Baker Hughes, Schlumberger surge after topping estimates


The big four oil service stocks (OIH +1.8%) are ripping to multi-year highs following strong reports from Baker Hughes and Schlumberger: BHI +7.8%, SLB +2.4%, HAL +1.1%, WFT +0.5%.

Capital One calls BHI's earnings “very impressive... everything is hitting on all cylinders" as profit margins increased in all markets.

On SLB, UBS says "internal initiatives within the company should drive continued financial performance given (its) size and product breadth."

Smaller U.S.-focused players, such as Superior Energy (SPN +2.4%) and its profit warning earlier this week, are facing a tougher time as U.S. drillers become more efficient at well sites.

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