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Oilfield service companies, including bellweather Schlumberger NV and Halliburton Co, are planning to spend less in 2019, following in the footsteps of oil producers who have cut budgets in response to shareholder pressure for capital discipline rather than spending to grow their top line. Baker Hughes on Tuesday posted negative free cash flow of $419 million, compared with analysts' estimates of a positive $188.5 million. Baker Hughes Chief Financial Officer Brian Worrell attributed the reasons for the negative cash flow to annual payments related to employee compensation, delay in realizing some revenue and higher inventory that was built in expectations of more activity in the forthcoming quarters.
The 92 million shares of Baker Hughes for sale by GE was priced at $23.00, below the stock's $23.81 closing price on Tuesday, and came a day earlier than planned. GE, which is struggling to rebuild its industrial businesses, said on Tuesday it would sell a portion of its stake in Baker Hughes to repay debt. GE will be able to raise nearly $4 billion from the sale if underwriters exercise options to buy an additional 9.2 million shares, with Baker Hughes repurchasing another 65 million shares in a private transaction at a maximum aggregate of $1.5 billion.
Corporate America has peaked. More precisely, execs at large US companies aren’t talking about “peaks”—peak sales, peak credit, peak oil, peak anything—as much as they used to on earnings calls and presentations. On a rolling annual basis, peak “peak” peaked late last year, according to a transcript search via Sentieo. In just the past few…
Saudi Arabia is trying to drown out the noise surrounding journalist Jamal Khashoggi's death by hailing multibillion-dollar business deals this week.