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Oil servicers bounce big as tumbling crude hasn’t changed outlook

Oct. 17, 2014 10:17 AM ETSchlumberger Limited (SLB) StockDRQ, OIH, HAL, BKR, CAM, FTI, NOV, SLB, SPNX, WFRDBy: Carl Surran, SA News Editor8 Comments
  • Oil services (OIH +4%) stocks rip higher at the open following a strong earnings report from Schlumberger (SLB +7.4%) and as oil prices stabilize.
  • Tumbling crude prices haven’t shaken the faith of at least two of the top providers of drilling and production services: SLB CEO Paal Kibsgaard describes the drop as “fear of short-term oversupply” and says the company is not changing a long-term view that its earnings will almost double from last year’s level by 2017, while Baker Hughes (BHI +4.7%) CEO Martin Craighead says his company's customers don't believe crude prices will stay low.
  • HAL +5.5%, SPN +5.2%, WFT +5.1%, CAM +2.1%, NOV +2%, FTI +1.8%, DRQ +1.4%.

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