Today I’m running the rule over three Thursday newsmakers.

Producer peril

Fossil fuel producer Cairn Energy (LSE: CNE) has continued the recovery of recent days and was recently 2% higher in Thursday business.

In a bullish AGM statement, chief executive Simon Thomson advised that “we remain fully funded in respect of all our commitments and have financial flexibility to review appropriate strategic opportunities.”

Cairn Energy held cash of $502m as of April, Thomson advised, while its $575m reserve-based lending facility remains unutilised. The company’s cash balance stood at $603m in December.

On top of this, Thomson said that “operations in Senegal are ahead of schedule and substantially under budget,” while its monster Catcher and Kraken assets remain on course for maiden oil during 2017.

Still, I reckon the perilous state of the oil market makes Cairn Energy a risk too far, a situation that could play havoc with the balance sheet further down the line as capex costs rise.

The City expects the producer to remain lossmaking until the end of 2017 at the earliest, and I believe a murky revenues outlook could see Cairn Energy extend losses beyond this period.

Broadcasting beauty

Media titan ITV (LSE: ITV) stirred the market on Thursday after advising of a sharp slowdown in advertising revenues.

The company now expects to report flat advertising revenues for the first half, it advised, with chief executive Adam Crozier advising of the problems created by “uncertainty in the UK advertising market, which we have experienced since the debate over Brexit began.”

However, I believe there’s plenty to be excited about at ITV. The company still expects “to deliver good profit growth” during January-June, thanks in no small part to the success of its ITV Studios arm — bubbly acquisition activity here drove revenues 44% higher during the first quarter, to £322m.

The number crunchers expect ITV to record earnings growth of 8% in 2016 and 7% next year, resulting in mega-low P/E ratings of 12.2 times and 11.5 times correspondingly. I reckon investors should shrug off the broadcaster’s near-term worries and pile into ITV at these prices.

Star of the show

Fashion retailer Supergroup (LSE: SGP) has dominated the headlines in Thursday business following spectacular trading numbers.

The stock was recently dealing 13% higher after announcing that group revenues surged 21.1% in the year to April 2016, to £589.5m. The Superdry manufacturer subsequently expects full-year profit to come in at £72.5m-£74m, up from £63.2m last year.

Demand for Supergroup’s fashionwear is clearly showing no signs of cooling, helping the company defy wider warnings from the likes of Next on the state of the wider retail landscape.

And the company’s ongoing expansion programme promises to keep the top line ticking higher too. Supergroup opened 24 new European stores last year alone, and has “a strong pipeline” of new outlets for the current year. The retailer also plans to open two new distribution centres to serve its North American and European customers more effectively.

The City expects these measures to keep propelling earnings higher, and growth of 15% and 12% is chalked in for fiscal 2017 and 2018 respectively. I reckon consequent P/E ratings of 15.8 times and 14 times for these years make Supergroup a steal given its stunning momentum.

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Royston Wild has no position in any shares mentioned. The Motley Fool UK has recommended Supergroup. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.