05
Jan
Market Sentiment Watch: Thank You Sir, May I Have Another!? Yesterday was a great way to ring in the New Year. This morning equity and commodity futures are pointing to a more flattish open. Another of the Fed’s voices, Duke, spoke out yesterday afternoon on excess slack in the economy keeping inflation in check and allowing for low rates for that extended period yet again. Dollar bulls, that should be fair warning. FOMC minutes come out tomorrow afternoon and if speeches from Ben and his cohorts are an indication, there should be nothing in there to boost the greenback. I dipped into my cash position yesterday and plan to rebuild cash for the rest of the week as I start to ease out of January call positions. By the way, JP Morgan downgraded several names this morning (including BEXP and EOG), and while I have not seen the note my guess is that it’s a valuation piece. Those kind of downgrades often provide a brief one day dip in the stock that is erased with momentum in the general group or news in the name. We shall see.
Ecodata Watch:
- Factory orders (forecast 0.8%), due out at 10 am EST
- New car sales (forecast 11.2 mm), we get these as the day goes along.
In Today’s Post:
- Holdings Watch
- Commodity Watch
- Crack Spread Update
- Stuff We Care About Today – Granite Wash players summary, APC/TXCO, CRED reserves
- Odds & Ends
Holdings Watch:
- $10KP II:
- $26,600
- 31% Cash
- The Holdings Tab Is Updated for current positions and for the $10KP II and ZLT spreadsheets.
- Yesterday’s Trades:
- SWN – Added (30) SWN February $55 Calls for $0.80 with the stock at $49.50.
- EOG – Added (5) EOG January $100 Calls as per comments in the post for $2.25 with the stock just under $100.
- BEXP – Added (20) of the February $17.50 calls (QBJBW) for $0.40 with the stock at $14.90. I hold the January $15s as well but plan to sell them this week. I also hold the common from $7.71. The delta here is about 0.2 so a $1 move to the upside on news, should that happen, would be rewarding. Again, high risk and I don’t expect the stock to get to that strike in the near term but it does not need to for these to work.
Commodity Watch
Crude oil jumped $2.15 to close at $81.51 yesterday on the back of a weaker dollar, cold weather in the U.S. and in Asia, strong eco data in the form of the ISM, and increased tensions in the Middle East. This morning crude is trading off slightly. I’ve read a couple of comments overnight that new money is entering the crude market at the tick of the calendar.
- Early Read On Oil Inventories:
- Crude: DOWN 1.0 mm barrels
- Gasoline: UP 1.0 mm barrels
- Distillates: DOWN 1.8 mm barrels
Natural gas jumped 5% to close at $5.88 yesterday. It’s just really cold, and more importantly, persistently so. This morning gas is trading slightly lower as traders take some profits. Natural gas should not be able to mount much more of a run without showing some big weather related withdrawals from storage and this week’s holiday-light report may again prove disappointing before we see a really large withdrawal next week.
- Imports Watch:
- LNG was 1.4 Bcfgpd last week, up 0.7 bcfgpd from year ago levels. So still no tsunami.
- Canada was 7.7 Bcfgpd, down 0.6 Bcfgpd.
Crack Spread Update
Key Takeaways: Same as last week, watching to see if products will rally beyond the move in crude … so far no joy there and so I sit and wait.
Stuff We Care About Today
Granite Wash Players
Comments:
- In case you just wanted to know who the big players here are and what it means in terms of reserve potential relative to their 2008 booked reserves.
- CHK estimates this is the highest return play in their portfolio.
- Look for NFX to add another set of 5 wells here with their next operational update which should come around mid month.
Conference Watch:
- Pritchard Energize Conference (Wednesday through Friday)- List of presentations.
- Next Week:
- Goldman Sachs Global Energy Conference.
- BMO Capital Markets 2010 Unconventional Resource Conference.
APC Outbids NFX for TXCO Assets
- $331 mm ($330 mm for the debt and $1 mm for the equity (ouch)), beats the previous NFX offer of $223 mm.
- TXCO’s reserves at the end of 2008 were 81.7 Bcfe.
- They also had over 620,000 net acres in the Maverick Basin, and 260,000 acres of this has Eagle Ford potential, giving APC potentially over 440,000 acres with Eagle Ford Shale potential.
- APC has been drilling wells with IPs up to 6 MMcfepd here, not barn burners by the play’s standards but definitely economic given current costs and $5 gas.
CRED Reserve Report
- This is the first 2009 reserve report I have seen and I only bring it up because at first glance, nothing wild jumps out of the report despite the more lenient reporting rules which have led some, myself included, to speculate that some E&Ps will sprout sudden growth as they book PUDs to their heart’s content.
- Reserve replacement of 121% isn’t that out there and while reserves did increase due to an increased booking of Proven Undeveloped Locations, the increase was characterized as "limited".
Bet This Comes Public This Year Watch
- Jones Energy – completed the acquisition of Crusader, now has acreage in the Bakken, Woodford, Granite Wash and other plays.
Odds & Ends
Analyst Watch:
- (CXO), (BEXP), (EOG), (COG) cut to Neutral from Overweight at JP Morgan
Interesting Reading Watch:
05
Jan
Market Sentiment Watch: Thank You Sir, May I Have Another!? Yesterday was a great way to ring in the New Year. This morning equity and commodity futures are pointing to a more flattish open. Another of the Fed’s voices, Duke, spoke out yesterday afternoon on excess slack in the economy keeping inflation in check and allowing for low rates for that extended period yet again. Dollar bulls, that should be fair warning. FOMC minutes come out tomorrow afternoon and if speeches from Ben and his cohorts are an indication, there should be nothing in there to boost the greenback. I dipped into my cash position yesterday and plan to rebuild cash for the rest of the week as I start to ease out of January call positions. By the way, JP Morgan downgraded several names this morning (including BEXP and EOG), and while I have not seen the note my guess is that it’s a valuation piece. Those kind of downgrades often provide a brief one day dip in the stock that is erased with momentum in the general group or news in the name. We shall see.
Ecodata Watch:
- Factory orders (forecast 0.8%), due out at 10 am EST
- New car sales (forecast 11.2 mm), we get these as the day goes along.
In Today’s Post:
- Holdings Watch
- Commodity Watch
- Crack Spread Update
- Stuff We Care About Today – Granite Wash players summary, APC/TXCO, CRED reserves
- Odds & Ends
Holdings Watch:
- $10KP II:
- $26,600
- 31% Cash
- The Holdings Tab Is Updated for current positions and for the $10KP II and ZLT spreadsheets.
- Yesterday’s Trades:
- SWN – Added (30) SWN February $55 Calls for $0.80 with the stock at $49.50.
- EOG – Added (5) EOG January $100 Calls as per comments in the post for $2.25 with the stock just under $100.
- BEXP – Added (20) of the February $17.50 calls (QBJBW) for $0.40 with the stock at $14.90. I hold the January $15s as well but plan to sell them this week. I also hold the common from $7.71. The delta here is about 0.2 so a $1 move to the upside on news, should that happen, would be rewarding. Again, high risk and I don’t expect the stock to get to that strike in the near term but it does not need to for these to work.
Commodity Watch
Crude oil jumped $2.15 to close at $81.51 yesterday on the back of a weaker dollar, cold weather in the U.S. and in Asia, strong eco data in the form of the ISM, and increased tensions in the Middle East. This morning crude is trading off slightly. I’ve read a couple of comments overnight that new money is entering the crude market at the tick of the calendar.
- Early Read On Oil Inventories:
- Crude: DOWN 1.0 mm barrels
- Gasoline: UP 1.0 mm barrels
- Distillates: DOWN 1.8 mm barrels
Natural gas jumped 5% to close at $5.88 yesterday. It’s just really cold, and more importantly, persistently so. This morning gas is trading slightly lower as traders take some profits. Natural gas should not be able to mount much more of a run without showing some big weather related withdrawals from storage and this week’s holiday-light report may again prove disappointing before we see a really large withdrawal next week.
- Imports Watch:
- LNG was 1.4 Bcfgpd last week, up 0.7 bcfgpd from year ago levels. So still no tsunami.
- Canada was 7.7 Bcfgpd, down 0.6 Bcfgpd.
Crack Spread Update
Key Takeaways: Same as last week, watching to see if products will rally beyond the move in crude … so far no joy there and so I sit and wait.
Stuff We Care About Today
Granite Wash Players
Comments:
- In case you just wanted to know who the big players here are and what it means in terms of reserve potential relative to their 2008 booked reserves.
- CHK estimates this is the highest return play in their portfolio.
- Look for NFX to add another set of 5 wells here with their next operational update which should come around mid month.
Conference Watch:
- Pritchard Energize Conference (Wednesday through Friday)- List of presentations.
- Next Week:
- Goldman Sachs Global Energy Conference.
- BMO Capital Markets 2010 Unconventional Resource Conference.
APC Outbids NFX for TXCO Assets
- $331 mm ($330 mm for the debt and $1 mm for the equity (ouch)), beats the previous NFX offer of $223 mm.
- TXCO’s reserves at the end of 2008 were 81.7 Bcfe.
- They also had over 620,000 net acres in the Maverick Basin, and 260,000 acres of this has Eagle Ford potential, giving APC potentially over 440,000 acres with Eagle Ford Shale potential.
- APC has been drilling wells with IPs up to 6 MMcfepd here, not barn burners by the play’s standards but definitely economic given current costs and $5 gas.
CRED Reserve Report
- This is the first 2009 reserve report I have seen and I only bring it up because at first glance, nothing wild jumps out of the report despite the more lenient reporting rules which have led some, myself included, to speculate that some E&Ps will sprout sudden growth as they book PUDs to their heart’s content.
- Reserve replacement of 121% isn’t that out there and while reserves did increase due to an increased booking of Proven Undeveloped Locations, the increase was characterized as "limited".
Bet This Comes Public This Year Watch
- Jones Energy – completed the acquisition of Crusader, now has acreage in the Bakken, Woodford, Granite Wash and other plays.
Odds & Ends
Analyst Watch:
- (CXO), (BEXP), (EOG), (COG) cut to Neutral from Overweight at JP Morgan
Interesting Reading Watch:
05
Jan
Market Sentiment Watch: Thank You Sir, May I Have Another!? Yesterday was a great way to ring in the New Year. This morning equity and commodity futures are pointing to a more flattish open. Another of the Fed’s voices, Duke, spoke out yesterday afternoon on excess slack in the economy keeping inflation in check and allowing for low rates for that extended period yet again. Dollar bulls, that should be fair warning. FOMC minutes come out tomorrow afternoon and if speeches from Ben and his cohorts are an indication, there should be nothing in there to boost the greenback. I dipped into my cash position yesterday and plan to rebuild cash for the rest of the week as I start to ease out of January call positions. By the way, JP Morgan downgraded several names this morning (including BEXP and EOG), and while I have not seen the note my guess is that it’s a valuation piece. Those kind of downgrades often provide a brief one day dip in the stock that is erased with momentum in the general group or news in the name. We shall see.
Ecodata Watch:
- Factory orders (forecast 0.8%), due out at 10 am EST
- New car sales (forecast 11.2 mm), we get these as the day goes along.
In Today’s Post:
- Holdings Watch
- Commodity Watch
- Crack Spread Update
- Stuff We Care About Today – Granite Wash players summary, APC/TXCO, CRED reserves
- Odds & Ends
Holdings Watch:
- $10KP II:
- $26,600
- 31% Cash
- The Holdings Tab Is Updated for current positions and for the $10KP II and ZLT spreadsheets.
- Yesterday’s Trades:
- SWN – Added (30) SWN February $55 Calls for $0.80 with the stock at $49.50.
- EOG – Added (5) EOG January $100 Calls as per comments in the post for $2.25 with the stock just under $100.
- BEXP – Added (20) of the February $17.50 calls (QBJBW) for $0.40 with the stock at $14.90. I hold the January $15s as well but plan to sell them this week. I also hold the common from $7.71. The delta here is about 0.2 so a $1 move to the upside on news, should that happen, would be rewarding. Again, high risk and I don’t expect the stock to get to that strike in the near term but it does not need to for these to work.
Commodity Watch
Crude oil jumped $2.15 to close at $81.51 yesterday on the back of a weaker dollar, cold weather in the U.S. and in Asia, strong eco data in the form of the ISM, and increased tensions in the Middle East. This morning crude is trading off slightly. I’ve read a couple of comments overnight that new money is entering the crude market at the tick of the calendar.
- Early Read On Oil Inventories:
- Crude: DOWN 1.0 mm barrels
- Gasoline: UP 1.0 mm barrels
- Distillates: DOWN 1.8 mm barrels
Natural gas jumped 5% to close at $5.88 yesterday. It’s just really cold, and more importantly, persistently so. This morning gas is trading slightly lower as traders take some profits. Natural gas should not be able to mount much more of a run without showing some big weather related withdrawals from storage and this week’s holiday-light report may again prove disappointing before we see a really large withdrawal next week.
- Imports Watch:
- LNG was 1.4 Bcfgpd last week, up 0.7 bcfgpd from year ago levels. So still no tsunami.
- Canada was 7.7 Bcfgpd, down 0.6 Bcfgpd.
Crack Spread Update
Key Takeaways: Same as last week, watching to see if products will rally beyond the move in crude … so far no joy there and so I sit and wait.
Stuff We Care About Today
Granite Wash Players
Comments:
- In case you just wanted to know who the big players here are and what it means in terms of reserve potential relative to their 2008 booked reserves.
- CHK estimates this is the highest return play in their portfolio.
- Look for NFX to add another set of 5 wells here with their next operational update which should come around mid month.
Conference Watch:
- Pritchard Energize Conference (Wednesday through Friday)- List of presentations.
- Next Week:
- Goldman Sachs Global Energy Conference.
- BMO Capital Markets 2010 Unconventional Resource Conference.
APC Outbids NFX for TXCO Assets
- $331 mm ($330 mm for the debt and $1 mm for the equity (ouch)), beats the previous NFX offer of $223 mm.
- TXCO’s reserves at the end of 2008 were 81.7 Bcfe.
- They also had over 620,000 net acres in the Maverick Basin, and 260,000 acres of this has Eagle Ford potential, giving APC potentially over 440,000 acres with Eagle Ford Shale potential.
- APC has been drilling wells with IPs up to 6 MMcfepd here, not barn burners by the play’s standards but definitely economic given current costs and $5 gas.
CRED Reserve Report
- This is the first 2009 reserve report I have seen and I only bring it up because at first glance, nothing wild jumps out of the report despite the more lenient reporting rules which have led some, myself included, to speculate that some E&Ps will sprout sudden growth as they book PUDs to their heart’s content.
- Reserve replacement of 121% isn’t that out there and while reserves did increase due to an increased booking of Proven Undeveloped Locations, the increase was characterized as "limited".
Bet This Comes Public This Year Watch
- Jones Energy – completed the acquisition of Crusader, now has acreage in the Bakken, Woodford, Granite Wash and other plays.
Odds & Ends
Analyst Watch:
- (CXO), (BEXP), (EOG), (COG) cut to Neutral from Overweight at JP Morgan
Interesting Reading Watch:
05
Jan
Market Sentiment Watch: Thank You Sir, May I Have Another!? Yesterday was a great way to ring in the New Year. This morning equity and commodity futures are pointing to a more flattish open. Another of the Fed’s voices, Duke, spoke out yesterday afternoon on excess slack in the economy keeping inflation in check and allowing for low rates for that extended period yet again. Dollar bulls, that should be fair warning. FOMC minutes come out tomorrow afternoon and if speeches from Ben and his cohorts are an indication, there should be nothing in there to boost the greenback. I dipped into my cash position yesterday and plan to rebuild cash for the rest of the week as I start to ease out of January call positions. By the way, JP Morgan downgraded several names this morning (including BEXP and EOG), and while I have not seen the note my guess is that it’s a valuation piece. Those kind of downgrades often provide a brief one day dip in the stock that is erased with momentum in the general group or news in the name. We shall see.
Ecodata Watch:
- Factory orders (forecast 0.8%), due out at 10 am EST
- New car sales (forecast 11.2 mm), we get these as the day goes along.
In Today’s Post:
- Holdings Watch
- Commodity Watch
- Crack Spread Update
- Stuff We Care About Today – Granite Wash players summary, APC/TXCO, CRED reserves
- Odds & Ends
Holdings Watch:
- $10KP II:
- $26,600
- 31% Cash
- The Holdings Tab Is Updated for current positions and for the $10KP II and ZLT spreadsheets.
- Yesterday’s Trades:
- SWN – Added (30) SWN February $55 Calls for $0.80 with the stock at $49.50.
- EOG – Added (5) EOG January $100 Calls as per comments in the post for $2.25 with the stock just under $100.
- BEXP – Added (20) of the February $17.50 calls (QBJBW) for $0.40 with the stock at $14.90. I hold the January $15s as well but plan to sell them this week. I also hold the common from $7.71. The delta here is about 0.2 so a $1 move to the upside on news, should that happen, would be rewarding. Again, high risk and I don’t expect the stock to get to that strike in the near term but it does not need to for these to work.
Commodity Watch
Crude oil jumped $2.15 to close at $81.51 yesterday on the back of a weaker dollar, cold weather in the U.S. and in Asia, strong eco data in the form of the ISM, and increased tensions in the Middle East. This morning crude is trading off slightly. I’ve read a couple of comments overnight that new money is entering the crude market at the tick of the calendar.
- Early Read On Oil Inventories:
- Crude: DOWN 1.0 mm barrels
- Gasoline: UP 1.0 mm barrels
- Distillates: DOWN 1.8 mm barrels
Natural gas jumped 5% to close at $5.88 yesterday. It’s just really cold, and more importantly, persistently so. This morning gas is trading slightly lower as traders take some profits. Natural gas should not be able to mount much more of a run without showing some big weather related withdrawals from storage and this week’s holiday-light report may again prove disappointing before we see a really large withdrawal next week.
- Imports Watch:
- LNG was 1.4 Bcfgpd last week, up 0.7 bcfgpd from year ago levels. So still no tsunami.
- Canada was 7.7 Bcfgpd, down 0.6 Bcfgpd.
Crack Spread Update
Key Takeaways: Same as last week, watching to see if products will rally beyond the move in crude … so far no joy there and so I sit and wait.
Stuff We Care About Today
Granite Wash Players
Comments:
- In case you just wanted to know who the big players here are and what it means in terms of reserve potential relative to their 2008 booked reserves.
- CHK estimates this is the highest return play in their portfolio.
- Look for NFX to add another set of 5 wells here with their next operational update which should come around mid month.
Conference Watch:
- Pritchard Energize Conference (Wednesday through Friday)- List of presentations.
- Next Week:
- Goldman Sachs Global Energy Conference.
- BMO Capital Markets 2010 Unconventional Resource Conference.
APC Outbids NFX for TXCO Assets
- $331 mm ($330 mm for the debt and $1 mm for the equity (ouch)), beats the previous NFX offer of $223 mm.
- TXCO’s reserves at the end of 2008 were 81.7 Bcfe.
- They also had over 620,000 net acres in the Maverick Basin, and 260,000 acres of this has Eagle Ford potential, giving APC potentially over 440,000 acres with Eagle Ford Shale potential.
- APC has been drilling wells with IPs up to 6 MMcfepd here, not barn burners by the play’s standards but definitely economic given current costs and $5 gas.
CRED Reserve Report
- This is the first 2009 reserve report I have seen and I only bring it up because at first glance, nothing wild jumps out of the report despite the more lenient reporting rules which have led some, myself included, to speculate that some E&Ps will sprout sudden growth as they book PUDs to their heart’s content.
- Reserve replacement of 121% isn’t that out there and while reserves did increase due to an increased booking of Proven Undeveloped Locations, the increase was characterized as "limited".
Bet This Comes Public This Year Watch
- Jones Energy – completed the acquisition of Crusader, now has acreage in the Bakken, Woodford, Granite Wash and other plays.
Odds & Ends
Analyst Watch:
- (CXO), (BEXP), (EOG), (COG) cut to Neutral from Overweight at JP Morgan
Interesting Reading Watch:
05
Jan
Market Sentiment Watch: Thank You Sir, May I Have Another!? Yesterday was a great way to ring in the New Year. This morning equity and commodity futures are pointing to a more flattish open. Another of the Fed’s voices, Duke, spoke out yesterday afternoon on excess slack in the economy keeping inflation in check and allowing for low rates for that extended period yet again. Dollar bulls, that should be fair warning. FOMC minutes come out tomorrow afternoon and if speeches from Ben and his cohorts are an indication, there should be nothing in there to boost the greenback. I dipped into my cash position yesterday and plan to rebuild cash for the rest of the week as I start to ease out of January call positions. By the way, JP Morgan downgraded several names this morning (including BEXP and EOG), and while I have not seen the note my guess is that it’s a valuation piece. Those kind of downgrades often provide a brief one day dip in the stock that is erased with momentum in the general group or news in the name. We shall see.
Ecodata Watch:
- Factory orders (forecast 0.8%), due out at 10 am EST
- New car sales (forecast 11.2 mm), we get these as the day goes along.
In Today’s Post:
- Holdings Watch
- Commodity Watch
- Crack Spread Update
- Stuff We Care About Today – Granite Wash players summary, APC/TXCO, CRED reserves
- Odds & Ends
Holdings Watch:
- $10KP II:
- $26,600
- 31% Cash
- The Holdings Tab Is Updated for current positions and for the $10KP II and ZLT spreadsheets.
- Yesterday’s Trades:
- SWN – Added (30) SWN February $55 Calls for $0.80 with the stock at $49.50.
- EOG – Added (5) EOG January $100 Calls as per comments in the post for $2.25 with the stock just under $100.
- BEXP – Added (20) of the February $17.50 calls (QBJBW) for $0.40 with the stock at $14.90. I hold the January $15s as well but plan to sell them this week. I also hold the common from $7.71. The delta here is about 0.2 so a $1 move to the upside on news, should that happen, would be rewarding. Again, high risk and I don’t expect the stock to get to that strike in the near term but it does not need to for these to work.
Commodity Watch
Crude oil jumped $2.15 to close at $81.51 yesterday on the back of a weaker dollar, cold weather in the U.S. and in Asia, strong eco data in the form of the ISM, and increased tensions in the Middle East. This morning crude is trading off slightly. I’ve read a couple of comments overnight that new money is entering the crude market at the tick of the calendar.
- Early Read On Oil Inventories:
- Crude: DOWN 1.0 mm barrels
- Gasoline: UP 1.0 mm barrels
- Distillates: DOWN 1.8 mm barrels
Natural gas jumped 5% to close at $5.88 yesterday. It’s just really cold, and more importantly, persistently so. This morning gas is trading slightly lower as traders take some profits. Natural gas should not be able to mount much more of a run without showing some big weather related withdrawals from storage and this week’s holiday-light report may again prove disappointing before we see a really large withdrawal next week.
- Imports Watch:
- LNG was 1.4 Bcfgpd last week, up 0.7 bcfgpd from year ago levels. So still no tsunami.
- Canada was 7.7 Bcfgpd, down 0.6 Bcfgpd.
Crack Spread Update
Key Takeaways: Same as last week, watching to see if products will rally beyond the move in crude … so far no joy there and so I sit and wait.
Stuff We Care About Today
Granite Wash Players
Comments:
- In case you just wanted to know who the big players here are and what it means in terms of reserve potential relative to their 2008 booked reserves.
- CHK estimates this is the highest return play in their portfolio.
- Look for NFX to add another set of 5 wells here with their next operational update which should come around mid month.
Conference Watch:
- Pritchard Energize Conference (Wednesday through Friday)- List of presentations.
- Next Week:
- Goldman Sachs Global Energy Conference.
- BMO Capital Markets 2010 Unconventional Resource Conference.
APC Outbids NFX for TXCO Assets
- $331 mm ($330 mm for the debt and $1 mm for the equity (ouch)), beats the previous NFX offer of $223 mm.
- TXCO’s reserves at the end of 2008 were 81.7 Bcfe.
- They also had over 620,000 net acres in the Maverick Basin, and 260,000 acres of this has Eagle Ford potential, giving APC potentially over 440,000 acres with Eagle Ford Shale potential.
- APC has been drilling wells with IPs up to 6 MMcfepd here, not barn burners by the play’s standards but definitely economic given current costs and $5 gas.
CRED Reserve Report
- This is the first 2009 reserve report I have seen and I only bring it up because at first glance, nothing wild jumps out of the report despite the more lenient reporting rules which have led some, myself included, to speculate that some E&Ps will sprout sudden growth as they book PUDs to their heart’s content.
- Reserve replacement of 121% isn’t that out there and while reserves did increase due to an increased booking of Proven Undeveloped Locations, the increase was characterized as "limited".
Bet This Comes Public This Year Watch
- Jones Energy – completed the acquisition of Crusader, now has acreage in the Bakken, Woodford, Granite Wash and other plays.
Odds & Ends
Analyst Watch:
- (CXO), (BEXP), (EOG), (COG) cut to Neutral from Overweight at JP Morgan
Interesting Reading Watch:
