After its worst one-day loss since February 2009, the Standard & Poor’s 500 Index was trading 17 points lower to around 1,180, about a 1.5% drop. Now down more than 10% from its May high, the S&P 500′s chief strategist thinks the index is headed into correction territory. Despite a strong earnings season, fears of a new global recession had traders fleeing equities for safer investments.
While more than 80% of companies have reported better earnings than expected for the second quarter, few companies are projecting future growth. The high rate of beats also calls into question the expectations rather than the performance of the companies, further eroding investor confidence.
Priceline (NASDAQ:PCLN) was about 50 points higher in early morning action, around 10%, to over $530 per share as its forecast beat estimates thanks to greater revenues from European markets. Priceline also benefited from a “buy” recommendation today. Down around 10% for the month and quarter, Priceline is now trading double digits above its 200-day moving average.
EOG Resources (NYSE:EOG) was up more than $6 and more than 6% to over $101 as its earnings pleased investors. A “buy” recommendation also was issued this morning for EOG Resources. It is down about 10% for the week, month and quarter.
Gaining more than $2.30 a share to almost $61 was Flour Corp. (NYSE:FLR), posting more than a 5% pickup as its earnings per share were better than analysts expected. The construction giant also announced a new contract with Saudi Arabia. It also received an “outperform” rating this morning.
Citigroup (NYSE:C) was down about $1.30, a drop of around 3.7%, to move under $33.50 per share as the entire financial sector was downgraded. Wells Fargo also announced mortgage woes, dragging down bank stocks. A hacker attack on Citigroup also was disclosed. The reverse split has done little to help the share price of Citigroup as it is trading very close to its year low.
Off about 3.5% was Nabor Industries (NYSE:NBR), as its 10-Q report filed today displeased the investment community along with losses in foreign exchange, taking the stock to a low of around $21.21, dropping more than 80 cents. The oil and gas exploration company is suffering along with the entire energy sector as oil prices are at six-month lows.
Johnson Controls (NYSE:JCI) was trading lower by more than $1.30 per share to about $33, shedding about 3.76% because of traders unhappy with the recently filed 10-Q. The auto parts company also saw battery shipments fall for June. The stock is down almost 20% for the month.
While more than 80% of companies have reported better earnings than expected for the second quarter, few companies are projecting future growth. The high rate of beats also calls into question the expectations rather than the performance of the companies, further eroding investor confidence.
Priceline (NASDAQ:PCLN) was about 50 points higher in early morning action, around 10%, to over $530 per share as its forecast beat estimates thanks to greater revenues from European markets. Priceline also benefited from a “buy” recommendation today. Down around 10% for the month and quarter, Priceline is now trading double digits above its 200-day moving average.
EOG Resources (NYSE:EOG) was up more than $6 and more than 6% to over $101 as its earnings pleased investors. A “buy” recommendation also was issued this morning for EOG Resources. It is down about 10% for the week, month and quarter.
Gaining more than $2.30 a share to almost $61 was Flour Corp. (NYSE:FLR), posting more than a 5% pickup as its earnings per share were better than analysts expected. The construction giant also announced a new contract with Saudi Arabia. It also received an “outperform” rating this morning.
Citigroup (NYSE:C) was down about $1.30, a drop of around 3.7%, to move under $33.50 per share as the entire financial sector was downgraded. Wells Fargo also announced mortgage woes, dragging down bank stocks. A hacker attack on Citigroup also was disclosed. The reverse split has done little to help the share price of Citigroup as it is trading very close to its year low.
Off about 3.5% was Nabor Industries (NYSE:NBR), as its 10-Q report filed today displeased the investment community along with losses in foreign exchange, taking the stock to a low of around $21.21, dropping more than 80 cents. The oil and gas exploration company is suffering along with the entire energy sector as oil prices are at six-month lows.
Johnson Controls (NYSE:JCI) was trading lower by more than $1.30 per share to about $33, shedding about 3.76% because of traders unhappy with the recently filed 10-Q. The auto parts company also saw battery shipments fall for June. The stock is down almost 20% for the month.
