Journal Record Stock Index loses 31 points on Devon's drop

Journal Record, The (Oklahoma City), Jul 15, 2008 by Margot Crabtree

The Journal Record Stock Index (download PDF) faltered as powerhouse Devon Energy dropped $7.51 to clock in as the top dollar loser. The index ended at 1,428.66, a loss of 31.54 points, or 2.16 percent compared with the previous week's close. Declining issues surpassed advancing issues at a 28-to-18 count.

Continental Resources ended a rousing week with a $13.58, or 20.44-percent, gain. CLR said that a second test well in its Bakken shale area in North Dakota flowed at an average rate of 1,065 barrels of crude oil per day. These July 4 results compare with a May 20 drilling that produced an average of 693 barrels per day. Continental Resources ended at $80.02, and was the top dollar and percentage gainer.

Shares of Tronox faltered after investment firm Lehman Brothers cut its rating to "underweight" from "equalweight."

Analyst Sergey Vasnetsov said that titanium dioxide volumes were declining due to weak demand in paint for housing and automobile markets. Vasnetsov also cut his estimates on Tronox for its second quarter, from a loss of 55 cents per share to 80 cents per share.

On average, analysts polled by Reuters Estimates expect Tronox to lose 47 cents per share in the second quarter. Tronox shed 84 cents, or 36.68 percent, and was the top percentage loser. Tronox ended at $1.45.

GMX Resources had another good week, and gained $7.64 points, or 10 percent. The company said it will begin drilling in the Haynesville/Bossier Shale in the third quarter. GMXR also upped its estimates on revenue and production for the year. GMXR says its yearly revenues will come in at $140 million for the year, an increase from its earlier estimate of $125 million. Analysts surveyed by Thomson Financial were expecting revenues, on average, of $131.1 million for the year. GMX Resources closed at $84.01.