Oil Sector (OIH) Stocks Reverse Some Gains on Halliburton News
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Market Vectors Oil Services ETF (NYSE: OIH) could reverse as shares of Halliburton (NYSE: HAL) were halted ahead of a profit warning issued by the company.
"Costs have impacted the company's second quarter North America margins more than anticipated. As a result, the company now believes that its North America margins will be impacted 300 basis points more than its previous guidance of 200 to 250 basis points, for a total impact of 500-550 basis points lower than first quarter levels."
HAL has an 9.23 percent weighting in OIH.
After moving into negative territory upon the resorption of trading, Halliburton is now fractionally higher. Peers like Limited (NYSE: SLB), also initially hit on the news, have also rebounded.
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"Costs have impacted the company's second quarter North America margins more than anticipated. As a result, the company now believes that its North America margins will be impacted 300 basis points more than its previous guidance of 200 to 250 basis points, for a total impact of 500-550 basis points lower than first quarter levels."
HAL has an 9.23 percent weighting in OIH.
After moving into negative territory upon the resorption of trading, Halliburton is now fractionally higher. Peers like Limited (NYSE: SLB), also initially hit on the news, have also rebounded.
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