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12.04.2019 22:34:00

Why National Oilwell Varco, Anthem, and Petroleo Brasileiro Slumped Today

Wall Street finished the week well, with major indexes closing as much as 1% higher on Friday. A combination of merger and acquisition activity and strong quarterly reports helped bolster confidence among investors, as many had entered earnings season thinking that the news would inevitably be bad. Yet despite solid gains for much of the market, some companies faced stresses that kept their stocks from participating in the rally. National Oilwell Varco (NYSE: NOV), Anthem (NYSE: ANTM), and Petroleo Brasileiro (NYSE: PBR) were among the worst performers. Here's why they did so poorly.Shares of National Oilwell Varco dropped more than 8% after the energy equipment and services provider gave its operational update for the first quarter. Varco said that revenue will likely come in weaker than expected, as CEO Clay Williams blamed the plunge in oil prices in the last part of 2018 for weaker demand that persisted into the new year. Williams is optimistic that the rebound in oil prices should translate into better order volume over the long run, but shareholders seem to think that a full recovery could take longer than many have hoped. Investors will have to wait for Varco's full results on April 26 before having the entire picture on how the oil-field services specialist did to start 2019.Image source: National Oilwell Varco.Continue reading
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