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Published on Oct 21, 2016
A
positive earnings report from Microsoft and a weaker one from GE pulled
markets in different directions for much of the day. Wall Street ended a
choppy session mixed. Drilling activity in the U.S. rose in the past
week, a move in the wrong direction for commodity traders worried about
domestic and international oversupply. The number of active oil rigs
rose by 11 in the past week. Schlumberger tumbled after reporting a
mixed third quarter in which it exceeded earnings estimates but fell
short on sales. Revenue dropped just over 17% as low oil prices
continued to beat up the industry. Skechers slumped after missing
third-quarter estimates and guiding for a below-consensus fourth
quarter. The footwear brand blamed a shorter back-to-school season this
year.
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