Intuitive / Analytical Practical Application

[ducati998]

Tw2,
Yes I am still in the Turtle trade.
The entry was at $15.25, with a hard stop at 10% below....$13.73
The exit will be either stopped out at $13.73, or exit on a close below the 180 EMA.

This has been an interesting trade in as much there has been a little bit of everything.
We have had volatility in the price of oil, and endless speculation from analysts as to where it may all end up. We have had weakness in the general market, and now earnings season.

Along the way we have had a look at numerous different aspects of volume.
Some factual, some speculative, all relevant.

Touched on price, and some valuation methods,and from a speculative point of view, it has bounced all over the place. The last time it hit $16, I thought it was on it's way, then it collapsed again.................

As the earnings announcement draws closer it will be interesting to watch how things develop in anticipation of the release............and to the actual numbers.

cheers d998

 

[ducati998]

Associated Press
Crude Futures Fall on Energy Report
Wednesday April 13, 5:25 am ET
By Wee Sui Lee, Associated Press Writer
Crude Futures Fall on Energy Watchdog's Bearish Report; Saudis Increase Output in Asia


SINGAPORE (AP) -- Crude futures dropped Wednesday after the International Energy Agency forecast slower growth in oil demand this year.
Traders are also looking ahead at the midweek U.S. Department of Energy petroleum supply report out later Wednesday, which they expect will show another increase, even with the summer driving season only weeks away.

Light, sweet crude for May delivery fell 64 cents to US$51.40 a barrel in electronic trading on the New York Mercantile Exchange by midmorning in Europe. Heating oil prices fell more than a cent to US$1.4538 a gallon (3.8 liters), while unleaded gasoline futures fell nearly 2 cents to US$1.5150 a gallon.

On the International Petroleum Exchange in London, Brent crude fell 60 cents to $51.38 a barrel.

"The IEA report raised doubts about demand expectations. The market was ready to bounce back up and the bulls were confident that demand would be strong," said analyst Phil Flynn at Chicago-based Alaron Trading Corp. on its Web site. "Now they are losing that confidence. The bulls are jumping ship."

In its report, the Paris-based IEA suggested that rising U.S. interest rates and energy costs would reduce global demand growth for oil this year by 50,000 barrels a day to 1.77 million barrels a day. The global energy watchdog also said slowing Chinese oil demand growth might dampen crude prices further.

"Fears of a surge in second-quarter Chinese demand are receding," the IEA said, as it noted that China's oil demand growth was significantly lower in the first two months of the year.

Crude futures have been sliding since last week on a build in crude stocks in the United States and comments from the Organization of Petroleum Exporting Countries on a possible production increase next month.

In Venezuela, Oil Minister Rafael Ramirez said the cartel's newly proposed production increase of 500,000 barrels daily may not be needed before summer, claiming the market is already well-supplied. Venezuela, like other price hawks, is opposed to raising output over fear it may drive down prices.

But the benchmark commodity remains around 37 percent higher than a year ago and reached an all-time intraday high of US$58 per barrel last week.

Analysts said Saudi Arabia and fellow Middle East producers are keen to boost output now to encourage stock-building in the coming months, creating a buffer for strong demand later this year.

Elsewhere, officials from Saudi Aramco, the world's biggest oil company by output, were also reported to have told key Asian buyers Tuesday it was boosting May supplies to full contractual volumes for the first time since December as it increases production.

 

[Tapewormtoo]

I am long CPE at 14.57

TW2

 

[ducati998]

Tw2,
An entry not far off the low so far for today.
Soon I think we will start to see the influence of the earnings season kick in.
This will have the effect of decoupling CPE from the index sentiment, as there will be company specific fundamentals to drive the Price.

Now, here is the kicker................
Depletion is like a fixed charge, as it is based on Reserves, Purchase price, and Production. As a fixed charge, if Profit Margin rises for any reason, the effect on Earnings per Share is really leveraged, and EPS can really explode.

CPE carries one of the highest Depletion charges I've seen, which from a GAAP point of view is excellent, as it really gives confidence in the management.

Now, if Management are worth their salt, then the CFO, should have been able to take advantage of these higher prices for oil, for at least the majority of this year. CPE also produces Gas, which demand has also been increasing, and prices, just not as spectacular as oil.

A snippet from Associated Press.........................

We're seeing pretty heavy selling across the board from hedge funds and mutual funds,'' said Greg Palmer, head of equity trading at Pacific Crest Securities. He said there was some caution about upcoming earnings.

``Whether companies make the number or not isn't the big issue, the issue is -- what's guidance and what's the second half? The big question is whether there's enough in the second half to justify valuations.''

If this is accurate, and I doubt it is, then Q3 earnings should for CPE, if they have locked in higher aggregate prices should really improve their valuation, and should with positive guidance, see price start moving north.

If, $18 is broken, then from a technical aspect, momentum will be regained, and the trend re-established. At one point, CPE had $66M in cash, which made it a real "Takeover" candidate, they subsequently paid down debt with that.............however, the flow through from reduced interest charges will also start to make itself felt on the Income statement. And, importantly, shows that this is a business that generates CASH even at the lower end of prices for Oil, with any sustainment in higher prices, profitability must rise.............and eventually the valuation of the shares.

cheers d998

 

[ducati998]

CALLON PETROLEUM (NYSE:CPE) Delayed quote data

Last Trade: 14.58
Trade Time: 3:59PM ET
Change: 0.48 (3.19%)
Prev Close: 15.06
Open: 15.01
Bid: N/A
Ask: N/A
1y Target Est: 17.33

Day's Range: 14.50 - 15.10
52wk Range: 10.15 - 18.00
Volume: 69,400
Avg Vol (3m): 136,954
Market Cap: 258.37M
P/E (ttm): 12.25
EPS (ttm): 1.19
Div & Yield: N/A (N/A)


Well not a good day for price.................if you're already long.
But, a good day to get long.
Volume light as compared to the average.
cheers d998

 

[Tapewormtoo]

I don't like the way CPE is doing. I am getting out as close to my entry price as I can. Then I will wait and see what it does before taking another position.

 

[Tapewormtoo]

I'm out of my long at 14.59. I just don't like what I see for a long position. Too weak to suit me.

 

[ducati998]

Tw2,
Interesting that you see weakness.
I take the opposite view, and that is on a day that the index was weak, and actually hit the low I believe for the year, CPE, stayed pat.
That to me indicates that the earnings season "expectation" is starting to take effect.

I haven't seen any pre-announcements, warnings, or any "bad news" yet.
If nothing by next week, then I would expect earnings to come in somewhere around the $0.41 / share which is the analyst forcast.

I think at this point it would be worthy of providing an analysis of management, as they will always play a large role in any "investment" that is made.
Obviously, in a trade designed to go long, we need good, honest and capable management.

Anyhow, I remain long, in the Turtle entry, and will manage it as a Turtle trade.
Keep me updated as to your position should you return "Short" or "Long"

CALLON PETROLEUM (NYSE:CPE) Delayed quote data

Last Trade: 14.56
Trade Time: 4:00PM ET
Change: 0.02 (0.14%)
Prev Close: 14.58
Open: 14.64
Bid: N/A
Ask: N/A
1y Target Est: 17.33

Day's Range: 14.39 - 14.70
52wk Range: 10.15 - 18.00
Volume: 112,200
Avg Vol (3m): 138,590
Market Cap: 258.02M
P/E (ttm): 12.24
EPS (ttm): 1.19
Div & Yield: N/A (N/A)


Close to the average volume, on a poor day for the index, and CPE finished pretty flat for the day. To me, the divergence from the general market "sentiment" is bullish.

cheers d998

 

[ducati998]

66666666666666

 

[ducati998]

Just in regards to quality of management, this came across the newswires today.
While these awards do nothing really obvious to the Stock Price, they actually do have a subtle effec. Institutional holders, who do tend to emphasise management, would feel unhappy if the management were found to be reckless producers.

Therefore, while it will not jump the price upwards, it may stop institutional dumping, as one of the factors of management are qualified.


Callon Petroleum Company Named 'SAFE' Award Winner
Thursday April 14, 1:03 pm ET


NATCHEZ, Miss.--(BUSINESS WIRE)--April 14, 2005--Callon Petroleum Company (NYSE:CPE - News; NYSE:CPE.PrA - News) announced today it has been chosen by the United States Department of the Interior's Minerals Management Service (MMS) as the winner of the 2004 New Orleans District Safety Award for Excellence (SAFE) Award in the Moderate Operator Category.
In addition, Callon has been named by the MMS as a finalist for the National SAFE Award in the Moderate Operator Category, to be announced in Houston at the Annual MMS Industry Awards Banquet April 26, 2005.

The MMS SAFE Award Program recognizes exemplary performance by Gulf of Mexico Outer Continental Shelf (OCS) exploration and production operators and contractors.

In naming this year's winners, MMS Regional Director Chris Oynes, Gulf of Mexico OCS Region, noted, "The winners of the District SAFE Awards have set very high standards for safety by their technical accomplishments and commitment to protection of their workers while conducting offshore oil and natural gas operations on the federal OCS. Sound safety procedures and practices are as important as maintaining environmental integrity."

Oynes added that, "These industry leaders are setting standards for others to match. Their overall performance demonstrates that we can produce offshore energy resources in a safe manner."

Callon Petroleum Company has been engaged in the exploration, development, acquisition and production of oil and gas in the Gulf Coast region since 1950. Callon's properties and operations are geographically concentrated in the offshore waters of the Gulf of Mexico.

This news release contains projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors.

 

[ducati998]

Well, Price headed south with a vengeance today.
At the low, it actually went past my Turtle stoploss, however it did not close there, so the trade is currently still alive.................just.

JoulesMM1,
Has added a very bearish analysis, certainly for the short-term and currently that would seem to be playing out in reality.

If price weakness continues, I may very well get a "Fundamental" entry. I would become interested anywhere around $11, or even better below.


CALLON PETROLEUM (NYSE:CPE) Delayed quote data

Last Trade: 13.93
Trade Time: 4:05PM ET
Change: 0.63 (4.33%)
Prev Close: 14.56
Open: 14.66
Bid: N/A
Ask: N/A
1y Target Est: 17.33

Day's Range: 13.74 - 14.66
52wk Range: 10.30 - 18.00
Volume: 173,700
Avg Vol (3m): 138,590
Market Cap: 246.85M
P/E (ttm): 11.71
EPS (ttm): 1.19
Div & Yield: N/A (N/A)

An increase in daily volume over the average.
New SHORT positions? This has broken the previous low, and therefore may interest some bear swing trades.

Lots of Bears about at the moment.............
cheers d998

 

[ducati998]

Joules MM1,
Some interesting points relevant to the management of the trade in CPE.

The biggest challenge I constantly face is not the fundamentals of accounting or the nuances of technical analysis but my anchoring. To become anchored is to first 'feel' we have a clue to something and then go about justifying or giving evidence to that position. This is called the emotional logic.This creates an anchoring.

Now I know there are others on this site that have knowledge of, or actively use NLP principals.
ANCHORING...........any stimulus that changes your state.

Extremely relevant to this trade.
I have posted any number of news stories that appear on the newswires that have an emotional impact on the trade, even if nothing else.
A trader, or an investor, will be bombarded on a daily basis with conflicting information upon their position. How is that managed?

ANCHORS...............the stimulus can be of any type of sensory input.
Visual, Auditory, Kinesthetic, Olfactory, Gustatory. Your "state" or "emotional status" is driven at any moment in time by your sensory experience, your thought or "cognitive" process, your "sub-conscious" and physiology.

When an anchor is triggered, memories can be released. They may be positive or negative.
In relation to trading, this can ruin a perfectly valid trade, or prompt an irrational trade, invalidating any trading plan that you may have had, through a change in your "emotional state"

Do "Traders" and "Investors" use anchors differently?
I would contend that they are used very differently.
So differently in point of fact, that it may well determine your choice of methodology.

When the US topped again around the 7th March 2005 there wasnt any of the conversation that is around right now. What has changed? The psychology has increased to the bearish side. This is obvious, yet, what is not obvious, is that this conversation was not happening THEN! Numbers are just numbers and that they are important to many begs the question what are you doing talking bout it NOW? What stopped you having that same converstion THEN?

The fastest in the "HERD" will survive and prosper. The slow, will be killed and devoured. This is natures way. If, you want to play the "speculative" game, you must learn to be part of the fast herd, otherwise, your trading capital will be destroyed, and you will be out of the game.

Of course, much discussion rightly revolves around..........how to join the "fast crew".
How to "see" the sentiment shifting, how to profit from that sentiment shift.
For those who have not already realised what this thread is actually about..............it is about managing a "trade" in real time.

Whether the "methodology" is successful, or a resounding failure, is irrelevant.
What is relevant is "how" the trade is managed, with all the "noise" added.
Oil, was chosen simply because it is currently "hot" and in the news. Opinions will be myriad.

Going the 'I told you so' or the 'I knew that would happen' route is useless to a trader. Really. Look at your account. You want to gossip or trade?

This is the crux.
To post trades in real time is always a good learning experience. For daytraders, it is not practical, but with that exception, longer term trades, ie over a few days, or longer are valid.
Anyone is more than welcome to post their thoughts, analysis, and put some pressure on their analysis by taking it public............you're wrong.........so what......did you learn anything?

cheers d998

 

[ducati998]

Associated Press
Oil Futures Hover Near $50 on OPEC Pledge
Monday April 18, 3:44 pm ET
By En-Lai Yeoh, Associated Press Writer
Crude Oil Futures Slide, Hover Near $50 Per Barrell After OPEC Pledges Increased Production


Oil prices slid but remained above $50 a barrel Monday after the president of OPEC said the group would address rising demand by increasing its daily production by half million barrels beginning next month.

Sheik Ahmed Fahd al-Ahmed al-Sabah, who is also Kuwait's energy minister, had previously spoken of the increase next month, but it was the first time he said it was going to occur without an official decision from the Organization of Petroleum Exporting Countries.

The group wants to "guarantee the flow of oil to markets," and the increase will be "spontaneously carried out by members without a decision," he added.

Light, sweet crude for May delivery fell 12 cents to $50.37 per barrel on the New York Mercantile Exchange, where prices traded as high as $51.24 and as low as $49.66.

Oil prices are roughly $8 a barrel below the intraday peak set earlier this month, though they are still more than 30 percent higher than a year ago.

Analyst Phil Flynn at Alaron Trading Corp. in Chicago said that in spite of expectations of slower economic growth, he does not believe that demand for gasoline and other fuels will drop dramatically enough to ease pressure in the oil market.

"It won't take much growth to put our backs against the wall in terms of supply," Flynn said, adding that he believes the jitters on Wall Street that sent stock prices tumbling last week are overblown and that motorists do not seem too fazed by pump prices above $2 a gallon.

"Consumers as a whole are weathering the storm pretty good," he said.

But over the weekend, finance officials from the Group of Seven said in a communique that "higher oil prices are a headwind" on the global economy and they urged producers to increase energy supplies and said countries should conserve more.

The Group of Seven -- the United States, Japan, Germany, France, Britain, Italy and Canada -- also endorsed more timely and accurate information about the oil market, which officials said could help control price fluctuations and make companies more willing to expand production.

Prices have fallen recently on increased stockpile reports from the United States, and OPEC's willingness to raise production. Also factoring into the decline was a fresh report from the Paris-based International Energy Agency forecasting slower demand growth in 2005.

Al-Sabah said current crude prices were "almost" fair and "it looked like the market is well supplied." He did not say what he regarded as a fair price.

At a March meeting in Iran, the group increased its production ceiling by 500,000 to 27.5 million barrels a day, and provided for an identical increase if crude prices did not stabilize. Al-Sabah said the expected increase in May was not that second hike, but was a separate OPEC reaction to the expected high demand for oil in the third quarter.

Traders have been hesitant to declare that oil prices have peaked for the year, though they say supply increases and signs of shrinking demand growth could keep downward pressure on the market for the rest of the quarter.

"Over the last few days, the demand side of the market has been a talking point," said ANZ Bank energy analyst Daniel Hynes from Melbourne, Australia. "The weekly U.S. petroleum stocks report will be something to watch for, with gasoline stocks now having a bigger effect on prices as we approach the summer driving season."

Average pump prices in the United States are around $2.28 per gallon compared to under $1.80 a year ago. Last week, U.S. President George W. Bush blamed China's growing appetite for crude for higher domestic prices.

In other Nymex trading, heating oil fell 1.76 cents to $1.4423 per gallon while unleaded gas futures rose 1.62 cent to $1.50 per gallon.

Brent crude for June fell 83 cents to $50.78 on London's International Petroleum Exchange.

 

[ducati998]

CALLON PETROLEUM (NYSE:CPE) Delayed quote data

Last Trade: 14.48
Trade Time: 4:04PM ET
Change: 0.55 (3.95%)
Prev Close: 13.93
Open: 13.83
Bid: N/A
Ask: N/A
1y Target Est: 17.33

Day's Range: 13.55 - 14.48
52wk Range: 10.50 - 18.00
Volume: 134,800
Avg Vol (3m): 141,727
Market Cap: 256.60M
P/E (ttm): 12.17
EPS (ttm): 1.19
Div & Yield: N/A (N/A)


And back up we go.
A bounce, from heavy selloff?
Reaction to news?
Any "new" volume, viz. institutional volume?

Still earnings to be reported.
cheers d998

 

[ducati998]

CALLON PETROLEUM (NYSE:CPE) Delayed quote data

Last Trade: 14.74
Trade Time: 4:03PM ET
Change: 0.26 (1.80%)
Prev Close: 14.48
Open: 14.57
Bid: N/A
Ask: N/A
1y Target Est: 17.33

Day's Range: 14.44 - 14.98
52wk Range: 10.50 - 18.00
Volume: 81,700
Avg Vol (3m): 141,727
Market Cap: 261.21M
P/E (ttm): 12.39
EPS (ttm): 1.19
Div & Yield: N/A (N/A)


Ownership Activity ............................. # of Holders ............................ Shares
Total Positions ..............................................86 ..................................12,685,653
New Positions .............................................. 19 ........................................ 706,475
Soldout Positions.......................................... 9 ....................................... -454,728
Net Position Change .................................. 26 ..................................... 1,281,351
Buyers ........................................................... 51 .....................................2,425,262
Sellers .......................................................... 25.................................... -1,143,911

Currently, it would seem to be the case that "positions" are slowly being built on "price" weakness. This would be fairly normal, savvy investors, will always try to build cheap, not however that $14 is cheap.........$10 is cheap.

The most likely investor base, or even longer-term technical based traders, would most likely be those that follow a "GROWTH" strategy. With a PEG of 0.55, CPE, is poised for revaluation dependant upon Q1 earnings, and more IMPORTANTLY projected earnings into Q4.

Here is where the price of oil is, and has been critical. Through hedging contracts in the futures markets, CPE should have locked in significantly higher selling prices for their oil.

What has not been factored into the price, and is currently not mentioned, and in effect you are getting for a very reasonable price is CPE's GAS BUSINESS.
Gas is slated to rise in the future, with China, again, providing increased world demand.
CPE has a significant gas production and reserves capability.
This will boost earnings, and provide the potential for earnings growth to be sustained well into this current cycle.

I have previously mentioned, but this as pure possibility, and that is of CPE being a potential takeover, or buyout candidate from one of the majors.
Shell, needs to significantly replace reserves, as does BP. Both have interests in the Gulf of Mexico, and certain synergies would be available. Fair value......$22 anyone?

cheers d998

 

[ducati998]

CALLON PETROLEUM (NYSE:CPE) Delayed quote data

Last Trade: 14.31
Trade Time: 4:04PM ET
Change: 0.43 (2.92%)
Prev Close: 14.74
Open: 14.78
Bid: N/A
Ask: N/A
1y Target Est: 17.33

Day's Range: 14.30 - 15.00
52wk Range: 10.50 - 18.00
Volume: 72,200
Avg Vol (3m): 142,909
Market Cap: 253.59M
P/E (ttm): 12.03
EPS (ttm): 1.19
Div & Yield: N/A (N/A)


Showed a weakness in price on lower than average volume.
Indices also weak today.
Earnings now a couple of weeks away, might see a run towards the earnings release.
Still volatile, up....down, no rhyme or reason, difficult stock to trade over short time frames.
cheers d998

 

[ducati998]

CALLON PETROLEUM (NYSE:CPE) Delayed quote data

Last Trade: 14.48
Trade Time: 4:03PM ET
Change: 0.17 (1.19%)
Prev Close: 14.31
Open: 14.41
Bid: N/A
Ask: N/A
1y Target Est: 17.33

Day's Range: 14.30 - 14.85
52wk Range: 10.50 - 18.00
Volume: 136,400
Avg Vol (3m): 142,818
Market Cap: 256.60M
P/E (ttm): 12.17
EPS (ttm): 1.19
Div & Yield: N/A (N/A)

Didn't do too much today.
Didn't respond to big rallies in the indices either.
Just one of these trades that requires extreme patience, and staying with the plan.
It'll either work, or fail.

Earnings will play a factor, but nothing much at the moment. Sitting tight.
cheers d998

 

[ducati998]

Associated Press
Stocks Slip on Earnings, Higher Oil Prices
Friday April 22, 2:16 pm ET
By Michael J. Martinez, AP Business Writer
Stocks Slide on Disappointing Earnings News, Profit-Taking and a Surge in Oil Prices


NEW YORK (AP) -- Disappointing first-quarter profits from consumer-focused companies helped push stocks lower Friday as investors, fearing a further economic slowdown, collected profits from the previous session's rally. A surge in oil prices past $55 per barrel also contributed to the sell-off


While strong earnings from Google Inc. pleased investors, bad news from companies including Maytag Corp. and Costco Wholesale Corp., led Wall Street to wonder whether consumers were cutting back on spending. And, with the economy looking so uncertain, investors also decided to cash in some of their gains from Thursday's rally, which gave Wall Street its best day in two years.

"We had such a big gain yesterday, it doesn't surprise me that it hasn't been met with more," said Joseph Battipaglia, chief investment officer at Ryan Beck & Co. "We're in the middle innings of a decent economic cycle, but there's still enough distraction to keep us from a huge move skyward."

In afternoon trading, the Dow Jones industrial average fell 22.31, or 0.22 percent, to 10,196.29, after gaining 206 points Thursday.

Broader stock indicators also lost ground. The Standard & Poor's 500 index was down 2.54, or 0.22 percent, at 1,157.41, and the Nasdaq composite index down 18.04, or 0.92 percent, to 1,944.37.

Adding to the concern over consumer spending, oil prices continued their rise, with a barrel of light crude quoted at $55.50, up $1.30, on the New York Mercantile Exchange.

The bond market rallied after Thursday's sell-off, with the yield on the 10-year Treasury note falling to 4.28 percent from 4.30 percent late Thursday. The dollar was mixed against other major currencies, while gold prices were higher.

The Nasdaq Stock Market Inc. was up 30 percent, or $3.23, at $13.88, after announcing plans to purchase Instinet Group Inc.'s electronic trading network, a move designed to improve Nasdaq's position as competition grows among the world's stock markets. Instinet skidded 48 cents to $5.22 on the news.

Google surged $12.55, or 6.2 percent, to $216.77 as it continued to pleasantly surprise investors with its latest earnings report. The online search company surpassed Wall Street profit forecast by 37 cents per share in the first quarter, and the stock reached a new high in the first minutes of trading.

Euphoria over Google was overshadowed, however, by earnings gloom from the consumer sector. Costco warned that gasoline sales were eroding its margins despite steady sales in other areas. Costco slid $3.18, or 7.2 percent, to $40.84.

Slower sales have forced Maytag to ramp up its cost-cutting plans. The appliance maker plunged 28 percent, or $4.18, to $10.92, after reporting a steep slide in first quarter profits, missing Wall Street profit forecasts by 10 cents per share. Maytag also reduced its earnings forecasts for the year.

Eastman Kodak Co. also saw a rough quarter as the world's biggest film producer continued on its bumpy transition to digital imaging and photography. The company swung to a loss for the quarter and missed analysts' forecasts by 30 cents per share after one-time charges. Kodak tumbled 9.9 percent, or $3.01, to $27.39.

In other merger news, MCI Inc. climbed 27 cents to $26.77 after Qwest Communications International Inc. continued its tenacious pursuit of its rival, upping its bid to $30 per share, or $9.7 billion. MCI had already agreed to a $23.10 per share, or $7.6 billion, bid from Verizon Communications Inc. Qwest shed 8 cents to $3.53, while Verizon was up 2 cents at $34.28.

Declining issues outnumbered advancers by about 5 to 4 on the New York Stock Exchange, where volume came to 967.02 million shares, compared with 1.14 billion at the same point on Thursday.

The Russell 2000 index of smaller companies was down 5.72, or 0.96 percent, at 593.26.

Overseas, Japan's Nikkei stock average rose 0.56 percent. In Europe, Britain's FTSE 100 was up 0.62 percent, Germany's DAX index gained 0.70 percent, and France's CAC-40 climbed 0.74 percent.

New York

 

[ducati998]

Callon Petroleum Company Announces Death of Board Member Robert A. Stanger
Friday April 18


NATCHEZ, Miss.--(BUSINESS WIRE)--April 22, 2005--Callon Petroleum Company (NYSE:CPE - News; NYSE:CPE.PrA - News) announced today that Robert A. "Bob" Stanger, a member of its Board of Directors since the company went public in 1994, has passed away.
"Bob has been instrumental in the success of our company over the past decade," noted Board Chairman and CEO Fred L. Callon. "We are very saddened by his untimely death and offer our deepest, heartfelt sympathy to his family."

Callon Petroleum Company has been engaged in the exploration, development, acquisition and production of oil and gas in the Gulf Coast region since 1950. Callon's properties and operations are geographically concentrated in the offshore waters of the Gulf of Mexico.

 

[ducati998]

CALLON PETROLEUM (NYSE:CPE) Delayed quote data

Last Trade: 14.41
Trade Time: 4:05PM ET
Change: 0.07 (0.48%)
Prev Close: 14.48
Open: 14.50
Bid: N/A
Ask: N/A
1y Target Est: 17.33

Day's Range: 14.23 - 14.77
52wk Range: 10.50 - 18.00
Volume: 67,500
Avg Vol (3m): 143,363
Market Cap: 255.36M
P/E (ttm): 12.11
EPS (ttm): 1.19
Div & Yield: N/A (N/A)