|Bid||38.39 x 4000|
|Ask||38.42 x 2900|
|Day's Range||38.18 - 39.97|
|52 Week Range||30.65 - 48.88|
|Beta (5Y Monthly)||1.61|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||2.00 (5.16%)|
|Ex-Dividend Date||Dec 01, 2019|
|1y Target Est||N/A|
(Bloomberg) -- Oil jumped back above $65 a barrel as supply disruptions in Iraq and Libya reignited concerns over the market’s vulnerability to geopolitical risk in key production regions.Futures rose more than 1.7% in London and New York after Libya’s oil production almost ground to a halt as armed forces closed a pipeline, shuttering output from the nation’s biggest oil project. Meanwhile in Iraq, output stopped at a field on Sunday, with supply from a second site threatened as unrest escalates in OPEC’s second-biggest producer. The double-whammy of disruptions in two key producers has jolted focus back to supply risks as oil markets continue their dramatic start to the year. Brent crude has swung in an $8-a-barrel trading range as initial fears that the U.S. killing of a top Iranian general threatened Middle East exports gave way to confidence that the world had an adequate supply cushion.“Supply risks are the main driver behind oil’s advance -- from U.S.-Iran tensions to Libya’s disruption and now to Iraq’s production halt at a major oil field,” Kim Kwangrae, a commodities analyst at Samsung Futures Inc., said by phone. “While a potential surge in crude output from non-OPEC countries will limit oil’s further increase, the market will continue to be rattled by these geopolitical risks for now.”Brent crude added as much as $1.15, or 1.8%, to $66 a barrel on the ICE Futures Europe exchange and traded at $65.52 as of 3:40 p.m. in Singapore. West Texas Intermediate futures climbed as much as $1.19, or 2%, to $59.73 on the New York Mercantile Exchange, before easing to $59.08.See also: The Man Who Cut Libya’s Oil Supply Is Getting Harder to HandleLibya’s oil production will be limited to 72,000 barrels per day once its storage tanks are full, according to state-run National Oil Corp., down from more than 1.2 million barrels per day on Saturday. That’s the lowest level since August 2011, data compiled by Bloomberg show.The output plunge started when an eastern military commander, Khalifa Haftar, blocked exports at ports under his control, according to a statement on Saturday from NOC. The company declared force majeure, which can allow Libya -- home to Africa’s largest-proven oil reserves -- to legally suspend delivery contracts.Separately, security guards in Iraq seeking permanent employment contracts blocked access to the Al Ahdab oil field, prompting a production halt, according to an official who couldn’t be identified. The Badra field is also at risk of closure.See also: Iraq Oil Supplies Vulnerable as Mideast Tensions Flare, IEA SaysOil prices surged earlier this month after Iran retaliated for the U.S. killing of General Qassem Soleimani before retreating back to where they were in mid-December as the market shrugged off the threat of further disruptions. Members of the Organization of Petroleum Exporting Countries have spare production capacity after cutting supply to prop up prices, while output from outside the group is expected to climb this year, adding a buffer to potential outages.“Prices are likely to remain capped, given the market’s reactive nature to fade geopolitical risk quickly,” Stephen Innes, Asia Pacific strategist at AxiTrader, said in a note.\--With assistance from James Thornhill, Serene Cheong and Andrew Janes.To contact the reporters on this story: Saket Sundria in Singapore at email@example.com;Heesu Lee in Seoul at firstname.lastname@example.orgTo contact the editors responsible for this story: Serene Cheong at email@example.com, Ben SharplesFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Given the prolonged move up in terms of price and time, the direction of the March E-mini Dow Jones Industrial Average on Monday is likely to be determined by trader reaction to Friday’s close at 29279.
(Bloomberg) -- Oil declined for the second week as signs that supplies remain plentiful offset optimism over the signing of the U.S.-China trade agreement.Futures in New York were little changed Friday but ended the week 0.9% lower. Refiners have turned a crude surplus into a product surplus with U.S. gasoline and distillate stocks expanding by over 40 million barrels during the last three weeks. The build overshadowed Beijing’s commitment to spending $52.4 billion in additional purchases of American energy in the next two years as part the phase-one trade deal between the world’s biggest economies.“There is a positive vibe after the trade deal, but the fact is we are so oversupplied it’s going to be difficult to get the market up past $60,” said Bob Yawger, futures director at Mizuho Securities USA LLC in New York.Before the landmark U.S.-China accord was signed, prices reached a six-week low Wednesday after U.S. government data showed petroleum inventories in the country expanded to the highest levels since September. Supplies at the critical Cushing, Oklahoma, commercial storage hub rose for the first time in 10 weeks. American crude production continues to set new records, reaching 13 million barrels a day earlier this month.Oil drilling rose for the first time in four weeks, led by the Permian Basin, indicating that oil supplies are poised for more gains in the near term.West Texas Intermediate futures for February delivery settled up 2 cents at $58.54 a barrel on the New York Mercantile Exchange.Brent for March settlement rose 23 cents to $64.85 on the ICE Futures Europe exchange in London after climbing 1% on Thursday. That put its premium over WTI for the same month at $6.27 a barrel.The market may have to contend with another week of inventory builds as fog on the U.S. Gulf Coast has intermittently suspended marine traffic and slowed exports, according to Andy Lipow, president of Lipow Oil Associates LLC in Houston.The International Energy Agency noted on Thursday that global markets have a “solid base” of inventories and climbing supplies from outside the OPEC cartel, even as elevated tensions in the Middle East endanger production from Iraq and elsewhere.(A previous version corrected the timeframe of the stock build in the second paragraph.)\--With assistance from James Thornhill, Elizabeth Low, Grant Smith and Jackie Davalos.To contact the reporter on this story: Sheela Tobben in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: James Herron at email@example.com, Catherine Traywick, Mike JeffersFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Analysts expect earnings at S&P 500 companies to drop 0.8% in the fourth quarter, but forecast a 5.8% rise in the first quarter of 2020, according to Refinitiv IBES data. Billionaire David Tepper, who founded hedge fund Appaloosa Management, told CNBC that he remains bullish on U.S. equities. The Dow Jones Industrial Average rose 0.17% to end at 29,348.1 points, while the S&P 500 gained 0.39% to 3,329.62.
One aspect of our show that distinguishes us from any other premarket coverage is our focus on opening imbalances for stocks listed on the New York Stock Exchange. The reason: these imbalances will dictate the opening price of these issues and can be especially influential on days of monthly or quadruple witch expirations. Monthly options expiration takes place on the third Friday of the month and quadruple expirations occur quarterly (March, June, September and December).
The stock market continues to grind out new record highs, as equities pushed higher on Friday. Remember, Monday is closed in observation of Martin Luther King Jr. Day, so let's look at a few top stock trades for Tuesday. Top Stock Trades for Tuesday No. 1: Boeing (BA)Source: Chart courtesy of StockCharts.comBoeing (NYSE:BA) stock is moving lower on Friday, and as it's doing so, it's approaching the lower end of its recent trading range.Range support has stood firm for well over a year. The only time it failed came in late-2018, when the entire market was being hammered. Should $320 give way, it technically puts the $300 level on the table -- with the fourth-quarter lows near $286 possible below that.InvestorPlace - Stock Market News, Stock Advice & Trading TipsIf support holds, see if BA can take out its recent high at $344. If so, its 100-week moving average and downtrend resistance (blue line) are possible. Top Stock Trades for Tuesday No. 2: Pinterest (PINS)Source: Chart courtesy of StockCharts.comPinterest (NYSE:PINS) has suddenly found itself back in demand, with shares rallying from $20 to $24 in just a few trading sessions.Despite an upgrade propelling it higher on Friday, shares backed off after running into prior range support between $24 and $25, as well as the declining 100-day moving average.What now? Let's see if the stock can find its footing and continue to press higher. Otherwise, a correction down to $21 and/or the 20-day moving average may be in the cards. Top Stock Trades for Tuesday No. 3: Amazon (AMZN)Source: Chart courtesy of StockCharts.comA lot of investors are bemoaning the way Amazon (NASDAQ:AMZN) is trading lately. While it lacks the firepower that other mega-cap tech stocks have shown, it is doing better.Shares broke down below a rising wedge formation (purple lines), but the stock is finding support from the backside of prior channel resistance (blue line), as well as the 20-day moving average.Below this zone would be discouraging. But as long as it stays above the 200-day moving average, bulls still have something to work with. Below the 200-day, and that changes.On the flip side, bulls need to see AMZN clear $1,900 to regain momentum. Above puts the recent high of $1,917 on the table, followed by a potential test up to its July gap near $1,940. Top Stock Trades for Tuesday No. 4: Schlumberger (SLB)Source: Chart courtesy of StockCharts.comSchlumberger (NYSE:SLB) initially rallied on Friday after reporting earnings, but has since turned lower. Now comes make-or-break time.Near $37.50, SLB stock has the rising 50-day moving average and uptrend support (blue line) in play. Below this zone, and longs may want to consider hitting the exits. Below the 200-day moving average, though, and that's most certainly the case for traders.On the upside, investors can see that SLB failed to reclaim $40, a key technical level over the past year. If SLB can reclaim this mark, it will show that bulls are back in control. For now, though, let's see if that trend support holds up. Top Stock Trades for Tuesday No. 5: Twilio (TWLO)Source: Chart courtesy of StockCharts.comTwilio (NYSE:TWLO) has been like a little rocket. Shares broke out over long-term downtrend resistance (blue line) in December, while most growth stocks were already well out of their respective downtrends.In any regard, TWLO has been playing catch-up. On the last trading day of 2019, TWLO closed at $98.28. However, the stock headed north of $120 in five trading days since, all of which were positive. Now, shares are chopping between $117.50 and $121 -- the latter of which comes into play with the 200-day moving average.Below $117.50, and TWLO may correct a bit further given its large run. However, a move over the 200-day moving average, and the $123 mark could fire up the rally once more -- potentially sending TWLO over $130.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long PINS and TWLO. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * The Top 5 Dow Jones Stocks to Buy for 2020 * 7 Fintech ETFs to Buy Now for Fabulous Financial Exposure * 3 Tech Stocks to Play Ahead of Earnings The post 5 Top Stock Trades for Tuesday: BA, PINS, AMZN appeared first on InvestorPlace.
Schlumberger Ltd. (NYSE: SLB) reported a total 2019 revenue of $32.92 billion, basically flat with the prior year, according to its fourth-quarter and full-year 2019 financial report. Schlumberger offers oil field services to exploration and production companies, but U.S. onshore oil and gas producers have faced tightening pressure from low oil prices and shifting investor expectations. “After two years of strong growth, North American revenue fell sharply,” CEO Olivier Le Peuch said in a press release on the results.
China has been the key oil price driver this week, with phase one of the trade deal driving prices higher before worrying economic data from the country dragged prices lower
Analysts expect earnings at S&P 500 companies to drop 0.8% in the fourth quarter, but forecast a 5.8% rise in the first quarter of 2020, according to Refinitiv IBES data. Billionaire David Tepper, who founded hedge fund Appaloosa Management, told CNBC that he remains bullish on U.S. equities. At 2:42 p.m. ET, the Dow Jones Industrial Average was up 0.08% at 29,321 points, while the S&P 500 gained 0.22% to 3,323.95.
The S&P 500 gained 0.21% to 3,323.61 and the Nasdaq Composite was up 0.05% at 9,362.01. Declining issues outnumbered advancers for a 1.06-to-1 ratio on the Nasdaq. The S&P index recorded 122 new 52-week highs and no new lows, while the Nasdaq recorded 186 new highs and nine new lows.
"Housing reports have come out quite positive, the job growth continues to be healthy and all the worries we had about a recession seem to have passed," said Brad McMillan, chief investment officer for Commonwealth Financial Network, an independent broker-dealer. Declining issues outnumbered advancers for a 1.12-to-1 ratio on the Nasdaq.
U.S. stock indexes edged higher to hit fresh record highs on Friday on optimism over corporate earnings, economic data and indications of resilience in a Chinese economy battered by a prolonged trade war with the United States. "There's a lot of enthusiasm out there and it is a combination of earnings and strong data that is supporting the market," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
Fourth-quarter earnings at the oil-services firm topped expectations, and CEO Olivier Le Peuch said more geopolitical risk “should set the floor for the oil price going forward.”
U.S. stock indexes were set to scale fresh record highs on Friday, on optimism over corporate earnings, fresh economic data and indications of resilience in a Chinese economy battered by a prolonged trade war with the United States. The three main stock indexes closed at record highs on Thursday, with the S&P 500 surging past the 3,300-mark for the first time, also boosted by a rally in technology stocks and strong U.S. retail sales data.
TechnipFMC's (FTI) move to split into two entities is seen as a strategic effort to explore different markets and enrich potential benefits.
Schlumberger (SLB) delivered earnings and revenue surprises of 5.41% and 0.49%, respectively, for the quarter ended December 2019. Do the numbers hold clues to what lies ahead for the stock?
U.S. stock index futures hit new all-time highs on Friday, with investor optimism bolstered by an upbeat set of U.S. corporate earnings reports and indications of resilience in the Chinese economy. Optimism over a Phase 1 U.S.-China trade deal signed on Wednesday and recent upbeat data have raised hopes that the global economy may be picking up.
Shares of Schlumberger Ltd. rallied 1.7% in premarket trading Friday, after the oil services company reported fourth-quarter profit and revenue that exceeded expectations. Net income fell to $333 million, or 24 cents a share, from $538 million, or 39 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 39 cents, above the FactSet consensus of 37 cents. Revenue rose to $8.32 billion from $8.18 billion, beating the FactSet consensus of $8.16 billion, as revenue from its reservoir characterization, drilling, production and Cameron business segments all topped expectations. Free cash flow was $1.5 billion for the quarter and $2.7 billion for the year. "After a strong free cash flow performance in the second half of 2019, we are confident in our ability to further improve cash flow generation in 2020," said Chief Executive Olivier Le Peuch. The stock has run up 21.6% over the past three months through Thursday, while the VanEck Vectors Oil Services ETF has gained 13.9% and the S&P 500 has advanced 10.6%.
North American activity remains lackluster, but Schlumberger has been doing a good job of playing defense. Patient investors may be rewarded in the longer term while collecting rich dividend payments.
Schlumberger said Friday that the recently-signed U.S.-China trade deal, as well as rising geopolitical tensions, would likely set a floor for oil prices in 2020 and lift near-term demand.