Headlines this morning include Total restarting North Sea gas production, CapLease increasing its dividend, a mea culpa from Electronic Arts, bad news from Boston Scientific and earnings from Dick's Sporting Goods.
Total (TOT) is restarting gas production in the Elgin field in the North Sea after a gas leak almost a year ago forced the company to half production. The French company said it will ramp up production to 70,000 barrels of oil equivalent per day, which is about half of the potential of the Elgin and surrounding fields.
CapLease (LSE), a real-estate investment trust, announced that it raising its quarterly dividend by 3 percent to 7.75 cents per share. The new rate will take effect in the first quarter, which will be paid on April 15 to holders of record on April 4. This is the eighth consecutive quarter that the company has increased its dividend.
Video-game maker Electronic Arts (EA) apologized to gamers for problems with the launch of its new “SimCity” game. Electronic Arts will offer a free PC game to SimCity players who register their game by March 18. The game had already garnered criticism for requiring players to be connected to the internet even if they were in the game's single-player mode. A number of players were unable to log in after the game launched and some retailers pulled the game from their shelves. A spokeswoman for Maxis, the game's developer, said the company increased server capacity by 120 percent to help alleviate the issues.
Medical-device maker Boston Scientific (BSX) reported that a study of an experimental stroke-preventing device for patients with irregular heartbeats showed mixed results in a late-stage study. The results cast some doubt on whether the Food and Drug Administration will approve the drug. The company broke an embargo on the study and released it early after pulling a planned presentation of the study's results from a conference.
Dick's Sporting Goods
Dick's Sporting Goods (DKS) reported EPS of $1.03 for the quarter ended Feb. 2. Revenue was $1.81 per share. Analysts expected $1.06 per share on revenue of $1.86 billion. The company reported a 2% decline in same-store sales at its Dick's Sporting Goods stores during the quarter. For the current quarter the company expects to earn 47 cents to 49 cents per share, compared to estimates for 50 cents per share.