Tag: Drags

Oasis Petroleum files for bankruptcy as shale slump drags on

(Reuters) – Oasis Petroleum Inc OAS.O filed for Chapter 11 bankruptcy protection on Wednesday, the latest U.S. shale producer to seek court-aided restructuring as the energy industry reels under an unprecedented crash in oil prices due to the COVID-19 pandemic.

FILE PHOTO: A drilling rig on a lease owned by Oasis Petroleum performs logging operations in the Permian Basin near Wink, Texas U.S. August 22, 2018. REUTERS/Nick Oxford

Shares of the company, which earlier this month skipped interest payments on some bonds, fell over 24% premarket.

Virus-led lockdowns, which decimated travel and fuel demand, have forced many shale producers to halt oil drilling, leaving them with no source of cash to repay their massive debts. Oasis had long-term debt of $2.76 billion with just $77.4 million in cash and cash equivalents as of June 30.

The company said it expects to cut debt by $1.8 billion through the restructuring and

Read More

Accenture Is In A Holding Pattern As The Pandemic Drags On

Shares of global consulting and outsourcing titan Accenture (NYSE:ACN) endured a sell-off of roughly 7% in the two trading sessions following the release of the company’s fiscal fourth quarter 2020 earnings report on Thursday. Revenue dipped 2% year over year to $10.8 billion, or 1% in local currency, in line with management’s previous projection of a negative 3% to positive 1% revenue change in local currency terms.

However, diluted earnings per share of $1.70 fell three cents shy of consensus analyst estimates, and more significantly, management offered uninspiring guidance for the quarter ahead, prompting a round of selling in the company’s stock.

Confined to a holding pattern

Management tied Accenture’s top-line dip to two percentage points of decline in reimbursable travel costs — a clear consequence of curbed consulting travel during the pandemic. Among Accenture’s geographical segments, revenue in its biggest market, North America, edged down by 1% to $5.2

Read More

Wall Street posts third week of declines as tech slide drags on

(Reuters) – U.S. stocks fell on Friday as technology shares sold off for a third day in a row, while all three major U.S. indexes posted a third straight week of declines.

It was the Nasdaq’s first such weekly streak since August 2019, and S&P 500 and Dow’s first since early October 2019.

Apple Inc AAPL.O, Microsoft Corp MSFT.O, Amazon.com Inc AMZN.O and Alphabet Inc. GOOGL.O, which helped to fuel the market’s rally off the March lows, were among the biggest drags on the S&P 500 and Nasdaq on Friday, while the S&P 500 technology index .SPLRCT fell 1.7%, the biggest weight among the S&P 500 sectors. Apple was down 3.2%.

“We had a market peak on Sept. 2, and then we had a rapid decline and a lot of that came in technology and growth stocks that had done so well,” said Tom Martin, senior portfolio

Read More

Tech rout drags Nasdaq, S&P 500 to lowest in at least 6 weeks; Dow slides nearly 1%

Stocks tumbled on Friday, closing out a rocky week on a down note as big tech stocks extend a weeklong sell-off — which dragged down all of Wall Street in spite of encouraging developments in the economy.


Load Error

In recent sessions, high profile tech stocks like Amazon (AMZN), Facebook (FB) and Apple (AAPL) have slumped sharply after hitting record highs. The sector’s rout led the Nasdaq to its worst levels since July 31, and Friday saw the bellwether shed nearly 2% intraday. Meanwhile, the S&P logged losses that pushed it to a six week low. All three of the major market indexes have fallen for three weeks straight.

Apple, which wowed the market with its bundle of new service-oriented products this week, suffered its third consecutive week of declines — the first time that’s happened since May 2019, and is now down over 20% from its all time high.

Read More

Futures flat after tech rout drags down Wall Street

olatile session that saw big tech stocks sell off sharply once again — which dragged the broader market down with them in spite of encouraging jobless data.” data-reactid=”16″Stock futures hovered near breakeven in Thursday evening’s after hours trading, following a volatile session that saw big tech stocks sell off sharply once again — which dragged the broader market down with them in spite of encouraging jobless data.

AMZN), Facebook (FB) and Apple (AAPL), which led the Nasdaq to its worst day in about a week. Price action reflected how investors, who have bid up stocks relentlessly since late spring, are now rethinking prospects for a sharp economic rebound in the wake of a still raging COVID-19 pandemic and no immediate fiscal boost on the table.” data-reactid=”17″Thursday’s regular session sell-off was led by high profile tech stocks like Amazon (AMZN), Facebook (FB) and Apple

Read More

Tech drags Dow down 405 points, oil prices fall amid crude buildup

Sept. 10 (UPI) — Tech stocks dragged U.S. markets down on Thursday, as oil prices also fell amid data showing a buildup in crude stockpiles.

The Dow Jones Industrial Average fell 405.89 points, or 1.45%, the S&P 500 dropped 1.76% and the Nasdaq Composite ended the day down 1.72% as tech stocks continue to drive the markets’ fortunes.

Apple stock closed down 3.26%, Amazon stock dropped 2.86%, Microsoft declined 2.8%, Facebook fell 2.1% and Google’s parent company, Alphabet, slid 1.37% after all five stocks rebounded to drive the market higher on Wednesday.

The S&P 500 tech sector has fallen 11.4% from Sept. 2 — when the overall market hit an all-time high — and Tuesday and the S&P 500 overall has fallen 7% in that time.

Oil prices also dropped Thursday as the Energy Information Administration reported that U.S. crude inventories increased by 2 million barrels for the week ending

Read More

Big-Tech Slump Drags U.S. Stocks to Two-Week Low: Markets Wrap

(Bloomberg) — U.S. stocks bounced back from a sharp selloff but still closed at a two-week low as megacap tech shares sold off.

Losses for Amazon.com, Microsoft Corp. and Facebook Inc. pushed the tech-heavy Nasdaq 100 down more than 5% at one point, though it pared those declines to just over 1% as the day wore on and investors spotted bargains. Gains in financial shares limited losses in the S&P 500 Index, which ended the week down 2.3% at the lowest level since Aug. 21.

Treasury yields jumped while the dollar slipped. Oil fell below $40 a barrel to reach the lowest since late June.

The worst of Friday’s stock selloff appeared to stem from concern that the recent run-up in tech shares wasn’t tied to broad investor sentiment, but instead was driven by outsize options trades from one firm. The Financial Times reported that SoftBank bought billions of dollars

Read More