Updating Devon Energy Corp., Elkcorp, IAMGold and Goodyear Tire & Rubber Co.

Article Excerpt

DEVON ENERGY CORP. $65.70 (New York symbol DVN; SI Rating: Speculative) (405-235-3611; www.devonenergy.com; Shares outstanding: 442 million; Market cap: $29.0 billion) has signed a production sharing contract with China National Offshore Oil Corporation, China’s largest offshore oil producer. The agreement calls for Devon Energy to conduct deepwater exploration over an eight-year period on a block in the western South China Sea and a block in the Pearl River Mouth Basin. Devon is committed to conduct two-dimensional seismic surveys and wildcat drilling over the eight years. Devon will cover exploration costs, while China National has a right to up to a 51% interest in any discovery. Devon Energy is still a buy. ELKCORP $41.21 (New York symbol ELK; SI Rating: Speculative) (972-851-0500; www.elkcorp.com; Shares outstanding: 20.6 million; Market cap: $849.3 million) is now trading above the latest takeover bid, so further offers are likely. The latest bid, from The Carlyle Group, a private investment firm, is for $40.50 a share in cash. That tops the…

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