NEW YORK, NY / ACCESSWIRE / July 30, 2018 / U.S. markets plunged on Friday, after Twitter reported disappointing second quarter earnings and gross domestic product reflected fairly strong economic growth, however was lower than expected. The Dow Jones Industrial Average fell 0.30 percent to close at 25,451.06, while the S&P 500 Index was down 0.66 percent to close at 2,818.82. The Nasdaq Composite Index dropped 1.46 percent to close at 7,737.42.
"A strong GDP number—and 4.1% is still a good number, even if it was a bit below consensus—will signal that the Fed can continue with its plan for rate increases. That will be top of mind for investors today," said director of investment management for Huntington Private Bank, Chad Oviatt.
"We remain fairly constructive about equities. Generally speaking there's a lot of confidence about earnings growth, and the number of firms that are meeting or beating expectations, even in light of names like Facebook," he added.
RDI Initiates Coverage on:
National Oilwell Varco, Inc.
Patterson-UTI Energy, Inc.
National Oilwell Varco's stock jumped 10.32% Friday, to close the day at $46.91. The stock recorded a trading volume of 8,492,241 shares, which was above its three months average volume of 3,021,670 shares. In the last year, National Oilwell Varco's shares have traded in a range of 29.90 - 46.94. The share price has gained 56.89% from its 52 week low. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $43.08 is above its 200-day moving average of $39.35. Shares of National Oilwell Varco have gained roughly 8.09 percent in the past month and are up 30.23 percent year-to-date.
Access RDI's National Oilwell Varco, Inc. Research Report at:
On Friday, shares of Patterson-UTI Energy recorded a trading volume of 5,140,706 shares, which was above the three months average volume of 3,835,015 shares. The stock ended the day 5.8% higher at $16.97. The share price has fallen 32.2% from its 52 week high with a 52 week trading range of 14.60 - 25.03. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $17.67 is below its 200-day moving average of $19.87. Shares of the company are trading at a Price to Earnings ratio of 105.40. Shares of Patterson-UTI Energy have fallen roughly 5.72 percent in the past month and are down 26.25 percent year-to-date.
Access RDI's Patterson-UTI Energy, Inc. Research Report at:
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