Integrated energy stocks
In this part of our series, we’ll look at the biggest losers from the US integrated energy sector for the week starting December 11.
Imperial Oil: The biggest integrated energy loser
Imperial Oil (IMO) is the most-losing stock this week from the integrated energy sector. It fell from last week’s close of $30.73 to $30.01 on December 13, or ~2.3%. IMO fell on all three days of the week so far, approaching its 200-day moving average. IMP might find support at its 200-day moving average, which currently stands at $29.86.
On December 11, Imperial Oil reported a mechanical issue at its Cold Lake well site. Per the company’s press release, “Effective procedures were in place resulting in an immediate response by operations personnel to secure the well. Approximately 20 litres of heavy oil was released off of the well site.”
Other declining stocks
The other integrated energy losers this week are Cenovus Energy (CVE), YPF SA (YPF), Petrobras (PBR), and Suncor Energy (SU). These stocks are down ~1.6%, ~1.2%, ~0.7%, and ~0.4%, respectively, this week.
In general this week, the Vanguard Energy ETF (VDE) is up 0.32%. VDE has exposure to integrated heavyweights like Exxon Mobile (XOM) and Chevron (CVX). In comparison, the SPDR S&P 500 ETF (SPY) is up 0.47% this week.
Casey’s reported its financial results for 2Q18 after the market closed on December 11. The results relate to the three-month period ending on October 31.
Broadcom (AVGO) stock fell ~8.5% after markets closed yesterday following the semiconductor giant's fiscal 2019 second-quarter earnings release. It missed analysts' revenue estimate and cut its fiscal 2019 revenue guidance by $2 billion to $22.5 billion due to sluggishness in its semiconductor solutions business.
The SPDR Gold Shares ETF (GLD), which tracks physical gold prices, has underperformed the broader markets year-to-date, rising just 4.4% compared to the S&P 500’s (SPY) gain of 15.9% as of June 14. The sentiment for gold, however, has been turning around.
Safe havens such as Treasuries and gold were back in favor on June 14 as stocks fell due to rising tensions in the Middle East, concerns over growth, and the looming threat of the US-China trade war. The tech-heavy Nasdaq Composite Index fell 0.67% in the first hour of trading.
Lululemon (LULU) stock rose 2.1% on June 13 in reaction to better-than-expected first-quarter results and an upgraded outlook for fiscal 2019 overall. The company's first-quarter adjusted EPS grew 34.5% to $0.74 on revenue growth of 20.4% to $782.32 million. Analysts had expected EPS of $0.70 and revenue of $755.31 million. Here's why the outlook got an upgrade.
As of 4:40 AM Eastern Time today, US crude oil active futures were at $51.83, ~4% below their closing level in the previous week. If US crude oil prices stay at those levels today, they'll mark their third week of decline in five weeks.
Kimberly-Clark (KMB) stock has risen 20.5% this year, boosted by the company’s better-than-expected sales and earnings during its last reported quarter. However, its stock could stop climbing. Here's why.