Some highlights from this weekend’s Event Driven Monitor
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The Event of the Week
After a volatile first few months of 2024 where the market was spooked by the Saudi jack-up announcement and the slower cadence of deepwater contract announcements, the offshore drillers pointed to the fundamentals they’re seeing being as strong as ever.
Dayrates and term lengths continue their steady march higher and the drillers highlight multiple geographies that continue to heat up and will likely require incremental rigs. Brazil and West Africa are seen as two of the top areas ready to pull in additional rigs over the next few years, while areas like India and even South Korea show potential for their gas demand.
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Kuppy’s Tweet of the Week
$GOLD making all-time-highs, whilst investor coverage declines
Chart and Kliff Note of the Week
Buffett’s housing play, LPX increased their buyback by $250m to a total of $400m (6%).
According to BofA “Companies are stepping up repurchases of their own shares, which is giving a resurgent stock market an extra boost. S&P 500 companies that have reported first-quarter results as of Monday have disclosed buying back $181.2 billion of their shares, up 16% YOY…. The pace of purchases has been brisker than usual for nine straight weeks…”
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Kuppy’s Event Driven Monitor scans over 20 corporate events for market moving information and distills them into our propietary “Kliff Notes.” One profitable trade should more than cover an annual subscription and access to the Event Driven chatroom!
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