U.S. stocks were in the green on Monday as more companies reported financial results. The Dow Jones Industrial Average gained 0.24% to 26,883, the S&P 500 Index rose 0.65% to 3,005 and the Nasdaq Composite Index jumped 0.88% to 8,161.
Shares of Halliburton Co. (HAL, Financial) gained almost 6% on Monday after the company announced third-quarter results. The company posted earnings of 34 cents per share on $5.55 billion in revenue. It fell $270 million short of revenue expectations, but earnings were in line with estimates.
The operating income for the quarter was $536 million, a decline of 3% from the second quarter.
International revenue rose 10% year to date and the company expects high single-digit international growth for 2019. North America sales decreased 11%, driven by customer activity declines.
Completion and production revenue was $3.5 billion, a decrease of $299 million, or 8%, when compared to the second quarter. Wperating income was $446 million, a decrease of 5%. Drilling and evaluation revenue was $2 billion, a decrease of 4% when compared to the second quarter, while operating income grew 3% to $150 million.
By region, North America revenue in the third quarter was $2.9 billion, an 11% decrease when compared to the second quarter due to lower activity and pricing. International revenue was $2.6 billion, flat when compared to the second quarter. In Latin America, revenue was $608 million. Europe and Africa revenue of $831 million was flat when compared to the second quarter. Finally, in the Middle East and Asia, revenue was $1.2 billion, a 4% decrease sequentially as a result of lower project management and stimulation activity across the region.
During the quarter ended June 30, Ken Fisher (Trades, Portfolio) boosted his stake by 4% to 3,075,207 shares and Richard Pzena (Trades, Portfolio) increased his position by 90% to 23,591,540. Mario Gabelli (Trades, Portfolio) reduced his holding by 12% to 272,855 shares, while Jim Simons (Trades, Portfolio) sold out of the stock.
Gainers
- Coty Inc. (COTY, Financial) +13.6%
- Helmerich and Payne Inc. (HP, Financial) +5%
- DXC Technology Co. (DXC, Financial) +4.3%
- EOG Resources Inc. (EOG, Financial) +5%
- Schlumberger NV (SLB, Financial) +4.1%
Losers
- Boeing Co. (BA, Financial) -3.7%
- AmerisourceBergen Corp. (ABC, Financial) -3.4%
- CME Group Inc. (CME, Financial) -3.3%
- CF Industries Holdings Inc. (CF, Financial) -2.8%
- NVR Inc. (NVR, Financial) -1.9%
Global markets
The main European stock markets traded in the green.The U.K.'s FTSE 100 advanced 0.18%, France's CAC 40 rose 0.21%, Germany's Dax increased 0.91% and Spain's IBEX 35 gained 0.78%.
In Asia, Japan's Nikkei 225 gained 0.25%, India’s BSE Sensex rose 0.63%, Hong Kong's Hang Seng swelled 0.02% and China's Shanghai Composite increased 0.05%.
Disclosure: The author holds no positions in any stocks mentioned.
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