need of money to finance its turnaround that has seemed to be stalling. The stock is still stuck on the penny range and this is not good for its future. The earlier announcement stated that PAL was offering the said debts in two phases, though all carry the same yield. North American Palladium Ltd (USA) (NYSEMKT:PAL) lost more than 18 percent of its market value during Thursday’s session.
Goldcorp Inc. (USA) (NYSE:GG)’s takeover of Osisko is likely to flop following the latest development. Osisko which is vehemently resisting an acquisition bid by GG has moved to court to stop Goldcorp on its tracks. The management claims that Goldcorp’s takeover attempt is in bad faith and furthermore, contravenes confidentially of earlier merger talks. Moreover, the bid offer of $2.3 billion for Osisko has been termed too small and disappointing. Osisko’s board stood in the way of the bid and asked shareholder to do the same. But it seems Goldcorp Inc. (USA) (NYSE:GG) is not going to back off easily, leading to speculations that there might be more than meets the eye in the now hostile takeover bid.