Market Overview

Energy Sector Plunges As Analysts Cut Estimates

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The energy sector is getting hammered on Thursday along with the broader stock market. Heading into the last hour of trade, the energy sector had lost 1.45% compared to a 0.89% for the S&P 500. A number of energy companies had their earnings estimates cut by analysts' this morning. Deutsche Bank, for example cut their estimates on Marathon Oil (NYSE: MRO) a day after the company reported earnings. That stock is under pressure and was trading down nearly 4% at last check to $27.75. Marathon shares also gapped down yesterday on the company's earnings results.

Morgan Stanley cut its earnings estimates for Murphy Oil (NYSE: MUR) this morning as well. That stock was last trading down almost 6% to $51.99. Prominent energy related ETFs are also feeling the pain with the Energy Select Sector SPDR (NYSE: XLE) falling 1.70% to $69.88 and the United States Oil Fund ETF (NYSE: USO), which attempts to track the price of NYMEX crude, has lost 2.68% to $38.82.

Posted-In: Analyst Color Sector ETFs Intraday Update Analyst Ratings Movers ETFs

 

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