What to Expect From Earnings Out of Energy Giants Exxon, Chevron
Two of the world’s largest energy companies, Chevron Corp. (CVX) and Exxon Mobil Corp. (XOM) , are set to report fourth-quarter financial results before the opening bell on Friday, Feb. 2, as oil markets extended gains with investors betting on the rising price of crude.
Chevron‘s upstream business unit is expected to improve for the fourth quarter sharply. J.P. Morgan forecasts adjusted net income of $2.2 billion, while Credit Suisse expects a profit of about $2.1 billion, which would be an increase from $709 million in the third quarter and from $930 million a year ago.
Exxon‘s upstream segment, like Chevron, is expected to produce stronger results than the previous quarter. Credit Suisse forecasted upstream income of $2.5 billion, while J.P. Morgan estimated net income of $2.7 billion, both of which are an increase from $1.6 billion during the third quarter.
XOM vs CVX: Which Oil Stock is Poised for Better Q4 Earnings?
The fourth-quarter earnings season is picking up pace, with 16.1% of the energy companies — representing 14.9% of the S&P 500’s total market capitalization — having already reported results.
Per the latest Earnings Trends, total earnings for these firms increased 140.1% on 39.2% growth in revenues, both on a year-over-year basis. Most importantly, the releases of energy companies so far have shown a beat for both the top and the bottom line.
ExxonMobil (XOM ) , the largest publicly traded energy firm, and smaller rival Chevron (CVX) have yet to report their numbers this earnings season. Let’s take a look at which of these oil majors has an edge over the other ahead of their Q4 release on Feb 2.
Over $100 billion wiped off global cryptocurrency market in 24 hours
Over $100 billion was wiped off the global cryptocurrency market in 24 hours on Friday amid concerns over tighter regulation and worries that the bitcoin price was manipulated on a major exchange.
Cryptocurrencies have seen a major sell-off. Bitcoin fell below $9,000 on Thursday, according to CoinDesk’s bitcoin price index, which tracks prices from four major cryptocurrency exchanges.
Other major coins including ethereum and ripple were down 22 percent and 32 percent respectively compared to a day ago at 6.30 a.m. London time Friday.
The cryptocurrency world has been plagued by a spate of negative news.
Today's Trade of the Day | 2-2-18
Netflix stock price and the stock market decline are happening perfectly in sync for a new buying opportunity. Game planning a new swing trade long, only with a further decline to the $252 area. Looking to start building a position between $252-255. Stop loss comes in on a close below $250. Profit target comes in at $289.
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Stock Market Sector Performance
Stocks to Trade | Friday Edition 2-2-18
Bullish Momentum: NKTR, SWKS, TWTR, ABBV, FB, AMTD, ZION, GS, APTV
Bearish Momentum: es, hcn, mac, vtr
Bullish Order Flow: NKTR, NFLX, BA, ABBV, EA, AMZN, KSS, HCA, ATVI, MA, LOW, LVS, ETN, TGT, MAR, V, DG, UT, WMT, EOG, HD
Bearish Order Flow: avgo, lite
Double Normal Volume: FB, BABA, PYPL, UPS, AMZN, LLY, EIZ, MA, WYNN, ETN, SWKS, TTWO
Inside Days: lly, jci, cvx, bmy, wynn, mgm, txn, atvi, wmb, cl, aal, aa, trip