SARASOTA, Fla., Sept. 23, 2004 (PRIMEZONE) -- The following is an investment opinion issued by eLocity Inc.:
Fidelis Energy, Inc. (OTCBB:FDEI), Gemstar-TV Guide International Inc. (Nasdaq:GMST), Merix (Nasdaq:MERX) and Petroleum Development (Nasdaq:PETD).
Investors may want to swing over and check out oil and gas company Fidelis Energy, Inc. (OTCBB:FDEI). Dedicated to developing North America's energy resources, Fidelis Energy announced after the closing bell Wednesday "that the natural gas pipeline construction, survey and ultimately the tie-in of the Archer-Whitney number 1 gas well at the North Franklin Project has begun. Once tie-in of the well is finished, Fidelis Energy will be cash flow positive and will become a commercial California gas producer, the first well is expected to reach or exceed 5,000 mcf per day. 5,000 mcf per day at $6.00 per mcf (based on PG&E-Citygate averages) will generate $11 million per year, per each well drilled on the property.
FDEI is currently trading around .75 a share.
On the Nasdaq --
Petroleum Development (Nasdaq:PETD)
Petroleum Development, a regional independent energy company engaged primarily in the development, production and marketing of natural gas, will be added to the S&P SmallCap 600 GICS (Global Industry Classification Standard) Oil & Gas Exploration & Production Sub-Industry Index.
Petroleum Development will replace Evergreen Resources (NYSE:EVG), due to Evergreen's pending merger with S&P Mid Cap 400 company Pioneer Natural Resources (NYSE:PXD).
The changes will be made to the index after the close of trading on Sept. 28.
Shares of PETD closed trade Wednesday higher by 4.50 at $40.90 on strong volume of 1,333,284 shares.
Gemstar-TV Guide International Inc. (Nasdaq:GMST)
Media and technology company Gemstar-TV Guide International Inc. announced Wednesday that it has signed a multi-year licensing agreement with Home Electronics Division of Hitachi America Ltd., a subsidiary of Hitachi Ltd. (NYSE:HIT).
Gemstar said that under the agreement, Hitachi has licensed the right to incorporate Gemstar-TV Guide's interactive program guide (IPG) namely TV Guide on Screen, for the consumer electronics arena, into Hitachi digital televisions in North America. Gemstar-TV added that, with the addition of Hitachi, it now licenses its consumer electronics IPG and technology to more than a dozen of the top consumer electronics manufacturers worldwide. Under the terms of its agreement with Hitachi, Gemstar-TV Guide receives license fees based upon the number of units sold that include the licensed technology.
Gemstar said that TV Guide On Screen is built directly into consumer electronics products, and allows viewers with digital-cable ready TVs, recorders and set-top boxes to enjoy the convenience and features of an IPG while using CableCARD technology. CableCARD technology allows viewers to receive digital cable television without a set-top box.
Shares of GMST closed Wednesday's trading session at $5.45 on strong volume of 3,796,814 shares.
Merix (Nasdaq:MERX)
Shares of printed circuit board maker Merix rose in after-hours trading Wednesday after the company issued its first-quarter results on Wednesday and said sales were $42.1 million, up from $30.7 million last year.
On a pro forma basis, Merix reported a loss of 7 cents a share versus 9 cents a share a year ago. beating expectations by analysts surveyed by Thomson First Call of a loss of 9 cents a share on sales of $42 million. The company said its book-to-bill ratio was 1.13-to-1 and its 90-day backlog increased to $25.2 million, up from $19.8 million a year ago.
Looking ahead, Merix forecast second-quarter sales of $43 million to $47 million on increased unit shipments. It sees losses of 6 cents a share to breakeven and pro forma losses of 4 cents a share to breakeven. Analysts expect a second-quarter loss of 2 cents a share on sales of $45 million.
MERX closed Wednesday's regular trading session at 10.07, but was trading at $10.75 after hours.
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