Stock market indexes were in the red on Thursday. The Dow Jones Industrial Average fell 0.52% to 27,046, the S&P 500 Index declined 0.30% to 3,037 and the Nasdaq Composite Index slid 0.14% to 8,292.
Non-index stocks also posted gains and losses. Shares of Apache Corp. (APA, Financial) rose almost 1.5% on Thursday after the company announced third-quarter results. The company posted a loss of 29 cents per share, falling 10 cents short of estimates. Revenue of $1.44 billion was in line with expectations.
Those numbers were the result of a reduction in Alpine High reserves due to deteriorating natural gas liquids (NGL) and gas prices.
“During the third quarter, adjusted production exceeded guidance while capital expenditures remained on pace with our full-year guidance of $2.4 billion,” CEO John Christmann said.
For the quarter, the upstream oil and gas capital investment was $590 million. Further, the net cash provided by operating activities reached $635 million and adjusted earnings before interest, taxes, depreciation and amortization was $905 million.
In the Permian segment, production averaged 254,000 barrels of oil equivalent per day and the company operated an average of 10 rigs and drilled and completed 47 gross-operated wells.
The company projects fourth-quarter Permian oil volumes of approximately 100,000 barrels per day.
Looking ahead to 2020, the company expects an upstream capital budget to be between 10% to 20% below 2019’s program of $2.4 billion.
During the quarter ended June 30, Ken Fisher (Trades, Portfolio) boosted his holding by 6% to 388,638 shares and Mario Gabelli (Trades, Portfolio) increased his position by 7% to 77,250 shares. Charles Brandes (Trades, Portfolio) curbed his position by 5% to 799,500 shares, while Chris Davis (Trades, Portfolio) trimmed his stake by 5% to 23,008,783 shares.
Gainers
- Kraft Heinz Co. (KHC, Financial) +13.5%
- Abiomed Inc. (ABMD, Financial) +14.2%
- BorgWarner Inc. (BWA, Financial) +6.3%
- Gartner Inc. (IT, Financial) +5.1%
- Advanced Micro Devices Inc. (AMD, Financial) +2.4%
Losers
- Western Digital Corp. (WDC, Financial) -17%
- HanesBrands Inc. (HBI, Financial) -5.1%
- Ball Corp. (BLL, Financial) -5.4%
- CF Industries Holdings Inc. (CF, Financial) -3.6%
Global markets
The main European stock markets traded in the red. The U.K.'s FTSE 100 retreated 1.12%, France's CAC 40 slid 0.62%, Germany's Dax dipped 0.34% and Spain's IBEX 35 swelled 0.29%.
In Asia, Japan's Nikkei 225 gained 0.37%, India’s BSE Sensex rose 0.19%, Hong Kong's Hang Seng increased 0.90% and China's Shanghai Composite slid 0.35%.
Disclosure: The author holds no positions in any stocks mentioned.
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