Energy stocks ended flat to lower Friday as slower-than-expected growth in U.S. gross domestic product knocked the air out of
red equities after what's been primarily a month of gains.
The NYSE Arca Oil Index (XOI 978.64, +0.86, +0.09%) rose fractionally to 979. The NYSE Arca Natural Gas Index (XNG 515.81, -1.08, -0.21%) declined 0.2% to 516. The Philadelphia Oil Service Index (OSX 181.57, -0.64, -0.35%) fared the worst, dropping 0.4% to 182.
Shares of Chevron Corp. (CVX 76.21, +0.19, +0.25%) rose 0.3% to $76.21. The Dow Jones Industrial Average reported a second-quarter profit that tripled, beating expectations. It also raised its 2010 production growth outlook to 3% from 1%. See: Chevron earnings story.
Also on the earnings front, American Electric Power (AEP 35.98, -0.12, -0.33%) sipped 0.3% to $35.98, after the utilities giant reported a lower net profit for the second quarter. See: AEP income falls on one-time costs.
First Solar Inc. (FSLR 125.45, -10.05, -7.42%) dropped as well, retreating 7.4% to $125.45.
Late Thursday, the solar panel maker said second-quarter profit fell to $159 million, or $1.84 a share, from $180.6 million, or $2.11 a share, a year ago. Revenue for the three months ended June 26 rose 12% to $587.9 million from $525.9 million.
Analysts surveyed by FactSet Research had predicted, on average, that the Tempe, Ariz.-based company would earn $1.61 a share on
red $549 million in sales.
First Solar also raised its 2010 earnings outlook to $7.00 to $7.40 a share.
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