Pre-Market Primer: Why Investors Will be Watching Tesla, Merck, and Three Other Stocks Today

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DUC Wells Come Onto the Market

Continental Resources, Inc. (NYSE:CLR) CEO Harold Hamm confirmed what some industry analysts suspected, which is that the company has begun completing drilled but uncompleted wells. With WTI poking its head above $50 per barrel, Continental Resources has apparently decided that finishing the wells will produce an acceptable return for investors. The production from those wells could slow the decline in U.S shale production. Despite the new supply coming onto the market, Mr. Hamm is bullish, stating that his company won’t drill new wells until prices rise above $60 per barrel and that WTI could rise to $70 by the end of this year. The number of elite funds that we track with holdings in Continental Resources, Inc. (NYSE:CLR) rose by 16 quarter-over-quarter to 50 as of the end of March.

Urban Outfitters Lower on Sales Warning

Urban Outfitters, Inc. (NASDAQ:URBN) is considerably lower in the pre-market, by nearly 9%, after the retailer warned that its same-store sales might be lower than anticipated. The retailer specifically said that its comparable retail net sales for the current quarter have retreated by mid-single-digits. Analysts were instead expecting the comp sales to rise by 1.1%. Cliff Asness‘ AQR Capital Management was one of the top shareholders of Urban Outfitters, Inc. (NASDAQ:URBN) at the end of the first quarter.

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H & R Block Beats Estimates

Tax preparer H & R Block Inc (NYSE:HRB) announced adjusted EPS from continuing operations of $1.59 on revenue of $3 billion for its fiscal year 2016 ended April 30, 2016. The company bought back 3.9 million shares during its fiscal fourth quarter and raised its dividend by 10%. The total amount of buybacks for the full fiscal year amounted to 56.4 million shares or 20.5% of the float. H & R Block Inc (NYSE:HRB) will focus on slowing its client decline for the next fiscal year. 20 top funds in our system held H & R Block shares as of the most recent 13F reporting period.

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Disclosure: None

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