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.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.