regards OSX, from reuters.<<<``You have the defensive groups strong today, foods and beverages and health care as well as REITs (Real Estate Investment Trusts) and utilities,'' said Tim Heekim, director of trading at Thomas Weisel Partners. ``If that's where the leadership is in the marketplace, then that's ... a flight to quality.''
Oil services companies' shares sold off after Salomon Smith Barney analyst Geoff Kieburtz cut ratings on oilfield service and oil drilling companies, saying sharper-than-expected declines in the Western Hemisphere rig count are likely to push first-quarter results below forecasts.
Salomon cut investment ratings on 14 oilfield service and drilling stocks, including Baker Hughes Inc. (NYSE:BHI - news) , Schlumberger Ltd. (NYSE:SLB - news) and Halliburton Co. (NYSE:HAL - news).
Baker Hughes, the world's third-largest oilfield services company, was hammered as it also slashed its first-quarter earnings forecast, citing weak industry conditions and a higher tax rate. Baker Hughes lost $2.45 to $36.85, Schlumberger shed $3.05 to $57.00, and Halliburton slid 50 cents to $15.81. The Philadelphia oil services index (^OSX - news) fell 4.11 percent.>>> |
