Diamonds and Dogs
Marathon Oil (MRO) running well. The oil company is up 7% after OPEC decided to raise production by 600,000 barrels per day, significantly less than the 1 million barrels per day many feared. The U.S. oil benchmark, West Texas Intermediate, was up more than 3.5% in early trading to nearly $68 per barrel, while the global benchmark, Brent, was up about 3% to more than $75 per barrel. Naturally, energy stocks have followed suit, pushing the energy sector higher by 2.9%.
Red Hat (RHT) getting stomped. The cloud software maker is down 13% following earnings. The company actually beat estimates as sales rose 20% to $813.53 million, but the company lowered guidance for the current quarter and mixed guidance for the full year. Red Hat announced a new $1 billion share buyback. Don't feel too bad for Red Hat shareholders. They are still up 20% for the year.