EOG Resources was upgraded Monday to buy from hold at Citigroup (NYSE:C). Analysts also increased EOG’s price target by $10 to $130 a share. The independent oil and gas producer drew praise for its better-than-expected earnings. Analyst Robert Morris said the company’s well results in the Eagle Ford shale of South Texas yield further credence to its reserve claims in the region. Morris expects EOG to grow its production by about 10% in 2011 and 11% in 2012, driven by North American oil and liquids.-MarketWatch
Forty-five thousand Verizon (NYSE:VZ) workers from Massachusetts to Washington, D.C., went on strike Sunday after negotiations fizzled over a new labor contract for more than a fifth of the company’s work force. Verizon is the nation’s largest wireless carrier, but the contract that expired at midnight Saturday covers workers in the company’s wireline division, which includes local-phone operations, services for businesses and governments and long-haul wholesale traffic. Talks in Philadelphia and New York stalled Saturday night after Verizon continued to demand more than 100 concessions from workers regarding health care, pensions and work rules, said the Communications Workers of America. -Daily Finance
General Electric (NYSE:GE), once vilified in the U.S. for leadership in outsourcing jobs, is pulling more information-technology positions back in-house. Chief Executive Officer Jeffrey Immelt has said GE will add more than 15,000 jobs in the three years through December. About 1,100 will be just outside Detroit in a center for information technology, a field emblematic of outsourcing. So far, GE has hired about 660 people in Michigan, a state that led the nation in jobless rates, making it a symbol of U.S. industrial decline. More on the story here -Bloomberg
Tyson Foods (NYSE:TSN) said its fiscal third-quarter earnings fell to $188 million, or 51 cents a share, from $242 million, or 65 cents a share, in the year-ago period. Sales rose to $8.25 billion from $7.44 billion. Recent earnings included a 5-cents-a-share income tax reduction. Analysts surveyed by FactSet Research were looking for earnings of 40 cents a share, on average, with sales of $8.27 billion. The food company’s chicken segment expects a loss in the fourth quarter.
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