HALLIBURTON PROFIT BEATS ESTIMATES; STOCK SPIKES
Halliburton’s stock is currently trading at 23.28-higher by 7.06% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 2.07%. The stock has continued gaining after the opening bell.
The oilfield services company reported its second-quarter earnings before the market opens on Monday. Halliburton generated an EPS (excluding one-time items) of 35 cents for the second quarter. The EPS was above the market expectation of 30 cents. The company brought in $5.93 billion in revenue for the second quarter. The revenue was, however, below the consensus estimates of $5.97 billion.
The CEO disclosed that the company idled equipment during the quarter and will continue to do so. Stocks of Halliburton have fallen about 18.2% so far this year. The company’s stocks were, however, set for the largest one-day gain in about three years.
On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards. The RSI is currently at 53.05% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 23.24 TAKE PROFIT AT 23.51 STOP LOSS AT 23.10