A pledge to impose 10% increase in tariff on $300 billion worth of Chinese imports by President Donald Trump sent mainstream indexes down on Thursday, Aug. 1. A drop in oil prices dragged the oil and gas sector, however, utilities managed to cling on to modest profits.
The Dow Jones Industrial Average decreased 1.05% to 26,583.42, and the S&P 500 shed 0.90% closing at 2,953.56. Markets had been up on the day before Trump's announcement. Brent Crude Oil dropped 6.10% to $61.08 per barrel.
Oil and gas major Royal Dutch Shell PLC saw class A shares slide 6.54% to $58.78 and class B stock down 6.19% to close at $59.54, both on high volume, following a miss of its second-quarter earnings projections.
Concho Resources Inc. stock plunged 22.23% on about 10x normal volume to $75.97 after the company reported $139.0 million, or 69 cents per share, in adjusted net income for the second quarter, compared to $185.0 million, or $1.24 per share, in the year-ago period. The company said it would reduce its capital budget and capital budget range.
PBF Energy Inc. shrank 10.06% to $25.12 on double average volume after announcing an adjusted fully converted net income of $101.1 million, or 83 cents per share, for the second quarter, down from an adjusted fully converted net income of $160.2 million, or $1.38 per share, a year ago.
McDermott International Inc. slid 9.97% to $5.78 in strong trading. The oil explorer was awarded an engineering, procurement, construction and installation contract by Saudi Arabian Oil Co. for a production deck module in the Hasbah gas field with hookup and modification work in Saudi Arabia's Karan fields.
Canadian Natural Resources Ltd. shares slipped 3.48% to wrap a strong session at $24.40. The Canadian oil explorer reported second-quarter adjusted net earnings from operations of C$1.04 billion, or 87 Canadian cents per share, down from C$1.28 billion, or C$1.04 per share, in the year-ago period.
Marathon Petroleum Corp. stock wrote off 1.83% to close a strong day at $55.36 after the company reported adjusted net income of $1.15 billion, or $1.73 per share, for the second quarter, compared to $1.06 billion, or $2.29 per share, a year ago.
Apache Corp. shares retreated 1.23% to close at $24.12 in heavy trading after the company reported $41.0 million, or 11 cents per share, in adjusted earnings for the second quarter, compared to $192.0 million, or 50 cents per share, in the prior-year period.
Some sector participants recorded gains. HollyFrontier Corp. reported adjusted net income attributable to its stockholders of $372.3 million, or $2.18 per share, for the second quarter, up from $258.9 million, or $1.45 per share, a year ago. The company's shares rose 4.86% to $52.19 on above-average volume.
Williams Cos. Inc. picked up 3.57% to close $25.52 after showcasing second-quarter adjusted EBITDA of $1.24 billion, up from $1.11 billion in the prior-year period.
Occidental Petroleum Corp. shares increased 3.52% to $53.17 on active trading after the company reported $635.0 million, or 84 cents per share, in net income for the second quarter, compared to $848.0 million, or $1.10 per share, in the year-ago period.
ARC Resources Ltd. stock gained 2.81% to close an active session on the Toronto Stock Exchange at C$6.94 after the company announced second-quarter net income of C$94.4 million, or 27 Canadian cents per share, up from a net loss of C$45.9 million, or a loss of 13 cents per share, in the second quarter of 2018.
The S&P 500 Energy Index closed 2.28% down at 451.93, and the Alerian MLP Index declined 1.46% to 244.35.
A big player in the renewable power sector, SunPower Corp. saw shares jump 24.21% to close at $14.52 on nearly 10x the average volume. The rooftop solar solutions provider reported a non-GAAP net loss for the second quarter of 2019 of $31.1 million, or a loss of 22 cents per diluted share, compared with a loss of $1.9 million, or a loss of 1 cent per diluted share, in the prior-year period.
Xcel Energy Inc. saw shares add 1.93% value to close an active session at $60.76 after posting GAAP and ongoing earnings of $238.0 million, or 46 cents per share, in the 2019 second quarter, down from $265.0 million, or 52 cents per share, in the prior-year period.
IDACORP Inc. shares were up 1.57% on average trading to $103.66 after announcing second-quarter 2019 net income attributable to the company of $53.2 million, or $1.05 per share, down from $62.3 million, or $1.23 per share, in the same quarter of 2018.
Eversource Energy shares picked up 0.90% to $76.54 in above-average trading. The company defended its outlook for growth following a credit rating downgrade.
Exelon Corp. reported adjusted operating earnings of $583.0 million, or 60 cents per share, in the 2019 second quarter, a decrease from $686.0 million, or 71 cents per share, for the comparable period of 2018. The company pleaded for power market reforms, warning of the possibility of plant closures. Its shares lost 1.46% to finish an active session at $44.40.
The S&P 500 Utilities Index added 1.01% to 304.94.
Water utility American Water Works Co. Inc.'s stock grew 1.95% to $117.02 on strong volume after the company reported second-quarter 2019 adjusted earnings of $156 million, or 94 cents per share, improving from $152 million, or 83 cents per share, in the comparable quarter of 2018.
Coal extractor Warrior Met Coal Inc. reported second-quarter net income of $125.5 million, or $2.43 per diluted share, compared to net income of $91.3 million, or $1.72 per diluted share, in the second quarter of 2018. It increased production and sales guidance for the remainder of the year. Its stock bumped off 12.52% to close a strong session at $21.60.
Market prices and index values are current as of the time of publication and are subject to change.