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Stock Indices â€“ munKNEE dot.com
CM Capital Market Research » Americas
Energy companies are going into the season with drastically reduced expectations, with those for the three biggest names reporting this week having plummeted over the first quarter.
Since the beginning of the first quarter, estimates for Exxon Mobil dropped to 31 cents a share from 75 cents a share, those for Chevron (CVX) swung to a 13-cents-a-share loss from a profit of 55 cents a share, and expectations for ConocoPhillips's (COP) estimated per-share loss plunged to $1.05 from 19 cents, according to FactSet data.
The energy sector, as a whole, is expected to turn in a year-over-year loss for the quarter, the first time any sector in the S&P 500 has reported an overall loss since the financials sector reported one in the fourth quarter of 2008, according to Butters.
The one upside to that, given the sharp rebound from sub-$30 a barrel oil prices seen in February, is that earnings declines in the sector will decrease moving forward,
Frederick F. Butters PLLC
Prompt PR Agency
Oaks Craft Distillers