UBS Cuts Price Target on ExxonMobil (XOM) to $86; Remains Neutral

Exxon (XOM) volatility trading below 19 after less than expected Q2 as oil trades below $41.50

July 29, 2016 12:02 PM EDT

ExxonMobil (NYSE: XOM) is recently down $2.07 to $88.25 after reporting less than expected Q2 results as oil trends below $42. August weekly call option implied volatility is at 18, August is at 17, September is at 16; compared its 52-week range of 15 to 40.

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Oil rout erodes second-quarter profits for U.S. majors Exxon, Chevron

July 29, 2016 10:33 AM EDT

By Ernest Scheyder

HOUSTON (Reuters) - Chevron Corp (NYSE: CVX) posted its worst quarterly loss since 2001 on Friday and Exxon Mobil Corp (NYSE: XOM) reported a 59 percent slide in profit, as the long crude price rout and tumbling refining income inflicted pain across the energy sector.

The weak results from two of the world's largest oil producers come as the energy industry is at a crossroads, trying to survive in an era of low prices, which many analysts see as the new status quo, while funding expensive growth... More

Tech shares and muted GDP growth push S&P 500 to record

July 29, 2016 9:06 AM EDT

NEW YORK (Reuters) - Wall Street rose on Friday, with the S&P 500 index hitting a record intraday high for the seventh time this month as gains in technology heavyweights Alphabet and Amazon more than made up for losses in energy shares.

The benchmark index rose as much as 0.3 percent, touching an all-time high of 2,177.09, and completed its fifth straight month of gains.

Shares of Google parent Alphabet (NASDAQ: GOOGL) jumped 3.33 percent a day after the Internet company posted strong quarterly revenue growth, while online retailer Amazon.com (NASDAQ:... More

ExxonMobil (XOM) Misses Q2 EPS Views; Production Light of Expectations

July 29, 2016 8:03 AM EDT

ExxonMobil (NYSE: XOM) reported Q2 EPS of $0.41, $0.23 worse than the analyst estimate of $0.64. Revenue was $57.69 billion, compared with the consensus of $60.41 billion.

Production was 3.96 million BOE/D versus estimate of 4.1 million BOE/D.

While our financial results reflect a volatile industry environment, ExxonMobil... More

Oil ends July with worst monthly loss for WTI in a year

July 28, 2016 10:05 PM EDT

By Barani Krishnan

NEW YORK (Reuters) - Oil prices steadied on Friday after touching three-month lows during a week-long selloff fueled by a persistent global supply glut, bringing the monthly decline to nearly 15 percent, the biggest monthly loss in a year for U.S. crude.

Slower economic growth and high inventories of crude and refined oil products have driven Brent and U.S. West Texas Intermediate (WTI) crude futures to bear market territory, 20 percent below their 2016 highs.

The two benchmarks matched April lows on Friday before their most actively traded contracts settled up on what traders... More

Dollar slides on U.S. GDP, Japan bonds fall on BOJ move

July 28, 2016 8:38 PM EDT

By Herbert Lash

NEW YORK (Reuters) - Weak U.S. economic growth data knocked down the dollar and yields on U.S. government debt Friday, while Japanese government bond yields rose the most in eight years after investors reacted coolly to the Bank of Japan's latest effort to boost the economy.

The U.S. economy grew far less than expected in the second quarter as inventory investment fell for the first time in nearly five years. But a surge in consumer spending suggested underlying strength and provided a silver lining for investors.

The BOJ doubled its purchases... More

Trading Radar for 7/29: ExxonMobil (XOM), Cigna (CI), Arctic Cat (ACAT), Bloomin' Brands (BLMN), Xerox (XRX) Report

July 28, 2016 2:30 PM EDT

The Trading Radar highlights key earnings and economic announcements for the next trading session:

Before Markets Open:
Economics:
830am EDT

GDP: Adv. - Street sees 2.6%Chain Deflator: Adv. - Street sees 1.9%Employment Cost Index - Street sees 0.6%

Earnings:

Aaron's (NYSE: AAN) - consensus EPS $0.57
AbbVie (NYSE: ABBV) - consensus EPS $1.20
Acadia Healthcare (Nasdaq: ACHC) - consensus EPS $0.73
Allegiant Travel (Nasdaq: ALGT) -... More

Inventory reduction curbs U.S. economic growth; rebound expected

July 28, 2016 8:34 AM EDT

By Lucia Mutikani

WASHINGTON (Reuters) - U.S. economic growth unexpectedly remained tepid in the second quarter as inventories fell for the first time in nearly five years and business investment weakened further, offsetting robust consumer spending.

Gross domestic product increased at a 1.2 percent annual rate after rising by a downwardly revised 0.8 percent pace in the first quarter, the Commerce Department said on Friday. In addition, the GDP growth estimate for the fourth quarter was cut by five-tenths of a percentage point to a 0.9 percent rate.

The three straight quarters of growth rates around 1 percent... More