NOV got hit this morning on weaker than expected earnings and traded all the way down to $26, which was the low we hit back in 2010. The company reported record write downs amid oil’s price slump, but the CEO points out that revenue fell less than the decline in rig counts while belt tightening enabled solid cash generation. He adds that the company is “well positioned to take advantage of the opportunities we expect to emerge in 2016.”
The stock is recovering intraday with the help of higher oil prices. I own a position in NOV and will use today’s low to manage the trade. Here’s a look at a 10 year monthly chart:
HES…………..+ 9.22%
NOV……………- 8.71%
iBC and oil don’t mix.
It’s unfortunate, but Hartman wins again.
The $HES looks great.