Baker Hughes moves higher despite downside Q4 guidance


Baker Hughes (BHI +0.6%) is holding up nicely despite guiding Q4 earnings below Wall Street consensus, as the November suspension of operations in Iraq following a protest incident at a facility belonging to one of BHI's units will cut profit by ~$80M.

FBR Capital says it is a buyer of BHI and Schlumberger (SLB +0.5%) as such occasional, albeit painful, near-term disruptions are the risk side of both companies' long-term reward potential in Iraq (Briefing.com).

However, Cowen believes BHI consensus 2014 EPS estimates of $4.14 are too high and likely will fall in coming weeks, further pressuring shares in the near term.

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