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Today's Stocks on the Move: Schlumberger on earnings loss, First Citizens Bancshares and CIT Group on merger

Yahoo Finance's On the Move panel discuss today's Stocks on the Move: Schlumberger and First Citizens Bancshares.

Video Transcript

JULIE HYMAN: Well, you were just talking about energy a moment ago. I want to mention that Schlumberger came out with its numbers this morning. The oil services giant reported a third quarter loss of $82 million, excluding some items that came in at $0.16 a share. That was above the $0.13 that analysts had been estimating.

Revenue fell by 38%. That was a bit short of estimates. And the company blamed a drop in offshore rig activity. It says it was seeing lower multiclient seismic license sales and also saw disruption from hurricanes. Still, the company did approve a quarterly dividend of $0.125 a share. The shares are down by 7%.

We also have a deal in the banking industry. It's an all stock merger of equals between First Citizens Bank shares, which is based in Brawley, and CIT, based in New York City. This will create the 19th largest US bank by assets. The combined company will take the First Citizens name. And ticker and CIT holders are going to get 0.062 shares of First Citizens [INAUDIBLE] stock or each CIT share. So those are stocks to watch.