National Oilwell Varco (NOV) Earnings On Monday Means Oil Services ETFs Are In Play
OK, I know I've been harping on the oil services group quite a bit over the past two days, but National Oilwell Varco (NYSE: NOV) reports third-quarter earnings on Monday before the market opens and analysts are calling for a profit of 80 cents a share on revenue of $2.9 billion.
Like so many of its oil services brethren, NOV is highly correlated to the price of oil and its earnings announcement will make the two oil services ETFs I've been mentioning, Oil Services HOLDRs (AMEX: OIH) and the iShares Dow Jones US Oil Equipment Index (NYSE: IEZ) worth watching on Monday as NOV is a top 10 holding in both ETFs.
A beat of revenue estimates by NOV and a bullish day for oil price would life NOV shares and the aforementioned ETFs, so put these names on your Monday watchlist.
