Diamonds and Dogs
Energy is about the only sector trading up. Marathon Oil (MRO) is up 10% even though they missed earnings estimates. Sales fell 7.1% year over year to $1.23 billion, but beat estimates. The third quarter production averaged 402,000 net boed, above the top end of guidance and up 5% sequentially. The Oklahoma Resource Basins' production was up more than 50% sequentially and nearly 80% over year-ago quarter. In the fourth quarter, Marathon plans to increase activity to 5 rigs in the Oklahoma Resource Basins. At a difference a year makes.
Fitbit (FIT) looks out of shape. The fitness wearable manufacturer fell 32% to a 52 week low on disappointing earnings and disappointing guidance. Manufacturing problems with its new Flex 2 device and increase competition led the company to lower guidance for the holiday season. The stock received three downgrades. One downgrade lowered their price target from $20 to $9 a share. Thanks for nothing.