Diamonds and Dogs
Apache (APA) struck oil and gas. Apache is up 4% today and up 11% in the last two days after discovering an "immense" oil and gas reserve in a relatively unknown corner of west Texas. Apache estimates there is more than 300,000 contiguous acres in the region called the Delaware Basin holding about 3 billion barrels of oil and 75 trillion cubic feet of natural gas. Looks like more evidence of fuel independence.
Tractor Supply (TSCO) has a flat tire. The Tennessee based farm equipment retailer is tumbling 16% on heavy volume to a 52 week low after trimming their outlook for the third quarter and full-year 2016. For the full year, the retailer said it expects revenue between $6.7 billion and $6.75 billion, down from prior estimates of $6.8 billion to $6.9 billion. Analysts are looking for revenue of $6.82 billion for the year. Tractor Supply is now projecting comparable-store sales growth between 1% and 1.7% in 2016, lower than the increase of 2.5% to 3.5% previously reported. Six analysts downgraded the stock. Thanks for nothing.