- It's an ugly session for Nuverra Environmental (NES -32%) after reporting weak Q3 results and a 1:10 reverse split, but at least losses have held steady through the day.
- Of $233M in asset writedowns, $98.5M went toward the TFI business bought last year for $245M; NES says it plans to sell the business, an admission that the business never lived up to its billing as a stable source of earnings.
- Revenue in the fluids management unit was flat as earnings declined; peers Key Energy (KEG) and Basic Energy Services (BAS) appear to be doing a better job managing current conditions.
- On its Q4 outlook, NES says it doesn't expect a material change in overall business activity and believes the typical seasonal slowdown could be greater than normal.
- Craig Hallum cuts shares to Sell from Hold after "consistently poor results" and "continued margin compression."