Netflix, Rio Tinto, and Exxon Mobil Among 5 Stocks Making Waves Today

Rio Tinto Sells a Coal Mine

Rio Tinto plc (ADR) (NYSE:RIO) shares have retreated by 3.5% after the commodity giant sold its Blair Athol coal mine for a mere one Australian dollar to Australian miner TerraCom Ltd. In addition, Rio Tinto will pay TerraCom AUD80 million ($59.69 million) for rehabilitation costs for the mine site. The Blair Athol coal mine is one of the oldest in Australia’s Queensland state and its profitability has been negatively affected due to lower thermal coal prices. 24 funds in our database owned shares of Rio Tinto plc (ADR) (NYSE:RIO) at the end of the first quarter, a 50% hike from the end of the fourth quarter of 2015.

Australian Newspapers Name Exxon as Mystery InterOil Suitor

Energy giant Exxon Mobil Corporation (NYSE:XOM) is reportedly the new mystery bidder for the Papua New Guinea E&P InterOil Corporation (USA) (NYSE:IOC). Although InterOil had previously agreed to sell itself to Oil Search in a $2.2 billion cash-and-stock deal, the company received an unsolicited, conditional non-binding proposal on June 30 from a third party to acquire 100% of its outstanding common shares. Although Exxon Mobil has not acknowledged that it is the mystery suitor, The Australian reports that bankers at JPMorgan and other investment banks are likely assessing Exxon’s offer, which currently is under negotiation and has thus far not been publicly disclosed. The Australian also writes that Exxon may want InterOil due to the company’s “stake in the big onshore Elk/Antelope field to help it profitably expand the two-train PNG LNG project that exports gas from the Highlands through an LNG plant at Port Moresby.” Exxon will likely have until July 28 to win the approval of InterOil’s board.

Of the 766 elite funds that we track, 60 owned $2.5 billion worth of Exxon Mobil Corporation (NYSE:XOM) shares on March 31, which accounted for a mere 0.70% of the float. Ten funds had stakes in InterOil Corporation (USA) (NYSE:IOC) at the end of the first quarter, owning 9.40% of its float.

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