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Two Ways To Play: Schlumberger Schleps Upward


Strengthen your portfolio in good times and bad.


Schlumberger Profits Rise

Schlumberger (SLB) reported results for its third quarter. According to Bloomberg, the world's largest oil services company said net income rose to $1.53 billion, or $1.25 a share, which is inline with consensus. Meanwhile, revenues increased 22.5% year-over-year to $7.26 billion. Looking forward, CEO Andrew Gould said the rapid deterioration of the credit markets "will undoubtedly have an effect on our activity" and anticipates spending to slow through 2009. But he did add declines in exploration and production would "rapidly provoke an even stronger recovery." See Toddo on TV: Energetic about Energy.

From the Bull Pen: For those that believe crude oil and the oil service stocks are due for a bounce, Schlumberger may be an option. Consider a sell stop below $50.

From the Bear Cave: Oil-related stocks may see a bounce, but bears are conscious that it's a counter-trend rally. We've talked about the oil ETF (USO). Support at $70 is now overhead resistance, and bears can consider testing the downside if it rallies back to that level.

Quick Check Around the World

Asian trading closed with the Hang Seng -4.44%, Nikkei 2.78%, Sensex -5.73%, Taiwan -2.28%, Shanghai 1.08%, ASX 200 -1.06%.

Across the pond, we see the CAC +2.97%, DAX +3.11%, FTSE +2.88%

As of 8:25 a.m. EST, S&P Futures are trading -12 to 928, and Nasdaq futures are -26 to 1297.

A Look At Commodities

Crude oil is trading +0.25 to 70.10. Gold is -15 to 789. Silver is -0.040 to 9.590 and copper is -2.95 to 206.95.

The dollar index is +0.085 to 82.531.

On the Radar


08:30 Building Permits (Sep)
08:30 Housing Starts (Sep)
10:00 Mich Sentiment-Prel. (Oct)

TGIF! Good luck and have a great weekend.

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No positions in stocks mentioned.

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