Mitchell Clark: With U.S. oil and gas production surging, you’d expect a company like Halliburton Company (NYSE:HAL) to be doing well. The company is a major provider of hydraulic fracturing services, otherwise known as “fracking.”
However, the surprise in the company’s latest results wasn’t financial strength in domestic operations, but in business conditions in the Middle East and Asian markets. The company’s 2013 fourth-quarter revenues grew to a record $7.6 billion, up two percent sequentially.
For the year, the company noted that Eastern hemisphere operations provided 17% year-over-year growth, while also contributing a 23% gain to adjusted operating income.
In comparison, North American fourth-quarter sales fell one percent and adjusted operating income dropped six percent due to weather-related disruptions and holidays.
The company just slightly beat consensus and the stock sold off on the news.
We’ve been getting quite a few stocks selling off after reporting, which is more normal trading action.
Johnson & Johnson (NYSE:JNJ), a benchmark stock, also sold off after reporting fourth-quarter revenue and earnings that beat consensus, conservatively guiding 2014 earnings per share to the low end of the forecast.
Delta Air Lines, Inc. (NYSE:DAL) moved a point higher after the company announced a strong fourth quarter on lower fuel costs. Management expects meaningful margin expansion this quarter. This stock has doubled since last April and is a bullish indicator for the U.S. economy.(...)Click here to continue reading the original ETFDailyNews.com article: Dividend-Paying Blue Chips Are Still A Favorite [Johnson & Johnson, Halliburton Company, Delta Air Lines, Inc.]You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
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- Are Blue Chip Stocks The Place To Be?
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