Stocks in the news: Schlumberger, Microsoft, Black & Decker
Schlumberger (SLB) said Friday its second-quarter earnings tumbled 57 percent as oil and natural gas companies cut back on exploration and drilling, particularly in North America.The company topped earnings estimates on an adjusted basis. Shares fell about 1.8 percent in pre-market trading.
Microsoft (MSFT) reported late Thursday a 29 percent decline in profit on a 17 percent sales slide due to a weakness in the global PC and server markets. The software giant missed analyst estimates on the top line by more than $1 billion. Shares dropped 7.7 percent ahead of the bell.
Black & Decker Corp. (BDK) said Friday that earnings for the second quarter declined by 61 percent to $38 million or 63 cents a share as sales decreased 27 percent to $1.2 billion. Results, however, topped estimates. Shares climbed 4.5 percent in pre-market trade.
Citigroup (C) has appointed three new directors to its board, as the bank continues to undergo a transformation and return to its focus on traditional banking.
CIT Group (CIT), in its bid to stave off bankruptcy and sell assets, may sell its aviation-finance and rail-finance operations, the Wall Street Journal said, citing sources familiar with the matter. Shares rebounded nearly 25 percent before the bell.
Amazon.com (AMZN) also missed on the top line and reported a 10 percent profit fall late Thursday, despite having actually strong gain in sales. Earnings came inline with forecasts. Shares fell about 6 percent.
Ingersoll-Rand (IR) said Friday its second-quarter earnings dropped more than half to $121.8 million, or 38 cents a share. On a continuing operations basis it topped analyst forecasts. The company cut its full year earnings forecast. Shares climbed over 4 precent ahead of the bell.
Fortune Brands (FO) reported Friday that net income in the second-quarter fell nearly 27 percentand net sales decreased 17 percent, but still managed to beat estimates. Shares fell 2.8 percent ahead of the bell.
Ericsson (ERIC) reported Thursday a 56 percent profit fall, which was worse-than-forecast. Shares fell 7.5 percent ahead of the bell.
Netflix Inc. (NFLX) reported Thursday a 22 percent increase in second-quarter profit as it signed up more customers and cut subscriber acquisition costs during the period, topping the average estimate of Wall Street analysts. Shares declined over 3 percent in pre-market trade.