Market Overview

Weatherford International: Euphoria From New CEO Begins To Fade

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Weatherford International Plc (NYSE: WFT) shares are trading higher by $0.80 at $6.69 in Tuesday's session. The Street is exuberant that the company has named former Halliburton Company (NYSE: HAL) chief financial officer Mark McCollum as its president and CEO.

That news has instigated comments from Gabelli, that the appointment increases the likelihood that Halliburton will acquire Weatherford International in the future.

After a higher open, it continued higher, reaching $7.00 handle for the first time since June (peaked at exactly $7.00), before peaking at $7.09.

The quick windfall of profits was too much too fast for some investors and, the issue has surrendered some of its early gains. So far, the ensuing decline has taken the issue to $6.56 and is not far off that low. In order to fill the void in price from the upper-end of Monday's session, it would need to fall to $5.91.

 

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