In this report: Odyssey Marine Exploration (NASDAQ:OMEX), Ivanhoe Mines (NYSE:IVN) and Netflix (NASDAQ:NFLX).
Odyssey Marine Exploration (NASDAQ:OMEX) is trading more than 11.2 percent higher today after the company announced that it has located the wreck of SS Gairsoppa in international waters 300 miles off the coast of Ireland. The boat was a British cargo ship that was sunk by a torpedo from a German U-boat during the second world war and is said to be carrying around 7 million ounces of silver when it was hit. The find would mark the largest know precious metal cargo to ever be recovered from the sea. According to its agreement with the United Kingdom Department for Transportation Odyssey will retain 80 percent of the net salvaged from the shipwreck.
Ivanhoe Mines (NYSE:IVN) is trading more than 18 percent lower today after it was announced that the Mongolian government wants to renegotiate the development deal it has for the Oyu Tolgoi copper and gold project. The company issued a strong statement saying that it expects the government to honor the existing deal which was signed in 2009. According to the current investment agreement 66 percent of the multibillion dollar project will go to Ivanhoe with the remaining 34 percent going to the Mongolian government. A group of 20 policy makers from Mongolia are now asking that the government reopen negotiations with Ivanhoe mines to increase the governments stake and that they want the timeline for its stake to increase to 50 percent to be quicker than 30 years, as stated in its previous agreement.
Netflix (NASDAQ:NFLX) is trading slightly higher today after Merriman upgraded its coverage on the online streaming and DVD-by-mail company with a ‘Buy’ rating from ‘Neutral’. On average analyst hold a price target of $211.14 a share on Netflix while the stock currently trades at $129.80.
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