Stocks Recap: Phillips 66, Seven Arts Entertainment Inc, Quicksilver Resources Inc

Lakeway, TX -- (SBWIRE) -- 02/26/2013 -- Bestdamnpennystocks, an investment community with a special focus on updating investors with recent news on the U.S. stock market, issues news alert on the following stocks:-

Phillips 66 (NYSE:PSX) shares dropped 4.32% and closed at $61.34. The company, on Jan. 30, announces fourth-quarter earnings of $708 million and adjusted earnings of $1.3 billion. This compares with earnings of $2.0 billion and adjusted earnings of $379 million during the fourth quarter of 2011.
Additionally, U.S. Gulf Coast gasoline weakened as Exxon Mobil Corp. (XOM) and Phillips 66 (PSX) restarted units at two Texas refineries. Phillips 66’s Sweeny refinery, which began scheduled maintenance on Jan. 7, was restarting production units including a pipestill and sulfur recovery unit, according to two people familiar with the operations who asked not to be identified because the information isn’t public. Rich Johnson, a Phillips 66 spokesman, said maintenance is still under way.

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Seven Arts Entertainment Inc (PINK:SAPX) shares decreased 4.26% to $0.0090. The company, on Feb. 20, announced its results of operations for the quarter ended December 31, 2012. The Company recorded a gross loss of ($84,288) on total revenue of $182,797 for the quarter ended December 31, 2012 compared to a gross loss of ($412,686) on revenues of $207,790 for the quarter ended December 31, 2011. The Company's net loss increased to ($1,799,894) from ($1,099,422) principally because of two start-up businesses and an increase of interest expense to $933,939 from $328,942, primarily as interest on the loan utilized for the leasehold improvements at the Company's post production facility at 807 Esplanade Avenue in New Orleans was not included in the 2011 expense.

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Quicksilver Resources Inc (NYSE:KWK) stock dropped 13% to $1.74 after the company yesterday reported a fourth quarter loss of $1.10 billion or $6.47 per share, versus net income of $23.53 million or $0.14 per share in the same period last year. Adjusted net loss for the quarter was $2.39 million or $0.01 per share. Meanwhile, revenues for the three-month period dipped to $179.07 million from $223.09 million in the same quarter a year earlier. Analysts expected the company to report earnings of $0.01 per share on revenues of $168.69 million for the quarter.

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