The Friday morning tape is largely earnings driven. INTC has given up most of its gains from yesterday evening’s earnings announcement.
The Friday morning tape is largely earnings driven. INTC has given up most of its gains from yesterday evening’s earnings announcement. Up less than 3% in the pre-market as we approach the open, experienced traders will worry what this muted move may mean for Friday’s market sentiment.
SLB (+$1.81, +3.8%) leads oil services on the strength of its Q2 numbers (9:30 ET conference call). Note the split within energy, though: the drillers and service names are bid while the integrateds and E&Ps (Exxon −$1.26, −0.8%; Diamondback −$1.99, −1.0%) sag, in line with declining crude prices. Agile traders will keep a close eye on those oil prices, as they may resume their march higher behind seemingly hourly developments surrounding Iran.
Credit services are heavy on American Express (−$14.46, −4.2%). The insurance complex is split in an unusual way: brokers and diversified names are for sale — Marsh (−$6.89, −3.9%), Hartford (−$4.21, −3.0%), Aon (−$3.27, −0.9%) — while property & casualty holds a bid through Chubb (+$6.75, +1.9%). Homebuilders are offered — NVR (−$194.26 on that four-figure stock, −3.1%) and D.R. Horton (−$3.60, −2.5%) — and the storage/hardware pocket of tech remains a funeral: SanDisk (−$32.61, −2.0%), Seagate (−$13.28, −1.5%) and Western Digital (−$7.10, −1.3%) are all lower again.
Watch the Kapnotes board for additions as we move through the day’s trade.
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