Exxon Mobil Tanking After Q2 Miss

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em>Joel Elconin is the co-host of
Benzinga's #PreMarket Prep
, a daily trading idea radio show.
Exxon Mobil
XOM
shares are trading lower by $3.73 at $79.28 in Friday's session. The catalyst for the sharp decline is Q2 miss for EPS ($1.11 vs. $1.00) on better than expected sales ($74.11B vs. Est. $72.48B). The Street was leaning the wrong way on the issue as it rallied from last Friday's close ($79.94) to $83.01 at the close of Thursday's session. It has give back all of those gains and then some. After being battered in premarket trading, it opened sharply lower at $81.67, which at this time is the high for the day and declined to $78.93. The current low coincides with Monday's low ($78.97), which has been the low for the recent slide until today. Since making the low, it has been attempting to recover but so far, the rebound rally has gone no higher at $79.41. Today's decline is taking place on higher than average volume. So far, it has traded 8M shares compared with 20 day average of 11.5M with over fours hours remaining in the session.
Posted In: TechnicalsIntraday UpdateMoversTrading IdeasPremarket outlook
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