Afternoon Market Update (NBR, SWSI, BBY, BBBY, SHLD)
Energy stocks have erased their Monday’s mild gains and are in the red today. Shares of Nabors Industries Ltd (NYSE: NBR) have lost more than 6% after it agreed to purchase Superior Well Services Inc (NASDAQ: SWSI) for $22.12 per share. The NYSE Arca Oil (XOI) and the NYSE Arca Natural Gas (XNG) are down more than 1%.
Shares of Best Buy Co (NYSE: BBY) have lost about 3% after Goldman Sachs downgraded the company from “buy” to “neutral.” Analyst Matthew Fassler lowered his 2010 profit estimate for the company by $0.10 per share to $3.30, which falls short of the company's projection of $3.45-$3.60. He has also reduced his estimates for 2011 and 2012. Fassler mentioned, "We had anticipated a solid year for (Best Buy), driven by solid growth of new technologies, and, in particular, healthy (average selling price) trends, as limited capacity, good demand at the high-end, and sales strength in emerging markets kept the sector's typical price erosion at bay." He stated that he is now modeling “more subdued unit trends and steeper price declines."
US Retail stocks moved down along with the wider markets today after the productivity of US nonfarm businesses declined in the second quarter following five quarters of healthy growth. Bed, Bath & Beyond Inc (NASDAQ: BBBY) and Sears Holdings Corp (NASDAQ: SHLD) were the top losers in the list.
Read more from Benzinga's Markets.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.